Operations update July 2014

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| Source: Atlantic Petroleum P/F

Tórshavn, Faroe Islands, 2014-08-01 15:13 CEST (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Børs: ATLA NOK) today announces that during the month of July, Atlantic Petroleum produced a net total of 19,000 barrels of oil equivalents (boe) from the Chestnut, Ettrick and Blackbird fields. The average daily production was 613 boe per day net to the Company. Production for the month was impacted by the planned annual shutdown of the Ettrick & Blackbird fields which started on the 23rd June and is expected to last around 45 days. A short shutdown of the Chestnut field due to a well intervention also affected production during the month. We expect production to have a significant boost in August when the Blackbird PB2 well comes on-stream and the Aoka Mizu shutdown is completed. Annual production guidance remains within previously announced estimates. (1,650 to 1,900 boepd).

 

Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P) Group focused on North West Europe. Atlantic Petroleum currently holds 45 oil and gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has three fields in production in the UK part of the North Sea. In addition to this, the Group has one field under development with first oil expected in 2016, two additional potential development projects and a substantial number of exploration prospects. Atlantic Petroleum participates in joint ventures with 30 reputable, international partners. Atlantic Petroleum’s main office is located in Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices in London, UK and Bergen, Norway. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Børs.

 

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 350100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.

On the website, it is also possible to sign up for the Company’s e-mail newsletter.

 

Announcement no.32/2014

Issued 01-08-2014

         P/F Atlantic Petroleum
         Yviri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         
         Telephone +298 350 100
         Fax +298 350 101
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo