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Announcement from P/F Atlantic Petroleum

Atlantic Petroleum publishes Prospectus and launches
Initial Public Offering on Oslo Børs

Tórshavn, Faroe Islands, 26th November 2013

Reference is made to stock exchange announcement no.
44/2013 of 13th November 2013 where P/F Atlantic
Petroleum ("Atlantic Petroleum" or the "Company")
announced that the Company was contemplating an
initial public offering on Oslo Børs
(the "Offering"). The Danish Financial Supervisory
Authority has today approved the prospectus, dated
26th November 2013, that has been prepared in
connection with the offering and the listing of the
Company's shares on Oslo Børs (the "Prospectus"). The
Prospectus has been passported to Norway.

The Board of Directors of Atlantic Petroleum has
today resolved to offer up to 1,575,000 new shares
(the "New Shares"), each with a nominal value of DKK
100, with the aim of raising gross proceeds of NOK
165MM - NOK 220MM (equivalent to approx. DKK 150MM -
DKK 200MM) in the Offering to be completed in
connection with the listing on Oslo Børs.
Furthermore, the Company has granted the Joint Global
Coordinators a right to overallot a number of shares
up to the equivalent of 15% of the New Shares. (in
combination with the New Shares hereafter, the "Offer
Shares.")

A non-binding indicative price range for the Offering
of NOK 140 - NOK 160 (DKK 127 - DKK 145) per Offer
Share has been set by the Board of Directors after
consultation with the Joint Global Coordinators
(the "Indicative Price Range"). The price per Offer
Share (the "Offer Price") will be determined through
a bookbuilding process which will be conducted in
connection with the institutional offering (as
defined below). The Offer Price may be set within,
above or below the Indicative Price Range, however
the Offer Price may not exceed NOK 175 (DKK 159)

The prime reason for the Offering is the Company's
ambition to accelerate its growth by pursuing current
farm-in opportunities and other exploration
opportunities, especially on the Norwegian
Continental Shelf. Atlantic Petroleum considers the
Norwegian Continental Shelf to offer a number of
quality high-impact exploration opportunities, and
based on the Group's recent acquisition of Emergy
Exploration (now Atlantic Petroleum Norge AS) and
establishment of a skilled organisation in Norway,
Atlantic Petroleum considers itself to be well-
positioned for expanding its Norwegian footprint. The
Company is currently evaluating a number of specific
farm-ins of late-stage exploration assets in Norway,
and based on a successful completion of the Offering,
the Company expects that one or more of these can be
completed during the course of 2014. Additionally,
the net proceeds from the Offering will increase the
robustness of the Company's balance sheet.

The Offering comprises:
i. an institutional offering, in which the Offer
Shares are being offered to (a) institutional and
professional investors in Denmark, Norway and Faroe
Islands and to (b) institutional investors outside
Denmark, Norway, Faroe Islands and the United States
in reliance on Regulation S under the Securities Act
and (c) in the United States to QiBs as defined in,
and in reliance on, Rule 144A under the Securities
Act, subject to applicable exemptions from the
prospectus requirements and a lower limit per
application and allocation of NOK 1,000,000
(the "Institutional Offering"), and
ii. a retail offering in which Offer Shares are
being offered to the public in Denmark, Norway and
Faroe Islands subject to a lower limit per
application of NOK 10,500 and an upper limit per
application of NOK 999,999 for each investor
(the "Retail Offering")

The offer period for the Institutional Offering
(the "Bookbuilding Period") will commence 27th
November 2013 at 09:00 hours (CET) and will expire
10th December 2013 at 16:30 hours (CET). The
application period during which applications for
Offer Shares in the Retail Offering will be accepted
(the "Application Period") will commence 27th
November 2013 at 09:00 hours (CET) and will expire
10th December 2013 at 12:00 hours (CET). The
Bookbuilding Period and/or the Application Period may
be shortened or extended at the Company's sole
discretion, but will in no event close earlier than
6th December 2013 at 16:30 hours (CET) or be extended
beyond 17th December 2013 at 16:30 hours (CET). Such
shortening or extension will be announced through the
information systems of Oslo Børs and NASDAQ OMX
Copenhagen by 09:00 hours (CET) on the day following
the last day of the then prevailing Bookbuilding
Period at the latest. A shortening or extension of
the Bookbuilding Period will lead to a similar
shortening or extension of the Application Period in
the Retail Offering unless otherwise stated in
connection with the extension.

Completion of the Offering is conditional upon (i)
the board of directors of Oslo Børs approving the
application for listing of the Shares in an
extraordinary board meeting expected to be held on
4th December 2013 and the satisfaction of the
conditions for admission to secondary listing set by
Oslo Børs, which are expected to be that Atlantic
Petroleum will have in excess of 200 shareholders
registered in the VPS each holding shares with a
value of more than NOK 10,000, and (ii) the board of
directors of the Company, in consultation with the
Joint Global Coordinators, following the bookbuilding
process having approved the Offer Price and the
allocation of the Offer Shares and resolved to issue
the New Shares and complete the Offering. There can
be no assurance that these conditions will be
satisfied. Alternatively, the Company has applied for
listing on Oslo Axess, a regulated market place
operated and owned by Oslo Børs, where the
requirement described above is 100 shareholders.

As the Company has initiated delisting from NASDAQ
OMX Iceland, certain restrictions imposed by the
Icelandic regulator will apply for shareholding and
subscription for Icelandic investors.

Icelandic and Norwegian regulators have accepted that
the Danish take-over regime will apply as NASDAQ OMX
Copenhagen will be the primary marketplace with
effect immediately and following the admission for
listing respectively.

The Prospectus is, subject to regulatory restrictions
in certain jurisdictions, available at www.abgsc.no,
www.carnegie.no and www.petroleum.fo. Hard copies of
the Prospectus may also be obtained free of charge
from the same date by contacting the Company or one
of the Joint Global Coordinators.

ABG Sundal Collier Norge ASA and Carnegie AS are
acting as Joint Global Coordinators and Joint
Bookrunners in connection with the Offering.

About Atlantic Petroleum
Atlantic Petroleum Group currently holds 40 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 2015, 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 NASDAQ OMX Iceland. The
Company has applied for a delisting from NASDAQ OMX
Iceland, which is expected to be effective shortly
after completion of the Offering on Oslo Børs.

Disclaimers
The information contained herein shall not constitute
an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of the securities
referred to herein in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior
to registration, exemption from registration or
qualification under the securities laws of any such
jurisdiction and subject to a prospectus being
approved and made public. Investors must neither
accept any offer for, nor acquire, any securities to
which this press release refers, unless they do so on
the basis of the information contained in the
Prospectus published by Atlantic Petroleum in
connection with the Offering.

Copies of this press release are not being made and
may not be distributed or sent into the United
States, Australia, Canada, Japan or any other
jurisdiction in which such distribution would be
unlawful or would require registration or other
measures.

The securities referenced herein have not and will
not be registered under the U.S. Securities Act of
1933, as amended (the "Securities Act"), and may not
be offered or sold in the United States absent
registration or an exemption from the registration
requirements of the Securities Act. The Company does
not intend to register any part of the contemplated
offering in the United States or to conduct a public
offering of securities in the United States.

Any offering of securities will be made by means of a
prospectus made available from the Company and that
contains detailed information about Atlantic
Petroleum and its management, as well as financial
statements. This document is a press release and not
a prospectus for the purposes of Directive 2003/71/EC
(together with any applicable implementing measures
in any Member State, the "Prospectus Directive").
Investors should not subscribe for any securities
referred to in this document except on the basis of
information contained in a prospectus.

In any EEA Member State other than Norway and Denmark
that has implemented the Prospectus Directive, this
communication is only addressed to and is only
directed at qualified investors in that Member State
within the meaning of the Prospectus Directive, i.e.,
only to investors who will be able to receive the
contemplated offer without an approved prospectus in
such EEA Member State.

This communication is directed only at (i) persons
who are outside the United Kingdom or (ii) persons
who have professional experience in matters relating
to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Order") and (iii) high
net worth entities, and other persons to whom it may
lawfully be communicated, falling within Article 49
(2) of the Order (all such persons together being
referred to as "relevant persons").

Any investment activity to which this communication
relates will only be available to and will only be
engaged with, relevant persons. Any person who is not
a relevant person should not act or rely on this
press release or any of its contents.

Stabilisation/FCA
The Joint Global Coordinators and the Stabilisation
Manager and their affiliates are acting exclusively
for Atlantic Petroleum and no-one else in connection
with the Offering. They will not regard any other
person as their respective clients in relation to the
contemplated Offering and will not be responsible to
anyone other than Atlantic Petroleum for providing
the protections afforded to their respective clients,
nor for providing advice in relation to the Offering,
the contents of this communication or any
transaction, arrangement or other matter referred to
herein.

In connection with the Offering, the Joint Global
Coordinators and the Stabilisation Manager and any of
their affiliates, acting as investors for their own
accounts, may purchase shares and in that capacity
may retain, purchase, sell, offer to sell or
otherwise deal for their own accounts in such shares
and other securities of Atlantic Petroleum or related
investments in connection with the Offering or
otherwise. Accordingly, references in the prospectus
to the shares being offered, acquired, placed or
otherwise dealt in should be read as including any
offer to, acquisition, placing or dealing by, such
Joint Global Coordinators and the Stabilisation
Manager and any of their affiliates acting as
investors for their own accounts. The Joint Global
Coordinators and the Stabilisation Manager do not
intend to disclose the extent of any such investment
or transactions otherwise than in accordance with any
legal or regulatory obligations to do so.

This press release contains forward-looking
statements. Forward-looking statements are statements
that are not historical facts and may be identified
by words such
as "believe," "expect," "anticipate," "intends," "esti
mate," "will," "may," "continue," "should" and
similar expressions. The forward-looking statements
in this release are based upon various assumptions,
many of which are based, in turn, upon further
assumptions. Although Atlantic Petroleum believes
that these assumptions were reasonable when made,
these assumptions are inherently subject to
significant known and unknown risks, uncertainties,
contingencies and other important factors which are
difficult or impossible to predict and are beyond its
control. Such risks, uncertainties, contingencies and
other important factors could cause actual events to
differ materially from the expectations expressed or
implied in this release by such forward-looking
statements.

The information, opinions and forward-looking
statements contained in this release speak only as at
its date, and are subject to change without notice
Atlantic Petroleum disclaims any obligation to update
and revise any forward-looking statements, whether as
a result of new information, future events or
otherwise.

See attachment on [http://www.newsweb.no]

Atlantic Petroleum publishes Prospectus and launches Initial Public Offering on Oslo Børs