Blackbird Field Development Plan Addendum approved

Tórshavn, Faroe Islands, 2013-12-06 08:31 CET (GLOBE
NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA) today
announces that the UK Department of Energy and
Climate Change (DECC) has advised the Blackbird Field
joint venture partners that it has approved the
Blackbird Field Development Plan (FDP) Addendum.

The Blackbird Field is owned by Nexen Petroleum U.K.
Limited (Operator) 73.02957%, Nexen Ettrick U.K.
Limited 17.57270% and Atlantic Petroleum UK Limited
9.39773%.

The Blackbird field was discovered in 2008 and has
been in production since 2011. The field currently
consists of one subsea producer and one water
injector tied back to the Aoka Mizu FPSO (which also
handles the Ettrick Field production). Oil is
exported by shuttle tanker and gas exported to the St
Fergus gas terminal. The FDP Addendum will result in
the drilling of a second production well. The well is
planned to be drilled in early 2014 and is expected
to be in production by mid-2014. Similar to the
Ettrick 20/2a-E9 production well, which came onstream
in November 2013, the investment in the Blackbird
production well is expected to qualify for the Brown
Field Allowance under the UK taxation system.

The drilling of the second well on the Blackbird
Field has been described in the Prospectus published
on the 26th November 2013 in connection with the
offering and listing of the Company's shares on Oslo
Børs.

The approval of the FDP addendum does not affect the
Company's financial position or guidance for 2013.

About Atlantic Petroleum
Atlantic Petroleum is a full cycle exploration and
production (E&P) Group focused on North West Europe.
Atlantic Petroleum 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.

Announcement no. 52/2013

Issued 06-12-2013

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