Tórshavn, Faroe Islands, 14th July 2010 - P/F Atlantic Petroleum
(OMX:FO-ATLA)
announces the successful appraisal of the Blackbird discovery in
the UK Central
North Sea. 

The 20/2a-9 Blackbird well was spudded on 24th
May 2010 with the aim of
appraising the Blackbird structure that was first
drilled in 2008 and assessing
the viability of developing Blackbird as a
subsea tieback over the Ettrick
FPSO. The well was drilled in a water depth of
approximately 367 feet to a
total measured depth of 12,000 feet. It
encountered approximately 330 vertical
feet gross of oil bearing Upper
Jurassic sediments, some of which
were cored. An extensive set of wireline log
data is being acquired over the
reservoir section and preliminary log analysis
suggests the presence of
approximately 75 feet total net thickness of good
quality oil bearing reservoir
sands. 

The forward plan is to complete the
well and to carry out a production test
before potentially suspending the well
as an oil producer for future tie back
to the Ettrick FPSO. 

The Blackbird
20/2a-8 discovery well was drilled in 2008 and was located
approximately six
kilometers south of the Ettrick Field. The well encountered
111 feet of net
pay in multiple zones in the Upper Jurassic Ettrick sandstones
and tested at
an average restricted rate of 3,800 barrels of oil per day
through a 34/64
inch choke. 

Partners on the licence are Nexen (operator) 79.73%, Dana
Petroleum 12% and
Atlantic Petroleum 8.27%. 


Sigurð í Jákupsstovu,
Atlantic Petroleum's CEO, stated:
“We are very pleased with results from the
well so far and look forward to the
production tests being carried out in the
next few weeks. It is hoped that
Blackbird can be brought on stream by year
end 2011 or early 2012, further
strengthening Atlantic Petroleum´s production
base and our position for
continued growth of the company” 


Further
Details:
Further details can be obtained from Sigurð í Jákupsstovu, CEO, tel
+298 350
100 (sigurdj@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. 15/2010		           
              Issued 14-07-2010

P/F Atlantic Petroleum 		                   
 Telephone +298 350 100
Gongin 9		                                            
Fax +298 350 101
P.O. Box 1228		                           Website:
www.petroleum.fo
FO-110 Tórshavn 		                      E-mail:
petroleum@petroleum.fo
Faroe Islands