Atlantic Petroleum P/F
Company Announcement

First Oil from the Blackbird Field

Tórshavn, Faroe Islands, 2011-11-16 10:54 CET -- P/F Atlantic Petroleum (OMX: FO-ATLA) today announces that oil production has commenced from the Blackbird Field in production licenses P273, P317 and P1580 in blocks 20/2a, 20/3a and 20/2f of the Central North Sea. Atlantic Petroleum holds 9.39773% interest in the Blackbird Field which is operated by Nexen.

The field is the first Atlantic Petroleum discovery to be developed offshore United Kingdom, and is the third field to be brought into production by the Company. Blackbird has been brought on-stream 6 weeks ahead of schedule and on budget. 

Production from the Blackbird field is processed through the floating production, storage and offloading (FPSO) vessel Aoka Mizu at the Ettrick field. Gas produced from the field is exported to the SAGE pipeline.

The field was discovered in 2008 by the 20/2a-8 well. The appraisal well 20/2a-9, was drilled and completed in 3Q 2010 and is utilised as the first production well.

This fast track field development was approved by the regulator in July 2011, and has delivered hydrocarbons some 15 months after completion and testing of the well.

Partners in the Blackbird Field are Nexen UK Limited (Operator) 90.60227% and Atlantic Petroleum UK Limited 9.39773%.

Commenting on the announcement, Ben Arabo, CEO of Atlantic Petroleum, said:

“We are very pleased that the Blackbird Field is now onstream on budget and ahead of schedule. Blackbird further strengthens our production base and cashflow.”

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. 45/2011

Issued 16-11-2011

         P/F Atlantic Petroleum
         Gongin 9
         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