Atlantic Petroleum P/F
Decisions of general meeting

Result of Annual General Meeting 24th April 2015

Tórshavn, Faroe Islands, 2015-04-24 19:55 CEST --  

1. Petur Even Djurhuus was elected Chairman of the Meeting.
2. The Chairman of the Board presented the Board of Director’s statement of the Company’s activity during 2014. The CEO gave an operations review.
3. The audited Annual Accounts were presented and approved by the General Meeting.
4. The General Meeting approved the remuneration to the Board in A: 2014 and B: 2015.
5. It was decided to carry forward the result from 2014 to the next year.
6. According to the Articles of Association all Members of the Board are up for election for a period of one year, namely: Birgir Durhuus, Jan E. Evensen, Barbara Yvonne Holm, Diana Leo and David A. MacFarlane.

The Board proposed that David A. MacFarlane, Jan E. Evensen, Teitur Samuelsen, Jan Müller and Knud H. Nørve be elected. The General Meeting elected the board members proposed by the Board.

7. As proposed it was decided to elect P/F Januar løggilt grannskoðaravirki, Hoyvíksvegur 5, 100 Tórshavn, as auditors, for the period until the next Annual General Meeting.

8. The General Meeting approved the proposed changes to the Board of Directors of the Company to buy own shares. The proposed changes were:

”The Board of Directors is in the period from 25^th April 2015 to 24^th April 2020 authorized to buy own shares. The Board can, on behalf of the Company, buy own shares up to a maximum of 10% of the nominal value of the Company’s shares, and at a price which can not deviate more than 10% from the share’s price on NASDAQ OMX in Copenhagen at the time of the deal.”

9. A proposal from a shareholder to change § 7 in the company’s Articles of Association to form an Election Committee was not approved by the AGM.

 At a Board Meeting held immediately after the Annual General Meeting, the Board constituted itself with David MacFarlane as Chairman and Jan Edin Evensen as Deputy Chairman.

The Articles of Association in Faroese and the English translation will be available on the Company website later.

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.16/2015

Issued 24-04-2015

         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