Atlantic Petroleum announces farm-in agreement to Norwegian Licence PL528

1/2/2014

Atlantic Petroleum announces farm-in agreement to Norwegian Licence PL528

Torshavn -- Atlantic Petroleum is pleased to say that the Group has entered into a farm-in option agreement with Rocksource regarding the PL528 licence in the Norwegian Sea.

Through the farm-in option agreement, Atlantic Petroleum shall purchase 5% and has an option to purchase up to 15% of the participating interest in PL528. Atlantic Petroleum shall within 28th April 2014 decide, in its sole discretion, the size of the participating interest to be acquired within the aforementioned 5 to 15% range.

Centrica is operator of the licence with an equity interest of 40%. Other licence partners are Statoil 35% and Rocksource 25%.

The PL528 licence contains the Ivory prospect sanctioned for drilling in the second half of 2014. The Ivory prospect is gas prone with Direct Hydrocarbon Indicator (DHI) support. It is adjacent to the Statoil-operated Aasta Hansteen field development which is due to come on stream in 2017. Rocksource currently carries a pre-drill resource range estimate of 55-306 MMboe.

The agreement is subject to approval by the Norwegian Government.

Ben Arabo, CEO, commented: “We are very pleased to add another exciting opportunity to our Norwegian portfolio. 2014 will be a busy year for Atlantic Petroleum with the Langlitinden well in Norway being drilled in the first quarter, to be followed later in the year by the UK Pegasus well, the Faroes Brugdan 2 well and now the Norway Ivory well scheduled for second half of 2014. Atlantic Petroleum is also participating in the pending APA licensing round and we are now looking forward to the result of this.”

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