Two New Licences for Atlantic Petroleum Norge

P/F Atlantic Petroleum announced that Atlantic Petroleum Norge AS (a wholly owned subsidiary of P/F Atlantic Petroleum) has been awarded new licences in the APA 2013 Licensing Round on the Norwegian Continental Shelf (NCS) announced by the Ministry of Oil and Energy on the 21st of January, 2014.

The licences PL 763 and PL 270 B both contain prospects where nearby wells have proven hydrocarbons in the same geological play model. The mapped prospects have significant resource potential, and have been de-risked prior to application.

After these awards Atlantic Petroleum has eight licences on the Norwegian Continental Shelf (where two are recent farm-ins awaiting authority approval).

The company will participate in two exploration wells in Norway in 2014 (Langlitinden currently drilling, and Ivory scheduled for drilling late 2014), and the new awards add potential high impact drilling opportunities to the Atlantic Petroleum prospect inventory. Therefore, these awards mark another significant milestone in the Company’s effort to build a high value portfolio in Norway after the entrance to the Norwegian Shelf approximately one year ago.

PL 763, block 6606/2 & 6606/3 (parts)

PL 763 is located immediately southwest of the Aasta Hansteen Field where production will start in 2017. Prospectivity with high resource potential has been mapped at multiple reservoir levels using 3D seismic data, and the main prospect is defined within the same geological play model that has been proven hydrocarbon bearing in the Aasta Hansteen licence.

The licence group consists of:

Repsol (Operator) 40%, Atlantic Petroleum Norge AS 30% and Rocksource 30%.

PL 270 B, block 35/2 and 35/3 (parts)

PL 270 B is located in the Northern North Sea just west of the Agat discovery.

Prospectivity has been mapped on 3D seismic data. The licence is given as an extension to PL 270 and will follow the same work program. Here a drill or drop decision is expected early 2014, with a potential well in 2015.

The licence group consists of:

VNG Norge (Operator) 85%, Atlantic Petroleum Norge AS 15%.

CEO Ben Arabo stated: “We are pleased to be able to announce another successful result in a licence round participation on the Norwegian Continental Shelf. The APA awards increase our footprint in Norway to eight licences and add high quality opportunities to our drilling programme going forward.”

Press Release, January 22, 2014

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