Atlantic Petroleum is Selected as Operator of UKCS Licences P.1606, Orlando, and P.1607, Kells

Tórshavn, Faroe Islands, 2016-12-11 23:56 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK and Oslo Stock Exchange: ATLA NOK) announces that further to decisions of the joint operating committees of UKCS Licences P.1606 and P.1607 taken at special meetings held on Friday 9th December 2016, notices have today been given pursuant to Clause 5.3.2(b) of the Joint Operating Agreements for UKCS Licences P.1606 and P.1607 removing Iona Energy Company (UK) Limited forthwith as the operator of those licences.

Atlantic Petroleum North Sea Limited was selected at the said special meetings to be appointed as the new operator, subject to any necessary approval of the Oil and Gas Authority.

Ben Arabo CEO said:

"The Orlando development and Kells are very important assets for Atlantic Petroleum and we will be working closely with the authorities, license partner and all stakeholders on the way forward on the assets. We look forward to updating further in the near future."

Atlantic Petroleum in brief:

Atlantic Petroleum participates in oil and gas joint ventures with reputable, international partners. Atlantic Petroleum P/F is based in Tórshavn, Faroe Islands, and the Company currently has subsidiaries and offices in London, UK and Bergen, Norway. Atlantic Petroleum's existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 550100 (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.21/2016

Issued 11-12-2016

         P/F Atlantic Petroleum
         Yviri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         
         Telephone +44 203 879 0524
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo