Update on the UK Orlando Asset

Tórshavn, Faroe Islands, 2016-11-17 15:18 CET (GLOBE NEWSWIRE) -- Bridge Petroleum has advised Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) that they are unable to complete the transaction under the SPA for 25% of the Orlando asset announced on the 6th June 2016.

This means that Atlantic Petroleum retains its 25% equity in the Orlando asset until further notice.

Atlantic Petroleum will approach the Iona UK administrators to discuss options.

Ben Arabo, CEO said:

"We and our funders, London Oil and Gas, see this as an opportunity to secure the Orlando asset either with another bidder or using the position under the Joint Operating Agreement to secure a better position for Atlantic Petroleum. We will update further when our Q3 accounts are issued 24th November."

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 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.17/2016

Issued 17-11-2016

         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