P/F Atlantic Petroleum announces Company's approval for the Blackbird field development

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10th December 2010

P/F Atlantic Petroleum (OMX:FO-ATLA) has today notified partners on the Company's approval for
participation in the development of the Blackbird field as a sub-sea tie back to the producing Ettrick field.

The Blackbird co-venturers comprise Nexen Petroleum UK Limited (Operator), Dana Petroleum (BVUK) Limited and Atlantic Petroleum UK Limited. The Blackbird field was discovered in 2008 by the 20/2a-8 well which encountered oil in Upper Jurassic sandstones. It was appraised in 2010 by the 20/2a-9 well which tested at a facilities constrained flow rate of 7,000 barrels per day.

After evaluating the results of the appraisal well, and investigating the feasibility and economics of developing the discovery as a satellite field to Ettrick, the board of Atlantic Petroleum has approved the Operators recommendation to develop Blackbird. The development will initially consist of one production well and one water injection well. The appraisal well drilled this summer has already been completed as a future Blackbird producer. Subsea installations will be carried out in the summer of 2011, allowing for first oil in January 2012. The water injector well will be drilled in 2012. The field is
expected to produce until 2016 in the base case scenario.

The decision to approve the development of Blackbird is based on a base case
gross recoverable volume estimate of 6.2 MMBbls of oil equivalents. It is
Atlantic Petroleum's view that Blackbird carries significant upside potential
beyond this base case.

Ben Arabo, Atlantic Petroleum's CEO, stated:
“The decision to develop Blackbird is another important milestone for Atlantic
Petroleum. The ability to tie back the discovery a distance of only around 6 km
to the Ettrick production manifold makes this a relatively simple and efficient
development with a short time to first oil. This project will expand and extend
Atlantic Petroleum's production profile, creating further value for the

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