Tórshavn, Faroe Islands 22nd January 2008 - Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, today announced that the sub sea wells on the Chestnut field will shortly be tied to the FPSO Hummingbird production facility with flexible risers. The FPSO was anchored on the field location in December 2007 and first oil from the Chestnut field is expected in the second quarter of 2008. Drilling and completion of the Ettrick field development wells is continuing. The Aoka Mizu FPSO is undergoing hook-up in the Sembawang shipyard with delivery anticipated in the second quarter of 2008. First oil production from the Ettrick field is forecasted around mid 2008. The exploration well on the Blackbird prospect to the south of the Ettrick field, is expected to be spud early February. Further Details Further details can be obtained from Wilhelm Petersen, Managing Director, tel +298 350 100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager, tel +298 350 100 (teiturs@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.
- Update on Chestnut and Ettrick Developments and the Blackbird exploration well
| Source: Atlantic Petroleum P/F