South Chestnut 22/2a-16 well on UK Licence P354 and Dunmore 50/6-4 well on SEL 2/07 in Ireland are both spudded

Tórshavn, Faroe Islands 7th September 2008 - Atlantic Petroleum (OMX: FO-ATLA)
the international upstream oil and gas company, today announced that it had
spudded the 22/2a-16 South Chestnut appraisal well on UK Licence P354, operated
by Venture Production. This well could potentially add significant reserves to
the Chestnut Field. Additionally the Dunmore 50/6-4 appraisal well is spudded
on Celtic Sea licence SEL 2/07, operated by Providence. The well could prove up
resources updip of a discovery. 


The South Chestnut well lies in a water depth of around 395 feet and is 950m
from the 22/2a-12 well drilled in 2006. It will target the Eocene Nauchlan sand
in the south western portion of the field. The well is being drilled by the
Noble Ton Van Langeveld semisubmersible rig and operations are expected to take
approximately 50 days. If the well comes in as expected, the South Chestnut
well will be brought on stream soon after the well has been completed. 


Partners in this licence are Venture Production (operator) 69.88%, Bow Valley
15.12% and Atlantic Petroleum 15%. 


The Dunmore well lies in a water depth of around 245 feet. The well is an updip
appraisal of the 50/6-1 well which tested oil from an Upper Jurassic sand. The
well is being drilled by the Transocean GSF Arctic II semisubmersible rig.
Operations are anticipated to take up to forty days, including provision for a
comprehensive logging and testing programme. 


Partners in this licence are Providence Resources (operator) 53.111%,
Challenger Minerals 26.743%, Sosina 6.715% and Atlantic Petroleum 13.43% 


Commenting on the operations, Wilhelm Petersen, Managing Director of P/F
Atlantic Petroleum said: 


“Atlantic Petroleum is looking forward to drilling the South Chestnut well
which could add significant value to this project and hence to our
shareholders. We are also looking forward to the results of the Dunmore well
which might increase the company's resources and development opportunities in
the Celtic Sea” 



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. 

     		 


P/F Atlantic Petroleum	Telephone +298 350 100              Issued 07-09-2008
Gongin 9	                  Fax +298 350 101
P.O. Box 1228	         Website: www.petroleum.fo
FO-110 Tórshavn 
Faroe Islands