Atlantic Petroleum Relinquishes P.1029 and P.1027 Early

License P.1029
The UK Department of Trade and Industry (DTI) has confirmed that the license P.1029 (blocks 176/20 and 204/16 on the Atlantic Margin area West of Shetland) have been relinquished after application by the operator Amerada Hess.

Atlantic Petroleum's share of the license was 1%.

License P.1027
The operator of P.1027 (block 204/21), which is BG, has similarly on behalf of the partnership applied for relinquishment of the license.

Atlantic Petroleum's share of the license was 1%.

Effect on 2005 accounts
The capitalized investments in these two licenses, amounting to 5.6 million DKK, will consequently be expensed in the 2005 accounts.

Facts About Atlantic Petroleum
Atlantic Petroleum currently participates in Faroese exploration licenses and exploration and development licenses in the UK. The company is listed on the Icelandic Stock Exchange's main list (ICEX), with the ticker FO-ATLA.

Block
Name
AP Participation %
Operator
Faroes: 6005/20,25 & 6004/16
001, Marjun
0.100 (Option to 5.000)
Amerada Hess
Faroes: 6103/7,8,11,12,13,17
013
40.000
Geysir Petroleum
Faroes: 6104/9,10,14
014
40.000
Geysir Petroleum
Faroes: 6105/25,30, >6005/5, 6104/16,17,21,26, 6004/1
006
0.025 (Option to 1.2905)
Statoil
UK: 15/21a,b,c
Perth
3.750
Nexen
UK: 20/2a & 20/3a
Ettrick
8.27
Nexen
UK: P.099 110/14d & c
West Lennox/Crosby
25.000
Challenger Minerals
UK: 22/02
Chestnut
15.000
Venture

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