Atlantic Petroleum Relinquishes UK License P1211

Atlantic Petroleum has relinquished UK License P1211, which consists of Blocks 14/9a &14/14b, located in the UK. The license contains the Anglesey prospect, which was originally planned to be drilled in late 2008 or early 2009.

Commenting on the announcement, Wilhelm Petersen, Managing Director of P/FAtlantic Petroleum, said, "Atlantic Petroleum's cost exposure related to the well was potentially significant. Hence, we have found it prudent not to continue in this license. The relinquishment of the license also fits very well with our short term strategy of postponing or reduce our overall exploration activities until actual exploration costs have been aligned with current oil price expectations following the present global economic turmoil."

The license was held by Granby Enterprises (operator), a wholly-owned subsidiary of Silverstone Energy Limited), (33.34%), Atlantic Petroleum (33.33%) and Fox Energy Exploration Limited (33.33)%.