Atlantic Petroleum Set for Oslo IPO

Atlantic Petroleum  today announces that the Company contemplates an initial public offering (IPO) on the Oslo Stock Exchange within the end of the year. The Company’s existing shares are listed on NASDAQ OMX Iceland and NASDAQ OMX Copenhagen, respectively.

The contemplated IPO is expected to provide funding to realize the Company’s growth plans, particularly on the Norwegian Continental Shelf.

The Company intends to raise total gross proceeds of DKK 150 – 200MM, corresponding to approximately NOK 165 – 225MM. The contemplated offering is expected to take place without pre- emptive rights for existing shareholders.

Atlantic Petroleum Group with Faroese based headquarters is an exploration and production (E&P) Group focused on North West Europe. Atlantic  Petroleum Group currently holds 40 oil and gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has three fields in production in the UK part of the North Sea. In addition to this, the Group has one field under development with first oil expected in 2015, two additional potential development projects and a substantial number of exploration prospects. Atlantic Petroleum participates in joint ventures with 30 reputable, international partners. Atlantic Petroleum’s main office is located in Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices in London, UK and Bergen, Norway.

Reasons for the contemplated offering and use of proceeds

The prime reason for Atlantic Petroleum’s contemplated offering is the ambition to accelerate growth by pursuing current farm-in opportunities and other exploration opportunities especially on the Norwegian Continental Shelf (NCS). Atlantic Petroleum considers the NCS to offer a number of quality high- impact exploration opportunities, and based on the Company’s recent acquisition of Emergy Exploration AS and establishment of a skilled organization in Norway, Atlantic Petroleum considers itself to be well-positioned for expanding its Norwegian footprint. The Group is currently evaluating a number of specific farm-ins of late stage exploration assets in Norway, and based on a successful completion of

the contemplated offering, the Group expects that one  or more of these can be completed during the course of 2014.

Further, the equity from the contemplated offering will increase the robustness of the Group’s balance sheet and make the funding of projects like the expected Kells development project less sensitive to oil price fluctuations. The Group’s current business plan calls for investments in the range of DKK 500 – 600MM, corresponding to approximately NOK 557 – 668MM, throughout 2014 and 2015, which will be financed from a combination of cash flow from operations, bank debt and shareholders’ funds.

Pre-marketing of the contemplated offering is expected to commence during November, while a listing of Atlantic Petroleum on the Oslo Stock Exchange is expected to be concluded during December 2013.

CEO Ben Arabo commented:

“We are excited about the prospects of a listing of Atlantic Petroleum on the Oslo Stock Exchange. The Norwegian capital market has a proven track record for investing in exploration and production companies. A listing of Atlantic Petroleum on the Oslo Stock Exchange will increase our visibility in the E&P sector and be a cornerstone in executing our ambitious growth strategies, in particular in Norway, as well as to provide value for our shareholders.

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November 13, 2013