Exxon Mobil Buys Interest in Faroe Islands Licence

P/F Atlantic Petroleum announces that Exxon Mobil Exploration and Production Faroe Islands Limited has acquired a 6% interest in Licence L016 from Atlantic Petroleum.

The revised ownership interests in the Licence are Statoil Færøyene AS (the operator of the Licence) 40%, DONG Energy Føroyar P/F 30%, ExxonMobil Exploration and Production Faroe Islands Limited 26% and P/F Atlantic Petroleum 4%.

The Licence was granted in the Third Licensing Round in 2008. The Licence covers an area of 3,870 km2.

Ben Arabo, CEO, commented:

“This deal is part of our continuing portfolio management to optimise the allocation of capital within our exploration budget. Our strategy is to fund participation in three or four exploration wells each year within North West Europe. We are very pleased to be able to continue our work on the Faroese shelf with our L016 partners, Statoil, ExxonMobil and DONG, as the area remains a part of our portfolio with significant potential at a suitable exposure for Atlantic Petroleum.”