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Atlantic Petroleum
announces farm-in to UK P1100 Polecat Discovery.

UK North Sea

September 2012

Nexen Petroleum U.K. Limited has reached an agreement with Atlantic Petroleum to farmout a 20% stake in P1100, Blocks 20/4a and 20/9a containing the Polecat discovery in return for carrying a share of the cost of an appraisal well. The initial Polecat discovery was drilled in 2005 when oil was discovered in the 20/4a-8 well and was successfully appraised by the 20/4a-9 well in 2010. The reservoir is Upper Jurassic Buzzard equivalent sandstones. The blocks lie to the east and south east of Atlantic Petroleum's Ettrick & Blackbird producing assets which are operated by Nexen Petroleum U.K. Limited.

Operator of the licence, Nexen, plans to drill a further appraisal well in November 2012, after which a decision will be made on whether to develop the discovery.

Stellar acted as advisors to Nexen.