OilVoice - Atlantic Petroleum Announces Management Changes

Atlantic Petroleum Announces Management Changes

Friday, November 20, 2009

P/F Atlantic Petroleum, the international upstream oil and gas company, today announces that the current CEO, Wilhelm Petersen, will leave the Company.

New constituted CEO is Sigurð í Jákupsstovu, current COO and Technical Manager. Sigurð í Jákupsstovu holds a M.Sc. in mechanical engineering and a Ph.D. in reservoir modelling from the Technical University of Denmark. He joined Atlantic Petroleum in May 2008 and has previously worked as a drilling and petroleum engineer with Maersk Oil and Gas (1993-1998) and as Director of Jarðfeingi (Faroese Earth and Energy Directorate) (2003-2008). Further, Sigurð í Jákupsstovu worked with Atlantic Petroleum during the period 2001 to 2003.

The changes in management follows a mutual agreement between Atlantic Petroleum and Wilhelm Petersen. Wilhelm Petersen will leave Atlantic Petroleum with immediate effect, but will be available for one year on a consulting basis. However, the change in management also reflects the Board of Directors‘ wish to form a management team which is optimally geared to the new operating challenges facing Atlantic Petroleum which over the past fifteen months has transformed itself to an oil-producing Company. The Board of Directors will immediately initiate an external search for a new permanent CEO, which in parallel with the evaluation of internal candidates, is expected to ensure a timely decision regarding a new permanent CEO.

Birgir Durhuus, Chairman of the Board of Directors: “I would like to thank Wilhelm Petersen for his significant contributions to the development of Atlantic Petroleum. Under his tenure, the Company has developed to become an international player in the oil and gas industry with two oil fields already in production, and two further oil fields expected to come into production over the coming two to three years.“

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