Atlantic Petroleum Announces Third Quarter 2016 Accounts

Tórshavn, Faroe Islands, 2016-11-24 08:26 CET (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its results for the third quarter of 2016. This company announcement should be read in conjunction with Atlantic Petroleum's Condensed Consolidated Interim Report attached to this announcement.

Highlights & Outlook

• Gross profit for the first 9 months of 2016 was DKK 63.0 MM. Gross loss in 3Q 2016, after certain reversal of previous asset impairments and write-offs, was DKK 2.0MM.
• Net profit after tax for the first 9 months of 2016 was DKK 28.2MM. Net loss after tax for 3Q 2016 was DKK 10.9MM. 
• Cash and cash equivalents at end of 3Q 2016 was DKK 10.3MM
• Net assets/share-holders equity end of 3Q was negative DKK 71.8MM. An improvement from year end 2015 when net assets/share holders equity was negative DKK 102.0MM.
• Bank debt excluding exploration finance facility was DKK 62.8MM.

Ben Arabo, CEO commented: 

The situation in Atlantic Petroleum has improved significantly since the beginning of the year with the company now having access to cash through the loan agreement with London Oil and Gas. We have started screening new ventures in Eastern Europe and the Eurasian Union, and this will be our priority after we have secured value from our remaining assets. Our biggest remaining asset is Orlando, and the aim is to secure a commercial deal on the Orlando project before year end, either through participation or through securing a share of the future revenue from Orlando. We also aim to settle the outstanding issues with partners on the UK Ettrick and Blackbird fields and to complete the Atlantic Petroleum Norway deal, announced in March, and pending approval from the authorities, before year end.

Atlantic Petroleum in brief:

Atlantic Petroleum participates in oil and gas joint ventures with reputable, international partners. Atlantic Petroleum P/F is based in Tórshavn, Faroe Islands, and the Company has subsidiaries and offices in London, UK and Bergen, Norway. Atlantic Petroleum's existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 550100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.

On the website, it is also possible to sign up for the Company's e-mail newsletter.

Announcement no.18/2016

Issued 24-11-2016

         P/F Atlantic Petroleum
         Yviri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         
         Telephone +44 203 879 0524
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo

Vedhæftede filer:

3Q 2016 Cond Cons Interim Report 30-09-2016.pdf