Atlantic Petroleum Requests Joint Operating Committee Meetings on UK Orlando & Kells to Consider Removal of Operator

Tórshavn, Faroe Islands, 2016-11-25 17:29 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) has today issued notices to Iona Energy Company (UK) Limited (in administration) that it requests that special meetings of the Joint Operating Committees of UK Licenses P.1606 and P.1607, the Orlando and Kells licenses, are held to consider the removal of Iona Energy Company (UK) Limited as the operator of the licenses pursuant to Clause 5.3.2 (b) of the Joint Operating Agreement, dealing with an entity in administration, and to elect Atlantic Petroleum North Sea Limited as the operator of the licenses.

Iona as the Operator must call such special meeting not less than seven nor more than 10 days after receipt of the request from Atlantic Petroleum North Sea Limited.

Ben Arabo said:

"We have been working constructively with interested parties to resolve the issues around Orlando and Kells since Iona went into administration, and had entered into a sale and purchase agreement on our 25% of Orlando. This agreement was not concluded because the counter party was unable to complete. We now think that the Orlando project needs to move forward with an active operator in line with the obligations to the UK government under the license, and we are taking steps to ensure that this will happen. The Orlando development is an attractive development opportunity and we are working with interested parties and our funders to deliver value from Orlando."

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.19/2016

Issued 25-11-2016

         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