Atlantic Petroleum completes the sale of its Norwegian activities.
Tórshavn, Faroe Islands, 2017-01-22 22:00 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) announces that it has completed on the sale of its Norwegian activities to M Vest Energy announced 9th March 2016.
The Norwegian activities include all of Atlantic Petroleum Norway's assets and licenses, the liabilities of the licences, and the employees.
The transaction constitutes a cessation of all of Atlantic Petroleum Norway's petroleum activities. As a result of the transaction, the Company expects to realize the tax value of the tax loss carry forward in December 2017 - currently estimated to be approx. NOK 27MM in cash.
Ben Arabo said:
"We are pleased to complete the transaction with M Vest Energy. Atlantic Petroleum will now focus on creating value from Orlando and Kells in the UK, and pursue new ventures in line with the company's new strategy."
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 currently has an office in London, UK. Atlantic Petroleum's existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.
Further details can be obtained from Ben Arabo, CEO, tel +298 550100 ([email protected]). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.
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