Atlantic Petroleum Posts a Net Profit of DKK 5.4MM in Q1 2017

Tórshavn, Faroe Islands, 2017-05-26 12:57 CEST (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its results for the first quarter of 2017. This company announcement should be read in conjunction with Atlantic Petroleum's Condensed Consolidated Interim Report attached to this announcement.

Highlights & Outlook

• Net profit in Q1 2017 was DKK 5.4MM (Q1 2016 a loss of DKK 15.8MM)
• EBITDAX for Q1 was DKK 6.8MM (Q1 2016 a loss of DKK 15.5MM)
• Operating profit in Q1 2017 was DKK 6.8MM (Q1 2016 a loss of DKK 31.7MM)
• Net assets/share-holders equity was negative DKK 77.9MM. An improvement from Q1 2016 of DKK 56.3MM
• Bank debt was DKK 68.7MM.
• G&A cost in Q1 of 2017 was DKK 2.7MM.

Ben Arabo, CEO commented:

The low cost base following the sale of our Norway activities, combined with the production revenue from the Orlando field expected in the second half of 2018, means that Atlantic Petroleum will have a solid base for future growth, and we are looking forward to adding new assets to the company in 2017."

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 in the UK, Ireland and Norway and an office in London, UK. 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.12/2017

Issued 26-05-2017

         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:

1Q 2017 Cond Cons Interim Report 31-03-2017 Issued 26th May.pdf