Atlantic Petroleum Announces Results for the Third Quarter of 2017

Tórshavn, Faroe Islands, 2017-11-29 23:31 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 2017. 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 was DKK 6.6MM
• Operating loss for the first 9 months was DKK 4.3MM
• Net loss for the first 9 months was DKK 9.6MM
• Bank debt was DKK 68.3MM at the end of the Q3. This has been reduced to DKK 51.6MM in Q4 2017.
• Atlantic Petroleum expects to post a profit for the full year of 2017.
• On the 22nd November 2017 it was announced that the company has appointed Mr. Graeme Fawcett to the position of Interim CEO for Atlantic Petroleum from 1st December 2017.

Statement from the Board:

The focus for the board and the new Interim CEO is to evaluate the strategic options Atlantic Petroleum has including M&A options or a sale of the company. The board is encouraged by the improving market conditions and looks forward to benefit from Graeme's wealth of experience, and looks forward to updating the market further when Graeme Fawcett takes up his position.

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.16/2017

Issued 29-11-2017

         P/F Atlantic Petroleum
         Yviri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         
         Telephone +44 203 397 6353
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo

Vedhæftede filer:

3Q 2017 Cond Cons Interim Report 30-09-2017.pdf