Atlantic Petroleum 3rd Quarter Report

30/11/2018 23:00 GMT.

Consolidated 3rd Quarter 2018 Report and Accounts

Tórshavn, Faroe Islands, 2018-11-30 -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today posts its 3rd quarter results for 2018. This announcement should be read in conjunction with Atlantic Petroleum's Consolidated Interim Report, which is released separately and is accessible at the Company's web site via this link (https://www.petroleum.fo/get.file?ID=15869)  .

Highlights for Q3 2018 are:

• Net loss in Q3 2018 was                                      DKK 5.5MM
• Gross profit for was                                             DKK 0MM
• Operating loss was                                              DKK 2,2MM
• Net assets/share-holders equity was negative    DKK 150MM.
• Bank debt was                                                     DKK 52,3MM.
• G&A cost was                                                      DKK 4,5MM.

Graeme Fawcett, Atlantic Petroleum's CEO, commented:

"P/F Atlantic Petroleum's 3rd Quarter 2018 results reported today are aligned with the plans reported previously as the Company has remained focussed on removing residual liabilities and managing costs according to the financial support made available by London Oil and Gas, so ensuring the Company's future is not burdened by un-necessary liabilities.

License activity moves to plan on reaching a settlement agreement with Partners on the Blackbird and Ettrick licenses and Orlando production remains on plan (according to field Operator). Review of Aurora and Badger future viability is ongoing as is similar work by field operators partner on the Company's Republic of Ireland licenses.

Atlantic Petroleum's progress up to end 3rd quarter 2018 and general outlook remains unchanged and as previously reported."

Atlantic Petroleum in brief:

P/F Atlantic Petroleum is a limited company incorporated and domiciled in the Faroe Islands and listed on NASDAQ OMX Copenhagen and on the Oslo Stock Exchange.

The principal activities of the Company and its subsidiaries (the Group) are oil and gas late term appraisal, development and production in the UK and Ireland. The Company considers its future as a participant in global oil and gas projects subject to those projects meeting the Company's risk mitigation position of zero exposure to exploration or early appraisal and on projects, countries, companies and individuals that are compliant with applicable EU, UK, USA and localised sanction(s), business ethics, environmental and social responsibility regulations.

Further Details:

Further details can be obtained from Graeme Fawcett, (graemef@petroleum.fo). This announcement is available via the link above, together with other reported information about the Company, on the Atlantic Petroleum's website: www.petroleum.fo.

Announcement no.13/2018

Issued 30-11-2018

         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

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