Tórshavn, Faroe Islands, 2012-07-25 19:35 CEST (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (OMX: FO-ATLA) today announces that due to the expiry of the licence the company and its partners have surrendered UK Licence P.1047 which consists of block 20/3c. The licence contains the Marten discovery which was operated by Nexen. Atlantic Petroleum held 17.5% equity in P.1047. The surrender means a non cash impairment in 2012 of DKK 14MM (GBP 1.5MM).
Ben Arabo, CEO, commented:
“Whilst disappointed by the fact that we couldn’t move Marten forward at this time, this event does not impact our EBITDAX or production forecast for the year. With a portfolio of 34 licenses Atlantic Petroleum is focused on adding to our drilling programme this year and next year. We are currently drilling Brugdan II in the Faroe Islands and expect the UK Spaniards East well to spud later in the year.”
Further Details:
Further details can be obtained from Ben Arabo, CEO, tel +298 350100 (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. 20/2012
Issued 25-07-2012
P/F Atlantic Petroleum
Yviri við Strond 4
P.O. Box 1228
FO-110 Tórshavn
Faroe Islands
Telephone +298 350 100
Fax +298 350 101
Website: www.petroleum.fo
E-mail: petroleum@petroleum.fo