Significant Milestones Achieved in 2013

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| Source: Atlantic Petroleum P/F

Tórshavn, Faroe Islands, 2014-03-14 09:34 CET (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (OMX: FO-ATLA CSE & Oslo Stock Exchange: ATLA) today announces its results for 2013. This company announcement should be read in conjunction with the Group’s Annual and Consolidated Report and Accounts 2013 and the extract from the independent reserves report also attached to this announcement.

FINANCIAL RESULTS & SIGNIFICANT ACHIEVEMENTS IN 2013

  • Production 720K boe
  • EBITDAX DKK 224MM
  • Net result after taxation loss of DKK 26MM
  • Operating cash flow DKK 219MM from a realised oil price of USD 109.2 per barrel
  • Total equity shareholders´ funds at year end DKK 597MM
  • Cash and cash equivalents at year end DKK 185MM
  • Successfully completed acquisition of 25% working interest in UK licences P1606 and P1607 containing the development assets Orlando and Kells.
  • Successful in UK 27th Licensing Round – awarded 12 blocks in 4 licences bringing the total number of 27th Licencing Round blocks up to 23 in 8 licences
  • Successful in Norwegian 22nd Licensing Round - awarded 6 blocks in 2 licences
  • Successful in Norwegian APA round – awarded 4 blocks in 2 licences
  • Successfully farmed into two Norwegian licences PL 659 containing several prospects including Langlitinden and PL 528 containing the Ivory prospect
  • Drilled two exploration wells in 2013. Magnolia in the UK and Dunquin in Ireland
  • Extended field life of Chestnut with FPSO contract extended for at least 1 further year
  • Extending field life by drilling two in-fill wells on producing assets - one drilled on the Ettrick field and one committed on the Blackbird field
  • Listed on the Oslo Stock Exchange attracting attention from investor base and analyst coverage
  • Completed equity raise net proceeds of DKK 115MM to boost balance sheet and pursue exploration
  • Set up exploration debt facility with DNB in Norway of NOK 300MM

TARGETS 2014

  • Exploration: Drill 4 exploration/appraisal wells targetting 86MMboe of net unrisked resources
  • Production: Average per day between 1,650 – 1,900 boepd net for the year
  • Financial: EBITDAX in the range DKK 125MM - 175MM (Earnings Before Interest, Taxes, Depreciation, Amortisation and Exploration Expenses)

Ben Arabo, CEO, commented:

“We increased our reserves base through the completion of the acquisition of Orlando and Kells fields. We also increased our prospective resources base significantly through adding new high quality exploration acreage in Norway and the UK. Our exploration programme will deliver a steady flow of potentially large value triggers to our shareholders in 2014 and beyond. We have built up our portfolio over the past years and we can now see these prospects coming through to be drilled. We are confident that we can deliver exploration success over the next two years with the portfolio we have built whilst also maintaining our production base. We are always looking for opportunities to expand and will also do so in 2014 including looking at production opportunities.”

  

Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P) Group focused on North West Europe. Atlantic Petroleum currently holds 41 oil and gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has three fields in production in the UK part of the North Sea. In addition to this, the Group has one field under development with first oil expected in 2016, two additional potential development projects and a substantial number of exploration prospects. Atlantic Petroleum participates in joint ventures with 30 reputable, international partners. Atlantic Petroleum’s main office is located in Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices in London, UK and Bergen, Norway. 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 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.14/2014

Issued 14-03-2014

 

 

 

         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