Referring to the Atlantic Petroleum (NASDAQ OMX COPENHAGEN: ATLA DKK & Oslo Stock Exchange: ATLA NOK) press release issued 17th December Atlantic Petroleum is still in dialogue with a London based party regarding its 25% equity in the Orlando project. The company is also in discussions with its creditors on potential solutions for the company. The Company anticipates that these discussions will continue over the New Year into early January. The Company is in discussions with its principal bankers to ensure it retains access to sufficient liquidity to see through the ongoing process. There is no certainty that a solution or a satisfactory outcome will be forthcoming for the Company and falling that, it is likely that the Company will go into administration or restructuring. The Company is continuing its planning for all outcomes.
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 29 oil and gas licences in the UK, Norway and Ireland, 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 P/F is based in Tórshavn, Faroe Islands, and the Company has subsidiaries and 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 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.38/2015
Issued 24-12-2015
P/F Atlantic Petroleum
Yviri við Strond 4
P.O. Box 1228
FO-110 Tórshavn
Faroe Islands
Telephone +44 208 834 1045
Fax +44 208 834 1125
Website: www.petroleum.fo
E-mail: petroleum@petroleum.fo