Tórshavn, Faroe Islands, 2016-02-05 07:35 CET (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX COPENHAGEN: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that during the month of January, Atlantic Petroleum produced a net total of 23,000 barrels of oil equivalents (boe). The average daily production was 742 boe per day net to the Company. Atlantic Petroleum North Sea Limited is now in default on the Chestnut Field and is reviewing its options during the time period available to remedy the default.
Further to Atlantic Petroleum North Sea Limited’s default on the Ettrick and Blackbird Fields announced 30th November 2015, Atlantic Petroleum North Sea Limited is now liable to having its interest in the Ettrick and Blackbird fields forfeited by the operator of these fields (acting on behalf of itself and its co-venturers) which if such forfeiture proceeds is subject to certain regulatory and contractual conditions. Atlantic Petroleum North Sea Limited’s percentage interest is 8.27% in the Ettrick field and 9.4% in the Blackbird field. Atlantic Petroleum North Sea Limited is involved in discussions with the operator on the question of forfeiture.
Atlantic Petroleum is still in dialogue with a London based group regarding its 25% equity in the Orlando project and on potential solutions for the company. The company is also continuing discussions with its key creditors and stakeholders including the UK Oil & Gas Authority. The Company anticipates that these discussions will continue further into February. There is no certainty that a solution or a satisfactory outcome will be forthcoming for the Company and failing that, it is likely that the Company will go into restructuring or administration. 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 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.02/2016
Issued 05-02-2016
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