Tórshavn, Faroe Islands, 2016-05-25 03:11 CEST (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its results for the first quarter of 2016. This company announcement should be read in conjunction with Atlantic Petroleum’s Condensed Consolidated Interim Report attached to this announcement.
Highlights & Outlook
- EBITDAX for 1Q was negative with DKK 24.7MM.
- Gross loss in 1Q 2016, after asset impairments and write-offs, was DKK 17.1MM.
- Revenue for 1Q 2016 was DKK 10.9MM and this was impacted by the loss of production from Chestnut due to the Atlantic Petroleum North Sea Limited’s inability to resolve a default under the Chestnut Joint Operating Agreement and lower oil price.
- Net loss for 1Q 2016 was DKK 38.7MM.
- Cash and cash equivalents at end of 1Q 2016 was DKK 17.6MM
- Net assets/share-holders equity was negative DKK 134.2MM.
- Bank debt excluding exploration finance facility was DKK 61.0MM.
Ben Arabo, CEO commented:
"Atlantic Petroleum has gone through a challenging period with sustained low oil prices. The organisation and license portfolio have been rationalised and future value is in the process of being secured from the remaining assets. There are still challenges in the North Sea for Atlantic Petroleum, but the company is trying to secure the best possible outcome and value through commercial arrangements. We are very pleased with the loan agreement with London Oil and Gas announced 25th May. It will strengthen the board and management of Atlantic Petroleum and will secure funding to give us the flexibility to add to our portfolio in the new focus area, being Eastern Europe and the Eurasian Region, and we look forward to delivering on this over the coming months."
Atlantic Petroleum in brief:
Atlantic Petroleum is a full cycle exploration and production (E&P) Group. Atlantic Petroleum participates in joint ventures with 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.13/2016
Issued 25-05-2016
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
