Annual and Consolidated Report and Accounts 2017
Tórshavn, Faroe Islands, 2017-04-02 -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its Annual Results for 2017. This company announcement should be read in conjunction with Atlantic Petroleum’s Condensed Consolidated Annual Report which will be formally released separately and posted on the Company’s web site on or before April 7th, 2017.
Highlights
- The result after tax for 2017 was a net loss of DKK 67.7MM (2016: profit of DKK 12.4MM) and a net loss of DKK 58.1MM for the last quarter of 2017 (4Q 2016: Loss of DKK 15.8MM).
- The company had a gross profit of DKK 0MM in 2017 (2016: Gross profit of DKK 61.8MM).
- Exploration cost amounted to DKK 5.8MM in 2017 (2016: DKK 62.1MM). The severe trading conditions has resulted in the Group writing off all exploration expenditures in 2017.
- General and administration costs amounted to DKK 10.0MM in 2017 (2016: DKK 26.9MM). A sale of Norway completed 20th January 2017.
- Loss before taxation totaled DKK 68.0MM (2016: Loss of DKK 30.5MM).
- Total shareholders’ equity amounted to DKK -150.3MM at the end of 2017 (2016: DKK -82.7MM).
- Net cash provided from operating activities amounted to DKK 30.4MM (2016: DKK 48.4MM).
- Cash and cash equivalents totaled DKK 0,4MM at the end of 2017 (2016: DKK 4.8MM).
Graeme Fawcett, Interim CEO commented:
“2017 continued the previously year’s process of restructure, refocus and realisation of asset value.
The years’ results continue to reflect the past decisions that were necessary to secure the Company has the chance to look forward.
Since assuming the role of Interim CEO the Company has been able to consider its future with optimism given those past decisions as well as the financial support from London Oil and Gas, its’ new low-cost base and a stronger Board.
The oil and gas arena is finally showing opportunity and the Group is well placed to take advantage of this. So, the goal for 2018 is to make it the year when all the effort and pain of the past few years can be used as the foundation for new growth and success.”
Atlantic Petroleum in brief:
Atlantic Petroleum participates in oil and gas joint ventures with reputable, international partners. Atlantic Petroleum P/F is based in Tórshavn, Faroe Islands, and the Company currently has an office in London, UK. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.
Further Details:
Further details can be obtained from Graeme Fawcett, Interim CEO, graemef @petroleum.fo. This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.
Announcement no.8/2018
Issued 02-04-2018
P/F Atlantic Petroleum
Yviri við Strond 4
P.O. Box 1228
FO-110 Tórshavn
Faroe Islands
Telephone +44 203 879 0524
Website: www.petroleum.fo
E-mail: petroleum@petroleum.fo