Atlantic Petroleum 1st Quarter 2018 – Steady Progress

Consolidated Interim Report and Accounts 1st Quarter 2018

Tórshavn, Faroe Islands, 2018-03-31 -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today posts its 1st quarter results for 2018. This announcement should be read in conjunction with Atlantic Petroleum’s Consolidated Interim Report, which is released separately and posted on the Company’s web site.

Highlights:

  • Net loss:                                                                      DKK 2.7MM
  • Gross profit:                                                                DKK 0.0MM
  • Operating loss:                                                            DKK -2.3MM
  • Net assets/share-holders’ equity:                                DKK -150.7MM
  • Bank debt:                                                                   DKK 52.3MM
  • G&A cost:                                                                   DKK 1.7MM

With Orlando revenues not expected to hit the p&l till early 2019 Atlantic Petroleum does not at this stage expect to show a net profit or dividend for 2018.

Graeme Fawcett, Interim CEO commented:

Atlantic Petroleum’s focus for 2018 is maintenance of stability. The key issues stated at the end of 2017 remain, which are to keep costs down, keep lean ready for revenues from disposed assets and to be flexible enough to evaluate new prospects aligned to our funding.”

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, ( 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.11/2018

Issued 02-06-2018

         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