Consolidated Interim Half Year 2018 Report and Accounts - Maintenance of Plan

Tórshavn, Faroe Islands, 2018-08-31 -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today posts its 2nd quarter (Half-Year) results for 2018. This announcement should be read in conjunction with Atlantic Petroleum’s Consolidated Interim Report, which is released separately and is available via the Company’s web site.

Highlights:

  • Net loss:                                             DKK      3.4MM
  • Gross profit:                                        DKK      0.0MM
  • Operating loss:                                    DKK     -4.1MM
  • Net assets/share-holders’ equity:          DKK    -152MM
  • Bank debt:                                          DKK       53MM
  • G&A cost:                                           DKK     2.8MM

Orlando revenues are not expected until till early 2019 so Atlantic Petroleum continues to consider that neither a net profit or dividend will occur in 2018.

Graeme Fawcett, Atlantic Petroleum’s Interim CEO commented:

“The stability and plan reported end 1st quarter 2018 has been maintained and priority focussed on cost management aligned to the Company’s financial support.

From a revenue and license perspective:

  • The Orlando field progresses in the sound hands of Decipher Energy and Atlantic Petroleum's revenue income forecast reported in previous reports is unchanged.
  • The long running process of reaching settlement on Blackbird and Ettrick is finished and longer-term guarantee aspects agreed.
  • License P2112 (Badger field) interest progresses with reprocessing of existing seismic data. Once this work is complete Atlantic Petroleum will determine levels of involvement in any further work programme.

The Company is maintaining the goals it set at the end of 2017 and, duly encouraged, is looking to position itself as an active participant in new opportunities that are consistent with, and allowed by, its’ risk profiling, funding and projected revenues.” 

Atlantic Petroleum in brief:

P/F Atlantic Petroleum is a limited company incorporated and domiciled in the Faroe Islands and listed on NASDAQ OMX Copenhagen and on the Oslo Stock Exchange.

The principal activities of the Company and its subsidiaries (the Group) are oil and gas exploration, late term appraisal, development and production in the UK and Ireland. The Company considers its future as a participant in global oil and gas projects subject to those projects meeting the Company’s risk mitigation position of zero exposure to exploration or early appraisal, and that associated projects, countries, companies and individuals are compliant with applicable EU, UK, USA and localised sanction(s), business ethics, environmental and social responsibility regulations.

Further Details:

Further details can be obtained from Graeme Fawcett, (graemef@petroleum.fo). This announcement will be available, together with other reported information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.

Announcement no.12/2018

Issued 31-08-2018

         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

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