Consolidated Interim Half Year 2019 Report
Tórshavn, Faroe Islands, 2019-08-30 -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today posts its 2nd quarter (Half-Year) results for 2019. 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 website: www.petroleum.fo.
Highlights:
- Net loss: DKK 17.4MM (Q1: DKK 2.9MM)
- Gross profit was DKK 0.0MM (Q1: DKK 0.0MM)
- Operating loss was DKK 4.0MM (Q1: DKK 2.4MM)
- Net assets/share-holders equity was DKK 54.0MM (Q1: DKK 78.1MM)
- Bank debt was DKK 52.4MM (Q1: DKK 52.3MM)
- G&A cost was DKK 3.8MM (Q1: DKK 2.2MM)
Whilst the expectation to Orlando reserves remain within the expected envelope, the restricted field production at around 5,000 bopd, means that there has been a need to re-evaluate and downgrade the Orlando asset value by DKK 17.2MM due to the time value of money. Due to this downgrade Atlantic Petroleum now expects a net loss in 2019.
Mark T. Højgaard, CEO of Atlantic Petroleum said:
“Getting production revenue from the Orlando field in the next quarter will be an important milestone for Atlantic Petroleum. The cashflow will be instrumental in restructuring the debt and in being able to add new assets to our asset portfolio."
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 Mark T. Højgaard, (markh@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.16/2019
Issued 30-08-2019
P/F Atlantic Petroleum
Yviri við Strond 4
P.O. Box 1228
FO-110 Tórshavn
Faroe Islands
Telephone +298 591601
Website: www.petroleum.fo
E-mail: petroleum@petroleum.fo
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