Tórshavn, Faroe Islands, 2019-11-30 (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) announces that the standstill Agreement with London Oil and Gas Limited in Administration (LOG) to 30th November, announced 23rd July, 2019 is extended to 31st January 2020.
Extension of standstill
LOG have agreed to extend the Standstill Agreement dated 23rd July 2019 from 30th November 2019 to 31st January 2020. The Board of Atlantic Petroleum is working on refinancing its activities for 2020 and onwards. The market will be informed of the results of these efforts in due course.
Atlantic Petroleum expects to have positive cashflow from its activities in 2020.
Orlando Overview
The Company has retained an economic interest in the Orlando Field; sold in 2017 to Decipher Energy. Under the Sale and Purchase Agreement, the Company, via Atlantic Petroleum North Sea Limited, is due to receive a deferred consideration of 2% of the sale proceeds of the first 5MM barrels of Orlando production, of which USD 1MM was pre-paid in 2017.After the first 5MM barrels have been produced on Orlando, Atlantic Petroleum North Sea Limited is due to receive 4.35% of the sale proceeds from Orlando production. Production from the Orlando field began on the 29th March 2019.
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 subsidiaries and offices in the UK. Atlantic Petroleum’s shares are listed on NASDAQ OMX Copenhagen and on the Oslo Stock Exchange.
Further Details:
Further details can be obtained from Mark T. Højgaard, (markh@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.
Announcement no.: 20/2019
Issued: 30-11-2019
P/F Atlantic Petroleum
Yviri við Strond 4
P.O.Box 1228
FO-110 Torshavn
Faroe Islands
Website: www.petroleum.fo