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 2(nd)
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?
(https://www.petroleum.fo/get.file?ID=15839).
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
(mailto:graemef@petroleum.fo)). This announcement will be available?, together
with other reported information
(https://www.petroleum.fo/Default.aspx?pageid=8761)about Atlantic Petroleum, on
the Company's website: www.petroleum.fo
(https://www.globenewswire.com/Tracker?data=p-IJzr_8CGV06ZgsuHoox-
v0KGLLhjfgo2U5zIBq9peCsLVeboU6CPK3AeBl6ZlCM6eVWFAO3Cc5acnzzkf7uB1lTNcHUXOdftJ3Mi
9Om_FM6PtsgObehPOeR8YGx8zSeEcHJm_Jkgtvehn9-
NO7EOBUR3T8eDcQSiZVniG709efBY9oTz75yvNLvu6J93unW-l6X-cKQc-
8GEstleQcJAUp0sSfDNMemPOl39dtdFCmzXNnBn3didb0kxs_4b0C).
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
https://www.petroleum.fo/Default.aspx?pageid=8761