Tórshavn, Faroe Islands, 2018-05-31, 14:30 GMT, P/F Atlantic Petroleum (NASDAQ
Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today posts its
1(st) quarter results for 2019. This announcement should be read in conjunction
with Atlantic Petroleum's Consolidated Interim Report, which is released
separately and posted on the Company's website. The 1st Quarter Consolidated
Interim Report can be accessed using the following
link: https://www.petroleum.fo/get.file?ID=15932.
Highlights for Q1 2019:
Net loss: DKK 2.9MM
Gross profit: DKK 0.0MM
Operating loss: DKK 2.4MM
Net assets/share-holders equity: DKK 78.1MM
Bank debt: DKK 52.3MM
G&A cost: DKK 2.2MM
Orlando revenues are expected to hit the p&l in 2019. Atlantic Petroleum does
expect to show a net profit in 2019.
Mark T. Højgaard, Interim CEO commented:
"The Board and management were delighted to see Orlando come on stream in Q1 and
look forward to the company becoming cash generative in the second half of this
year. The company's primary focus now lies with refinancing the company's debt
and we are actively pursuing several promising opportunities to do so."
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 and
Norway. 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 Hoejgaard, (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.: 10/2019
Issued: 31-05-2019
P/F Atlantic Petroleum
Yviri vio Strond 4
P.O.Box 1228
FO-110 Torshavn
Faroe Islands
Website: www.petroleum.fo