Tórshavn, Faroe Islands, 2021-01-07 (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum
(NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) announces an
Orlando field production update following the disclosure of production
information from the Licence Operator under the terms of the associated Sale and
Purchase Agreement (SPA) with Decipher Energy.
Orlando Field Production Update
The Licence Operator, Decipher Production, has advised Atlantic Petroleum that
production from the UK Orlando field has re-commenced.
Prior to the shut in that commenced in April, Orlando production revenue reached
the threshold for payment to Atlantic Petroleum to be received from Decipher
Energy, and Atlantic Petroleum is now due to receive 2% of the gross revenue
from the production as per the Orlando SPA of 2017.
Atlantic Petroleum has today received the first monthly payment of the deferred
consideration.
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.
Mark Højgaard CEO said:
"Getting production revenue from the Orlando field is 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:
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
(mailto:markh@petroleum.fo)). This announcement will be available, together with
other information about Atlantic Petroleum, on the Company's website:
www.petroleum.fo. (http://www.petroleum.fo./)
Announcement no.: 1/2021
Issued: 07-01-2021
P/F Atlantic Petroleum
Lucas Debesargøta 8
P.O.Box 1228
FO-110 Torshavn
Faroe Islands
Website: www.petroleum.fo (http://www.petroleum.fo/)