Atlantic Petroleum Posts a Net Profit of DKK 6.4MM in The First Half of 2017

Atlantic Petroleum

Tórshavn, Faroe Islands, 2017-08-30 12:27 CEST (GLOBE NEWSWIRE) — P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its results for the second quarter of 2017. This company announcement should be read in conjunction with Atlantic Petroleum’s Condensed Consolidated Interim Report attached to this announcement.
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Highlights & Outlook

  • Net profit in Q2 2017 was DKK 1.1MM. Net profit was DKK 6.4MM for the first 6 months of 2017.
  • EBITDAX for Q2 was DKK 3.9MM. EBITDAX was DKK 10.7MM for the first 6 months of 2017.
  • Operating profit in Q2 2017 was DKK 3.3MM. Operating profit was DKK 10.7MM for the first 6 months of 2017.
  • Net assets/share-holders equity was negative DKK 75.3MM. An improvement from year end 2016 of DKK 7.3MM
  • Bank debt was DKK 67.9MM.
  • G&A cost in Q2 of 2017 was DKK 2.9MM.

Ben Arabo, CEO commented:

“We have succeeded in rationalising our portfolio whilst securing a revenue stream planned to commence in 2018 from the UK Orlando field, with further upside in the potential deferred payments of up to GBP 9MM from our 2015 sale of the UK Pegasus discovery. This provides a good base for rebuilding the portfolio for future growth.”

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 has subsidiaries in the UK, Ireland and Norway and an office in London, UK. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 550100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company’s website: www.petroleum.fo.

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