Atlantic Petroleum – Condensed Consolidated Interim Report – 2nd quarter results 2020

Tórshavn, Faroe Islands, 2020-11-30 (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today posts its 3rd quarter results for 2020. This announcement should be read in conjunction with Atlantic Petroleum’s Condensed Consolidated Interim Report, which is released separately and posted on the Company’s website.

Highlights for the first 9 months in 2020 were:

G&A cost was DKK 1.9MM (9M 2019: DKK 4.6MM)

Operating loss was DKK 56.1MM (9M 2019: DKK 5.1MM)

Net loss: DKK 55.2MM (9M 2019: DKK 23.4MM)

Net assets/share-holders equity was DKK -45.4MM (End 2019: DKK 17.2MM)

Bank debt was DKK 56.5MM (End 2019: DKK 54.4MM)

Mark T. Højgaard, CEO commented:

Atlantic Petroleum is minimising running costs until revenue is received from the Orlando field. The cost base is low, as the company is currently not exposed to production costs. Orlando is still a valuable asset for Atlantic Petroleum in spite of the one off non-cash impairment of DKK 48 million due to a lower reserves estimate. The company is looking for opportunities to expand and re-build the company and we hope to be able to secure new assets in 2021.

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.: 10/2020

Issued: 30-11-2020

P/F Atlantic Petroleum
Lucas Debesargøta 8
P.O.Box 1228
FO-110 Torshavn
Faroe Islands

Website: www.petroleum.fo