Atlantic Petroleum P/F: Atlantic Petroleum Announces Results for the Third Quarter of 2017

Tórshavn, Faroe Islands, 2017-11-29 23:31 CET (GLOBE NEWSWIRE) --
P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA
NOK) today announces its results for the third quarter of 2017. This company
announcement should be read in conjunction with Atlantic Petroleum's Condensed
Consolidated Interim Report attached to this announcement. 

Highlights & Outlook

  -- Gross profit for the first 9 months was DKK 6.6MM
  -- Operating loss for the first 9 months was DKK 4.3MM
  -- Net loss for the first 9 months was DKK 9.6MM
  -- Bank debt was DKK 68.3MM at the end of the Q3. This has been reduced to DKK
     51.6MM in Q4 2017.
  -- Atlantic Petroleum expects to post a profit for the full year of 2017.
  -- On the 22nd November 2017 it was announced that the company has appointed
     Mr. Graeme Fawcett to the position of Interim CEO for Atlantic Petroleum
     from 1st December 2017.

Statement from the Board:

"The focus for the board and the new Interim CEO is to evaluate the strategic
options Atlantic Petroleum has including M&A options or a sale of the
company. The board is encouraged by the improving market conditions and looks
forward to benefit from Graeme's wealth of experience, and looks forward to
updating the market further when Graeme Fawcett takes up his position." 

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 [phone]
([e-mail]). This announcement will be available, together with
other information about Atlantic Petroleum, on the Company's website:
www.petroleum.fo. 

On the website, it is also possible to sign up for the Company's e-mail
newsletter. 

Announcement no.16/2017

Issued 29-11-2017

         P/F Atlantic Petroleum
         Yviri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         
         Telephone [phone]
         Website: www.petroleum.fo
         E-mail: [e-mail]

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