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Consolidated Interim Report and Accounts - 3rd Quarter 2019 - Attachment Included

Tórshavn, Faroe Islands, 2019-11-28 (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today posts its 3rd quarter results for 2019. This announcement should be read in conjunction with Atlantic Petroleum’s Consolidated Interim Report attached to this announcement.

Highlights for Q3 2019:

Net loss: DKK 23.4MM (Q2: DKK 17.4MM)
Gross profit was DKK 0.0MM (Q2: DKK 0.0MM)
Operating loss was DKK 5.1MM (Q2: DKK 4.0MM)
Net assets/share-holders equity was DKK 51.7MM (Q2: DKK 54.0MM)
Bank debt was DKK 53.0MM (Q2: DKK 52.4MM)
G&A cost was DKK 4.6MM (Q2: DKK 3.8MM)

Whilst the expectation to Orlando reserves remain within the expected envelope, the field production is restricted at around 5,000 bopd, and realized production is at around 3,300 bopd. The production numbers mean that there has been a need to re-evaluate and downgrade the Orlando asset value by additionally DKK 2.3MM due to the time value of money. Atlantic Petroleum expects a net loss in 2019.

Atlantic Petroleum expects to have positive cashflow in Q1 2020.

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.: 19/2019

Issued: 28-11-2019

P/F Atlantic Petroleum
Yviri við Strond 4
P.O.Box 1228
FO-110 Torshavn
Faroe Islands

Website: www.petroleum.fo

Attachment