Atlantic Petroleum: Provision release and update on Orlando Field

Press release: P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) is able to announce updates on the goals set for 2018 in its 2018 Annual Report

  • Following the successful relinquishment of Atlantic Petroleum’s licence interests in the North Sea fields of Blackbird and Ettrick completed on end December 2018, the Group will release in excess of £11m of provisions which strengthens the Group’s balance sheet and P&L account accordingly.
  • Production from the Orlando field, (sold to Decipher Energy Limited in 2017 who is now the operator of this field), is now expected to commence before the end of the first quarter this year.  This field’s sale agreement includes payment of royalties from the Operator on its oil production to Atlantic Petroleum.  Accordingly, these royalty revenue payments will commence in 2019 as planned.
  • More details of these two significant developments will be provided in the Group 2018 Annual Report, due to be published in March 2019.

Henrik Olsen, Chairman of Atlantic Petroleum said:

“These two positive developments start 2019 on an enhanced basis for Atlantic Petroleum and show encouraging results from our strategy to deliver improvements to the business for our shareholders.”

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 and Norway. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.

Author: Local.fo