Atlantic Petroleum – Condensed Consolidated Interim Report – 1st Quarter 2020

Tórshavn, Faroe Islands, 2020-05-28 (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today posts its 1^st 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 Q1 2020:

G&A cost was DKK 0.6MM
Operating loss was DKK 9.2MM
Net loss: DKK 7.0MM
Net assets/share-holders equity was DKK 4.9MM
Bank debt was DKK 55.0MM

Mark T. Højgaard, CEO commented:

We have reduced our General and administration cost to a minimum level, and we have no exposure to production costs on our assets.

Depending on production from the UK Orlando field and the development in oil prices, Atlantic Petroleum is expecting to be cash generating in 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, ([e-mail]). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.

Announcement no.: 6/2020

Issued: 29-05-2020

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

Website: www.petroleum.fo

Attachment

• 1Q 2020 Cond Cons Interim Report 31-03-2020