Tórshavn, Faroe Islands, 2019-03-28 23:59GMT (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) announces as follows:
- In respect of the Danish Business Authority decision received and reported previously Atlantic Petroleum has accepted the content of the decision. Although the going concern position reported by the Company in its annual report for 2017 and Q1 2018 report are considered accurate the Company accepts the Danish Business Authority’s decision should be reflected within future reporting. Accordingly the Company’s 2018 Annual Report will be reflective of this position.
- On an associated basis the Company wishes to advise its position concerning the recent entry into administration of London Oil and Gas Limited (LOG) in the United Kingdom. LOG is as reported previously the provider of operational funding for the Company. The administrators of LOG have advised that further funding against the facility is not possible. The Company is actively seeking alternate funding provision prior to revenues expected second half 2019 from the Orlando prospect and is in receipt of encouraging responses.
Further and better detail in respect of the above will be provided within the Company’s 2018 Annual Report to be published by the end of Friday 29th March 2019.
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.
Further Details:
Further details can be obtained from Graeme FAWCETT, CEO, tell +298 550100 (graemef@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.
Announcement no.: 4/2019
Issued: 28-03-2019
P/F Atlantic Petroleum
Yviri vio Strond 4
P.O.Box 1228
FO-110 Torshavn
Faroe Islands
Telephone +44 203 397 6353
Website: www.petroleum.fo
E-mail: petroleum@petroleum.fo