Atlantic Petroleum's Financial Performance in 2024
P/F Atlantic Petroleum has shared its annual results for the 2024 fiscal year, highlighting a remarkable turnaround with a net profit of DKK 1.4 million. This shift from a loss of DKK 20.7 million in 2023 showcases remarkable management and operational efficiencies.
Key Financial Highlights
The Company reported several significant financial metrics:
- The net profit after tax improved to DKK 1.4 million in 2024.
- The gross profit for the group remained consistent at DKK 0 million.
- Exploration expenses were recorded at DKK 0 million, reflecting a strategic pause in new initiatives.
- General and administration costs saw a minimal increase to DKK 2.4 million from DKK 2.3 million the previous year.
- Loss before taxation decreased to DKK 2.4 million compared to DKK 20.7 million in 2023.
- Shareholders' equity showed improvement, amounting to DKK -112.8 million by the end of 2024.
- Cash provided from operating activities was DKK 0.5 million, down from DKK 1.7 million in the prior year.
- Cash and cash equivalents totaled DKK 0 million at the end of 2024, a reduction from DKK 1.1 million in 2023.
Comments from the CEO
Mark T. Højgaard, the CEO of Atlantic Petroleum, addressed the company’s current fiscal strategy and praised the cost management efforts.
"The overhead costs remain at a very low-cost base. Our general and administration costs have experienced a nominal rise. However, our focus remains on effectively resolving the bank debt with Betri Banki and the convertible debt situation with London Oil and Gas in Administration," he stated.
Debt Restructuring Developments
On April 4, 2025, Atlantic Petroleum reached a significant agreement with its principal creditors, aimed at reducing the company’s overall debt burden by at least DKK 90 million. This agreement is expected to play a crucial role in stabilizing the company’s financial structure moving forward.
Although the debt restructuring is still pending finalization, the company anticipates resolution by May 2025.
"Our ability to continue operating hinges on the successful completion of this debt restructuring process," Højgaard added. He also emphasized the importance of cash flows generated from their interests in the Orlando field.
Company Overview
Atlantic Petroleum engages in oil and gas ventures alongside internationally recognized partners. The company is headquartered in Tórshavn, Faroe Islands, and operates through subsidiaries in the UK and Ireland. Its shares are listed on the NASDAQ OMX Copenhagen, under the ticker symbols Copenhagen:FOATLA and Oslo:ATLA.
Contact Information
For further inquiries, please reach out to Mark T. Højgaard at markh@petroleum.fo. More information about Atlantic Petroleum can be found on their official website.
Frequently Asked Questions
What was Atlantic Petroleum's net profit for 2024?
The net profit for 2024 was DKK 1.4 million, a significant recovery from previous losses.
How have operating costs changed?
General and administration costs saw a slight increase to DKK 2.4 million compared to DKK 2.3 million in 2023.
What steps is Atlantic Petroleum taking regarding debt?
Atlantic Petroleum has reached an agreement to reduce its debt by at least DKK 90 million, pending finalization by May 2025.
Where is Atlantic Petroleum located?
The company is based in Tórshavn, Faroe Islands, and has subsidiaries in the UK and Ireland.
What are Atlantic Petroleum's stock ticker symbols?
The company is listed under the ticker symbols Copenhagen:FOATLA and Oslo:ATLA.
