DGAP-Adhoc: Atlantic Petroleum prepares listing on the Oslo

Atlantic Petroleum P/F 13.11.2013 06:45 Dissemination of a Adhoc News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. Torshavn, Faroe Islands, 2013-11-13 06:45 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA) today announces that the Company contemplates an initial public offering (IPO) on the Oslo Stock Exchange within the end of the year. The Company's existing shares are listed on NASDAQ OMX Iceland and NASDAQ OMX Copenhagen, respectively. The contemplated IPO is expected to provide funding to realize the Company's growth plans, particularly on the Norwegian Continental Shelf. The Company intends to raise total gross proceeds of DKK 150 - 200MM, corresponding to approximately NOK 165 - 225MM. The contemplated offering is expected to take place without pre-emptive rights for existing shareholders. Atlantic Petroleum Group with Faroese based headquarters is an exploration and production (E&P) Group focused on North West Europe. Atlantic Petroleum Group currently holds 40 oil and gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has three fields in production in the UK part of the North Sea. In addition to this, the Group has one field under development with first oil expected in 2015, two additional potential development projects and a substantial number of exploration prospects. Atlantic Petroleum participates in joint ventures with 30 reputable, international partners. Atlantic Petroleum's main office is located in Torshavn, Faroe Islands, and the Company has subsidiaries and technical offices in London, UK and Bergen, Norway. Reasons for the contemplated offering and use of proceeds The prime reason for Atlantic Petroleum's contemplated offering is the ambition to accelerate growth by pursuing current farm-in opportunities and other exploration opportunities especially on the Norwegian Continental Shelf (NCS). Atlantic Petroleum considers the NCS to offer a number of quality high-impact exploration opportunities, and based on the Company's recent acquisition of Emergy Exploration AS and establishment of a skilled organization in Norway, Atlantic Petroleum considers itself to be well-positioned for expanding its Norwegian footprint. The Group is currently evaluating a number of specific farm-ins of late stage exploration assets in Norway, and based on a successful completion of the contemplated offering, the Group expects that one or more of these can be completed during the course of 2014. Further, the equity from the contemplated offering will increase the robustness of the Group's balance sheet and make the funding of projects like the expected Kells development project less sensitive to oil price fluctuations. The Group's current business plan calls for investments in the range of DKK 500 - 600MM, corresponding to approximately NOK 557 - 668MM, throughout 2014 and 2015, which will be financed from a combination of cash flow from operations, bank debt and shareholders' funds. Pre-marketing of the contemplated offering is expected to commence during November, while a listing of Atlantic Petroleum on the Oslo Stock Exchange is expected to be concluded during December 2013. CEO Ben Arabo commented: 'We are excited about the prospects of a listing of Atlantic Petroleum on the Oslo Stock Exchange. The Norwegian capital market has a proven track record for investing in exploration and production companies. A listing of Atlantic Petroleum on the Oslo Stock Exchange will increase our visibility in the E&P sector and be a cornerstone in executing our ambitious growth strategies, in particular in Norway, as well as to provide value for our shareholders. Atlantic Petroleum in brief Atlantic Petroleum Group with Faroese based headquarters is an exploration and production (E&P) Group with offshore oil and gas interests in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and with a small and efficient organisation of approximately 30 full-time employees supported by experienced and trusted consultants. Atlantic Petroleum builds a balanced licence portfolio to ensure a steady flow of projects coming on-stream to replace production whilst at the same time looking to participate in higher impact exploration opportunities. As such, Atlantic Petroleum is pursuing a strategy to invest in both mature areas, e.g. on the UK continental shelf, and in high impact areas such as Norway and the Atlantic Margin. Atlantic Petroleum achieves this through targeted acquisitions, entering into and leveraging strategic partnerships as well as participating in licensing rounds. Atlantic Petroleum's key advantages and competencies include a highly experienced technical team with extensive geological and geophysical knowledge of the North West European hydrocarbon basins, as well as a competent and experienced Management and Board of Directors. The Company's success is also driven by strong relationship with a broad network of international oil companies, such as Statoil, ExxonMobil, Centrica, Dong Energy and Nexen. By entering into strategic partnerships on licences, Atlantic Petroleum reduces risk and associated capital expenditures. Partnerships also enable a significant sharing of geological, geophysical and operational knowledge. Expected delisting from NASDAQ OMX Iceland Atlantic Petroleum's existing shares are listed on NASDAQ OMX Iceland and NASDAQ OMX Copenhagen, with the listing in Iceland being the primary. The Company has applied for a delisting from NASDAQ OMX Iceland, following which the primary place of listing of the Company's shares will be NASDAQ OMX Copenhagen. The Company expects to effectively delist from NASDAQ OMX Iceland shortly after completion of the contemplated IPO on the Oslo Stock Exchange. ABG Sundal Collier and Carnegie have been appointed as joint lead managers and joint bookrunners in connection with the contemplated offering. Further Details: Further details can be obtained from Ben Arabo, CEO, tel +298 350100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo. On the website, it is also possible to sign up for the Company's e-mail newsletter. Disclaimers The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction and subject to a prospectus being approved and made public. Investors must neither accept any offer for, nor acquire, any securities to which this press release refers, unless they do so on the basis of the information contained in the prospectus expected to be published by Atlantic Petroleum in connection with the contemplated IPO. Copies of this press release are not being made and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. The securities referenced herein have not and will not be registered under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. The Company does not intend to register any part of the contemplated offering in the United States or to conduct a public offering of securities in the United States. Any offering of securities will be made by means of a prospectus that is expected to be available from the Company and that will contain detailed information about Atlantic Petroleum and its management, as well as financial statements. This document is a press release and not a prospectus for the purposes of Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the 'Prospectus Directive'). Investors should not subscribe for any securities referred to in this document except on the basis of information contained in a prospectus. In any EEA Member State other than Norway and Denmark that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive, i.e., only to investors who will be able to receive the contemplated offer without an approved prospectus in such EEA Member State. This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as 'relevant persons'). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this press release or any of its contents. This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as 'believe,' 'expect,' 'anticipate,' 'intends,' 'estimate,' 'will,' 'may,' 'continue,' 'should' and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Atlantic Petroleum believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this release speak only as at its date, and are subject to change without notice Atlantic Petroleum disclaims any obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise. Announcement no. 44/2013 Issued 13-11-2013 P/F Atlantic Petroleum Yviri vidh Strond 4 P.O. Box 1228 FO-110 Torshavn Faroe Islands Telephone +298 350 100 Fax +298 350 101 Website: www.petroleum.fo E-mail: petroleum@petroleum.fo Click on, or paste the following link into your web browser, to view the associated documents https://newsclient.omxgroup.com/cds/Disclosur...eAttachmen tId=450670 News Source: NASDAQ OMX 13.11.2013 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Atlantic Petroleum P/F Faeroe Islands Phone: Fax: E-mail: Internet: ISIN: FO000A0DN9X4 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------