Atlantic Petroleum refinances debt and issues conv
Post# of 301275
Pursuant to the Loan Agreement with London Oil and Gas announced 25th May 2016, Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) hereby announces that all conditions for the GBP 8MM loan are fulfilled and that the Board of Atlantic Petroleum has decided to use the authority under the company’s Articles of Association secion 3E to issue convertible instruments to London Oil and Gas for up to GBP8MM plus interest.
As per 13th March the company has drawn GBP 881,478 or DKK 7.744.604,69 of the loan facility.
Atlantic Petroleum has also agreed revised terms with Eik Bank for the DKK 66MM debt to Eik Bank. The debt has been refinanced and is to be paid back from December 2017 to December 2019.
London Oil and Gas has security in the assets of P/F Atlantic Petroleum, Atlantic Petroleum North Sea Limited and certain assets in Atlantic Petroleum UK. Eik Bank has security in the assets of Atlantic Petroleum Norge AS and certain assets in Atlantic Petroleum UK.
Ben Arabo said:
”This completes our refinancing efforts and provides a new base to stand on. We now look forward to secure the remaining value from our existing portfolio and to add new ventures for future growth.”
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 an office in London, UK. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.
Further Details:
Further details can be obtained from Ben Arabo, CEO, tel +298 550100 (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.
Announcement no.3/2017
Issued 13-03-2017
P/F Atlantic Petroleum Yviri við Strond 4 P.O. Box 1228 FO-110 Tórshavn Faroe Islands Telephone +44 203 879 0524 Website: www.petroleum.fo E-mail: petroleum@petroleum.fo
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