Atlantic Petroleum Posts a Net Profit of DKK 12.4M

Tórshavn, Faroe Islands, 2017-03-29 08:23 CEST (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its Annual Results for 2016. This company announcement should be read in conjunction with Atlantic Petroleum’s Condensed Consolidated Annual Report attached to this announcement.

Highlights

• The result after tax for 2016 was a net profit of DKK 12.4MM (2015: Loss of DKK 564.0MM) and a net loss of DKK 15.8MM for the last quarter of 2016 (4Q 2015: Loss of DKK 424.2MM).
• The company had a gross profit of DKK 61.8MM in 2016 (2015: Gross loss of DKK 420.7MM).
• Exploration cost amounted to DKK 62.1MM in 2016 (2015: DKK 337,3MM). The severe trading conditions has resulted in the Group writing off all exploration expenditures in 2016.
• General and administration costs amounted to DKK 26.9MM in 2016 (2015: DKK 37.9MM). This number is primarily from the G&A for the Norwegian operation. A sale of Norway was initiated during 2016, but only completed 20th January 2017.
• Loss before taxation totalled DKK 30.5MM (2015: Loss of DKK 833.8MM).
• Total shareholders’ equity amounted to DKK -82.7MM at the end of 2016 (2015: DKK -102.0MM).
• Net cash provided from operating activities amounted to DKK 48.4MM (2015: DKK 206.1MM).
• Cash and cash equivalents totaled DKK 4.8MM at the end of 2016 (2015: DKK 42.1MM).

Ben Arabo, CEO commented:

"2016 was a year of restructuring, refocusing and securing value from key assets. The goal is to make 2017 a “new start” and beginning the process of rebuilding and growing the Company. The sale of our Norwegian activity marked the end of our exploration activities and the transaction has reduced our cost base significantly. We are optimistic about facing the future with a new low cost base combined with expected revenue from the UK Orlando field and the UK Pegasus milestone payments. This should provide a solid base for the future."

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.6/2017

Issued 29-03-2017

         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