Atlantic Petroleum P/F — Earnings Release 2015

Nov 30, 2015

Net loss for 3Q 2015 was DKK 112.6MM. Cash and cash equivalents at end of 3Q 2015 was DKK 34.0MM and net assets/shareholders equity DKK 314.6MM.

Net loss for 3Q 2015 was DKK 112.6MM. Cash and cash equivalents at end of 3Q 2015 was DKK 34.0MM and net assets/shareholders equity DKK 314.6MM.

Tórshavn, Faroe Islands, 2015-11-30 07:21 CET (GLOBE

NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX: ATLA

DKK & Oslo Stock Exchange: ATLA NOK) today announces

its results for the third quarter of 2015. This

company announcement should be read in conjunction

with Atlantic Petroleum's Condensed Consolidated

Interim Report attached to this announcement.

.

HIGHLIGHTS & OUTLOOK

Production for 3Q was 125,000 boe (1H 2015: 240,200

boe) corresponding to an average of 1,359 boepd net

(1H 2015: 1,327 net) which results in an average of

1,338 boepd net for the first nine months.

EBITDAX for 3Q was positive with DKK 26.1MM and

contributed to reduce the total negative EBITDAX to a

positive EBITDAX DKK 5.5MM for the first nine months

of the year.

Gross loss in 3Q 2015, after asset impairments and

write-offs, was DKK 124.6MM which results in a total

gross loss DKK 129.0MM for the first nine months.

Revenue for 3Q 2015 was DKK 47.6MM and this was

impacted by the lower than expected production and

lower oil price. Net loss for 3Q 2015 was DKK 112.6MM.

Cash and cash equivalents at end of 3Q 2015 was DKK

34.0MM and net assets/shareholders equity DKK 314.6MM.

Bank debt excluding exploration finance facility was

DKK 58.5MM.

G&A costs have been reduced and are total DKK 26.4MM

for the first 9 months of 2015 (DKK 38.6 in 2014).

The Group took a DKK 117.3MM impairment on all

producing assets in the quarter and DKK 115.8MM in

exploration expenses including a write down of the

Perth discovery.

Ben Arabo, CEO commented:

"The sustained low oil price over the last 12 months

is having a large impact on Atlantic Petroleum. Our

current production does not pay for the field

operating expenses at the current oil price, and that

situation is not sustainable. We are still pursuing

funding or a commercial solution on the Orlando

development. These discussions will complete within

days or weeks at the most. However the outcome is

uncertain, but management currently believe there's a

reasonable prospect of securing a funding or

commercial solution. However, should these discussions

fail, then there's little likelihood of finding a

funding solution for 2016 and the group is likely to

go into administration."

Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and

production (E&P) Group focused on North West Europe.

Atlantic Petroleum currently holds 29 oil and gas

licences in the UK, Norway and Ireland, and has equity

in 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

2016, 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 P/F is based in Tórshavn, Faroe Islands, and

the Company has subsidiaries and offices in London, UK

and Bergen, 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 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.35/2015

Issued 30-11-2015

P/F Atlantic Petroleum

Yviri við Strond 4

P.O. Box 1228

FO-110 Tórshavn

Faroe Islands

Telephone +44 208 834 1045

Fax +44 208 834 1125

Website: www.petroleum.fo

E-mail: petroleum@petroleum.fo