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Atlantic Petroleum P/F — Earnings Release 2017
May 26, 2017
8209_rns_2017-05-26_c63244b1-bf90-4c6b-83dc-b7757ac75bd0.html
Earnings Release
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Atlantic Petroleum Posts a Net Profit of DKK 5.4MM in Q1 2017
Atlantic Petroleum Posts a Net Profit of DKK 5.4MM in Q1 2017
Tórshavn, Faroe Islands, 2017-05-26 12:57 CEST (GLOBE NEWSWIRE) --
P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA
NOK) today announces its results for the first quarter of 2017. This company
announcement should be read in conjunction with Atlantic Petroleum?s Condensed
Consolidated Interim Report attached to this announcement.
Highlights & Outlook
-- Net profit in Q1 2017 was DKK 5.4MM (Q1 2016 a loss of DKK 15.8MM)
-- EBITDAX for Q1 was DKK 6.8MM (Q1 2016 a loss of DKK 15.5MM)
-- Operating profit in Q1 2017 was DKK 6.8MM (Q1 2016 a loss of DKK 31.7MM)
-- Net assets/share-holders equity was negative DKK 77.9MM. An improvement
from Q1 2016 of DKK 56.3MM
-- Bank debt was DKK 68.7MM.
-- G&A cost in Q1 of 2017 was DKK 2.7MM.
Ben Arabo, CEO commented:
"The low cost base following the sale of our Norway activities, combined with
the production revenue from the Orlando field expected in the second half of
2018, means that Atlantic Petroleum will have a solid base for future growth,
and we are looking forward to adding new assets to the company in 2017.?
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 has subsidiaries in the UK, Ireland and Norway and 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
([email protected]). 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.12/2017
Issued 26-05-2017
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: [email protected]