Atlantic Petroleum P/F - Earnings Release 2020

Atlantic Petroleum - Condensed Consolidated Interim Report - 2nd quarter results 2020

Tórshavn, Faroe Islands, 2020-08-31 (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum

(NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today posts its

2(nd) quarter results for 2020. This announcement should be read in conjunction

with Atlantic Petroleum's Condensed Consolidated Interim Report, which is

released separately and posted on the Company's website..

Highlights for Q2 2020:

G&A cost was DKK 1.5MM (Q1: DKK 0.6MM)

Operating loss was DKK 7.2MM (Q1: DKK 9.2MM)

Net loss: DKK 5.1MM (Q1: DKK 7.0MM)

Net assets/share-holders equity was DKK 3.1MM (Q1: DKK 4.9MM)

Bank debt was DKK 55.7MM (Q1: DKK 55.0MM)

Mark T. Højgaard, CEO commented:

We have reduced the General and administration costs to a minimum level, and

Atlantic Petroleum has no exposure to production costs on our assets.

Depending on production from the UK Orlando field and the development in oil

prices, Atlantic Petroleum is expecting to be cash generating in 2020.

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 subsidiaries and offices in the UK.

Atlantic Petroleum's shares are listed on NASDAQ OMX Copenhagen and on the Oslo

Stock Exchange.

Further Details:

Further details can be obtained from Mark T. Højgaard, ([email protected]

(mailto:[email protected])). This announcement will be available, together with

other information about Atlantic Petroleum, on the Company's website:

www.petroleum.fo. (http://www.petroleum.fo./)

Announcement no.: 8/2020

Issued: 31-08-2020

P/F Atlantic Petroleum

Lucas Debesargøta 8

P.O.Box 1228

FO-110 Torshavn

Faroe Islands

Website: www.petroleum.fo (http://www.petroleum.fo/)

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