Atlantic Petroleum P/F — Earnings Release 2019

Mar 31, 2020

Atlantic Petroleum Posts Net Loss of DKK 63.8MM for 2019

Atlantic Petroleum Posts Net Loss of DKK 63.8MM for 2019

Tórshavn, Faroe Islands, 2020-03-31 (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum

(NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its

Annual Results for 2019. This company announcement should be read in conjunction

with Atlantic Petroleum's Consolidated Annual Report

Highlights are:

* The result after tax for 2019 was a net loss of DKK 63.8MM (2018: profit of

DKK 24.0MM) and a net loss of DKK 40.4MM for the last quarter of 2019 (4Q

2018: Profit of DKK 16.0MM).

* The Company had a gross profit of DKK 0MM in 2019 (2018: Gross profit of DKK

0MM).

* Exploration cost amounted to DKK 0.4MM in 2019 (2018: DKK 1.2MM). The severe

trading conditions has resulted in the Group writing off all exploration

expenditures in 2019.

* General and administration costs amounted to DKK 5.8MM in 2019 (2018: DKK

11.3MM).

* Loss before taxation totalled DKK 67.6MM (2018: Profit of DKK 32.7MM).

* Total shareholders' equity amounted to DKK 17.2MM at the end of 2019 (2018:

DKK 71.4MM).

* Net cash provided from operating activities amounted to DKK -14.6MM (2018:

DKK -19.9MM).

* Cash and cash equivalents totalled DKK 0.0MM at the end of 2019 (2018: DKK

0.3MM).

Mark T. Højgaard, CEO commented:

We have continued to reduce overheads to create a very low-cost base, cutting

general and administration costs in half.

Although the initial production from Orlando proved significantly lower than

expected, the Orlando field production commenced in March 2019. Depending on

production and the development in oil prices, Atlantic Petroleum is expecting to

be cash generating in 2020.

The result is affected by impairment of the Orlando deferred consideration

receivable, which is estimated to be DKK 53.5MM less than at the beginning of

the year.

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 and offices in the UK and Ireland.

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, (markh@petroleum.fo

(mailto:markh@petroleum.fo)). 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.: 2/2020

Issued: 31-03-2020

P/F Atlantic Petroleum

Lucas Debesargøta 8

P.O.Box 1228

FO-110 Torshavn

Faroe Islands

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