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Atlantic Petroleum P/F Interim / Quarterly Report 2026
8209_rns_2026-05-30_a3e02c76-e148-4f55-8180-d1bb29f2a230.pdf
Interim / Quarterly Report
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ATLANTIC PETROLEUM
P/F ATLANTIC PETROLEUM
CONDENSED CONSOLIDATED INTERIM REPORT
FOR THE 3 MONTHS ENDED 31st MARCH 2026
Faroese Company Registration No/VAT No: 2695/475653
REPORT FOR THE 3 MONTHS ENDED 31st MARCH 2026
A NEW BEGINNING
Following a lengthy process, subsequent to the year-end, Atlantic Petroleum signed a debt restructuring agreement with its main creditors on 30 April 2026. As a result of the completed restructuring, the Group’s total debt has been reduced by at least DKK 90 million.
Under the terms of the restructuring, all bank debt in excess of DKK 1.5 million has been written off. The convertible loan facility has been partly converted into equity, resulting in London Oil and Gas (in administration) becoming a major shareholder with 795,712 shares, corresponding to 17,7% of the Company’s total share capital. The remaining balance of the convertible loan facility has been written down to GBP 1.1 million, and the remaining bridge loan has been written off to DKK 2 million.
The adjustments arising from the debt restructuring will be reflected in Atlantic Petroleum’s Interim Report for the six months ending 30 June 2026.
The Group’s near term cash flows are primarily derived from its economic interest in the Orlando field. Royalty income from the Orlando field is dependent on production volumes and prices. The Orlando field is a subsea tie-back to the Ninian Central platform, which the operator intends to decommission. Upon decommissioning of the platform, production from the Orlando field will cease and no further royalties will be received.
The completion of the debt restructuring was a pre-requisite for the continued operation of the Group. However, the Directors recognise that the Group’s ability to continue as a going concern beyond the expected cessation of production from the Orlando field will the Group to secure additional funding, either through the raising of new equity, additional debt financing, or the combination thereof, and/or the acquisition of new revenue generating assets.
Given the relatively short remaining lifespan of the Orlando field, the Board considers it necessary to replace existing production in order to support the Group’s long term viability. Accordingly the Board will prioritise the identification and evaluation of new investment opportunities during 2026.
Based on the completed debt restructuring, the cash flow projections prepared by the Directors for the period up to the end of Orlando production. Given the sole focus on the debt restructure, the Group is now able to start looking forward and to seek additional funding, the financial statements have been prepared on a going concern basis.
HIGHLIGHTS & OUTLOOK
Highlights for Q1 2026 were:
- Operating loss was DKK 0.4MM
- Net loss was DKK 0.4MM
- Net assets/share-holders equity was DKK -116.9MM
- Bank debt was DKK 59.5MM
The Board will prioritize finalization of the debt restructuring. Pending finalization of debt solution, the Group will be actively pursuing growth through participation in production or near production assets in low political risk countries in the Northern Hemisphere.
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
REPORT FOR THE 3 MONTHS ENDED 31st MARCH 2026
PERFORMANCE SUMMARY
| ▶ KEY METRICS
DKK 1,000 | 3 months to 31st Mar 2026 | 3 months to 31st Mar 2025 | Full year 2025 |
| --- | --- | --- | --- |
| Income statement | | | |
| Revenue | 0 | 0 | 0 |
| Impairment on producing assets | 0 | 0 | 0 |
| Gross loss/profit | 0 | 0 | 0 |
| Exploration expenses | 0 | 0 | 0 |
| Earning before interest, tax, depreciation, amortization and exploration expense (EBITDAX) | -357 | -2,812 | 945 |
| Operating profit/loss (EBIT) | -357 | -2,812 | 945 |
| Depreciations | 0 | 0 | 0 |
| Profit/loss before taxation (EBT) | -385 | -2,299 | -2,430 |
| Profit/loss after taxation | -385 | -2,299 | 1,396 |
| Financial position | | | |
| Non-current assets | 0 | 1,954 | 7,620 |
| Current assets | 3,635 | 9,002 | 8,271 |
| Total assets | 3,635 | 10,955 | 15,891 |
| Current liabilities | 97,212 | 102,377 | 105,038 |
| Non-current liabilities | 23,358 | 23,660 | 23,658 |
| Total liabilities | 120,570 | 126,037 | 128,696 |
| Net assets/Equity | -116,934 | -115,082 | -112,805 |
| Cash flow and cash | | | |
| Cash provided by operating activities | 303 | 554 | 445 |
| Change in cash and cash equivalents | 284 | 748 | -2,892 |
| Cash and cash equivalents | 189 | 802 | 31 |
| Bank debt – excluding drawdown | 59,515 | 59,434 | 59,434 |
| Share related key figures | | | |
| Earnings per share Basic | -0.10 | -0.62 | 0.38 |
| Earnings per share Diluted | -0.10 | -0.62 | 0.38 |
| Share price in DKK on OMX CPH | 9.28 | 1.95 | 1.57 |
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
REPORT FOR THE 3 MONTHS ENDED 31st MARCH 2026
PORTFOLIO 31TH MARCH 2026
Status on Key Licences
PURSUING POTENTIAL VALUE
Atlantic Petroleum has further rationalized its portfolio in 2026 and will look to further rationalize on best commercial terms for the Group. Nevertheless, the strategy for 2026 will be to pursue near or at production opportunities in low political risk countries in the Northern Hemisphere that bring low liability and strong upside.
As of 31st March 2026 the status of Group assets is:
| Country | License | Field/Discovery/Prospect | Company | Equity | Comments |
|---|---|---|---|---|---|
| Ireland | SEL 2/07 | Hook Head/Dunmore/Helvick | AP I | 18.33% | Commerciality being reassessed |
Development & Production
PRODUCING ASSETS
The Group does not hold producing assets.
DEVELOPMENT & NEAR DEVELOPMENT
The Group holds no Development or near Development assets.
Exploration & Appraisal
Atlantic Petroleum has no significant exploration activity planned for 2026 and does not consider significant exploration activity a fiscally acceptable risk for the Group in the imminent future.
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE
SIGNIFICANT EVENTS
AFTER THE BALANCE SHEET DATE
THE FOLLOWING SIGNIFICANT EVENTS HAVE OCCURRED AFTER 31st MARCH 2026:
- No significant events after the Balance Sheet Date
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
ENDORSEMENT AND SIGNATURES OF THE MANAGING DIRECTOR AND THE BOARD OF DIRECTORS
ENDORSEMENT AND SIGNATURES OF THE MANAGING DIRECTOR AND BOARD OF DIRECTORS
The Condensed Consolidated Interim Report for the first three months of 2026 comprises the Consolidated Statement of Financial Position of P/F Atlantic Petroleum and its subsidiaries. The Condensed Consolidated Interim Report is prepared in accordance with International Financial Reporting Standard 34 "Interim Financial Reporting" as adopted by the European Union.
We consider the accounting policies used to be appropriate, such that the interim report gives a true and fair view of the Group's assets, liabilities and financial position at 31st March 2026, and of the results of the Group's operations and cash flow for the period 1st January – 31st March 2026.
Tórshavn 29th May 2026
Management:
Mark T. Højgaard
CEO
Board of Directors:
Ben Arabo
Chairman
Mourits Joensen
Deputy Chairman
Mark T. Højgaard
Board member
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE 3 MONTHS ENDED 31st MARCH 2026
7
 |
||
|---|---|---|
CONSOLIDATED INCOME STATEMENT AND CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
CONSOLIDATED INCOME STATEMENT
| DKK 1,000 | Note | 3 months to 31^{st} March 2026 | 3 months to 31^{st} March 2025 | Full Year 2025 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | |
| Costs of sales | 6 | 0 | 0 | 0 |
| Gross profit/loss | 0 | 0 | 0 | |
| Exploration expenses | 0 | 0 | 0 | |
| Orlando deferred consideration | 0 | -2,812 | 3,371 | |
| Pre-licence exploration cost | 0 | 0 | 0 | |
| General and administration cost | -357 | 327 | -2,426 | |
| Depreciation PPE and intangible assets | 11 | 0 | 0 | 0 |
| Other operating cost/income | 0 | 0 | 0 | |
| Operating profit/loss | 5 | -357 | -2,485 | 945 |
| Interest income and finance gains | 7 | 0 | 0 | 0 |
| Interest expenses and other finance costs | 7 | -28 | 186 | -3,376 |
| Profit/loss before taxation | -385 | -2,299 | -2,430 | |
| Taxation | 8 | 0 | 0 | 3,827 |
| Profit/loss after taxation | -385 | -2,299 | 1,396 | |
| Earnings per share (DKK): | ||||
| Basic | -0.10 | -0.62 | 0.38 | |
| Diluted | -0.10 | -0.62 | 0.38 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| DKK 1,000 | 3 months to 31^{st} March 2026 | 3 months to 31^{st} March 2025 | Full Year 2025 |
|---|---|---|---|
| Items that may be recycled in P/L: | |||
| Profit/loss for the period | -385 | -2,299 | -3,839 |
| Exchange rate differences | -137 | 22 | 231 |
| Total comprehensive Income/loss in the period | -522 | -2,277 | -3,608 |
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| at 31^{st} March | at 31^{st} March | at 31st Dec | ||
|---|---|---|---|---|
| DKK 1,000 | Note | 2026 | 2025 | 2025 |
| Non-current assets | ||||
| Intangible assets | 10 | 0 | 0 | 0 |
| Intangible exploration and evaluation assets | 11 | 0 | 0 | 0 |
| Tangible development and production assets | 12 | 0 | 0 | 0 |
| Property plant and equipment | 13 | 0 | 0 | 0 |
| Other receivables | 14 | 0 | 4,987 | 0 |
| Deferred tax asset | 0 | 0 | 0 | |
| 0 | 4,987 | 0 | ||
| Current assets | ||||
| Trade and other receivables | 14 | 3,446 | 5,166 | 4,372 |
| Cash and cash equivalents | 189 | 802 | 43 | |
| 3,635 | 5,968 | 4,414 | ||
| Total assets | 3,635 | 10,955 | 4,414 | |
| Current liabilities | ||||
| Short term bank debt | 59,515 | 59,434 | 59,515 | |
| Trade and other payables | 15 | 37,697 | 42,943 | 37,959 |
| Current tax payable | 0 | 0 | 0 | |
| 97,212 | 102,377 | 97,473 | ||
| Non-current liabilities | ||||
| Long term bank debt | 0 | 0 | 0 | |
| Convertible loan facility | 11,616 | 11,936 | 11,617 | |
| Long term provisions | 11,743 | 11,724 | 11,736 | |
| Deferred tax liability | 0 | 0 | 0 | |
| 23,358 | 23,660 | 23,353 | ||
| Total liabilities | 120,570 | 126,037 | 120,827 | |
| Net assets | -116,934 | -115,082 | -116,412 | |
| Equity | ||||
| Share capital | 16 | 3,698 | 3,698 | 3,698 |
| Translation reserves | 94,977 | 94,905 | 95,114 | |
| Retained earnings | -215,609 | -213,685 | -215,224 | |
| Total equity shareholders' funds | -116,934 | -115,082 | -116,412 |
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| DKK 1,000 | Share capital | Translation reserves | Retained earnings | Total |
|---|---|---|---|---|
| At 1st January 2025 | 3,698 | 94,883 | -211,385 | -112,805 |
| Translation reserves | 0 | 22 | 0 | 22 |
| Result for the period | 0 | 0 | -2,299 | -2,299 |
| At 31st Mar. 2025 | 3,698 | 94,905 | -213,685 | -115,082 |
| Translation reserves | 0 | 209 | 0 | 209 |
| Result for the period | 0 | 0 | -1,539 | -1,539 |
| At 31st Dec. 2025 | 3,698 | 95,114 | -215,224 | -116,412 |
| Translation reserves | 0 | -137 | 0 | -137 |
| Result for the period | 0 | 0 | -385 | -385 |
| At 31st Mar. 2026 | 3,698 | 94,977 | -215,609 | -116,934 |
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
CONSOLIDATED CASH FLOW STATEMENT
CONSOLIDATED CASH FLOW STATEMENT
| 3 months to 31st March | 3 months to 31st March | Full year | |
|---|---|---|---|
| DKK 1,000 | 2026 | 2025 | 2025 |
| Operating activities | |||
| Operating profit/loss | -357 | -2,485 | 945 |
| Other income | 0 | 0 | 0 |
| Impairment on exploration and evaluation assets | 0 | 0 | 0 |
| Relinquishment and disposal of licences | 0 | 0 | 0 |
| Depreciation, depletion and amortisation | 0 | 0 | 0 |
| Impairment on producing licences | 0 | 0 | 0 |
| Change in inventories | 0 | 0 | 0 |
| Change in trade and other receivables | 925 | 5,706 | 9,006 |
| Change in trade and other payables | -262 | -2,661 | -9,476 |
| Interest revenue and finance gain received | 0 | 0 | 0 |
| Interest expenses and other finance cost | -4 | -7 | -31 |
| Income taxes | 0 | 0 | 0 |
| Net cash flow provided by operating activities | 303 | 554 | 445 |
| Investing activities | |||
| Capital expenditure | -24 | 192 | -3,345 |
| Net cash used in investing activities | -24 | 192 | -3,345 |
| Financing activities | |||
| Change in short term debt | 0 | 0 | -3 |
| Change in long term debt | 5 | 2 | 11 |
| Net cash flow provided from financing activities | 5 | 2 | 8 |
| Change in cash and cash equivalents | 284 | 748 | -2,892 |
| Cash and cash equivalents at the beginning of the period | 43 | 31 | 1,136 |
| Currency translation differences | -137 | 22 | 1,788 |
| Cash and cash equivalents at the end of the period | 189 | 802 | 31 |
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
NOTES TO THE ACCOUNTS
NOTES TO THE ACCOUNTS
1. Going Concern
Following a lengthy process, Atlantic Petroleum signed a debt restructuring agreement with its main creditors on 30th April 2026. As a result of the completed restructuring, the Group’s total debt has been reduced by at least DKK 90 million.
Under the terms of the restructuring, all bank debt in excess of DKK 1.5 million has been written off. The convertible loan facility has been partly converted into equity, resulting in London Oil and Gas (in administration) becoming a major shareholder with 795,712 shares, corresponding to 17,7% of the Company’s total share capital. The remaining balance of the convertible loan facility has been written down to GBP 1.1 million, and the remaining bridge loan has been written off to DKK 2 million.
The adjustments arising from the debt restructuring will be reflected in Atlantic Petroleum’s Interim Report for the six months ending 30 June 2026.
The terms of the debt restructuring enable the Group to continue trading while utilising its free cash flow to service and repay the structured debt. The Directors have prepared cash flow projections which indicate that the Group is expected to meet its obligations as they fall due during the forecast period. These projections are subject to uncertainties, and actual cash flows may differ materially from those forecasts.
The Group’s near term cash flows are primarily derived from its economic interest in the Orlando field. Royalty income from the Orlando field is dependent on production volumes and prices. The Orlando field is a subsea tie-back to the Ninian Central platform, which the operator intends to decommission. Upon decommissioning of the platform, production from the Orlando field will cease and no further royalties will be received.
The Group is not party to any discussions regarding the decommissioning of the Ninian Central platform. In preparing its forecasts and valuing its royalty interest, the Directors have assumed that production from the Orlando field continue until the end of 2026.
The completion of the debt restructuring was a pre-requisite for the continued operation of the Group. However, the Directors recognise that the Group’s ability to continue as a going concern beyond the expected cessation of production from the Orlando field will the Group to secure additional funding, either through the raising of new equity, additional debt financing, or the combination thereof, and/or the acquisition of new revenue generating assets.
Given the relatively short remaining lifespan of the Orlando field, the Board considers it necessary to replace existing production to support the Group’s long term viability. Accordingly the Board will prioritise the identification and evaluation of new investment opportunities during 2026.
Based on the completed debt restructuring, the cash flow projections prepared by the Directors for the period up to the end of Orlando production. Given the sole focus on the debt restructure, the Group is now able to start looking forward and to seek additional funding, the financial statements have been prepared on a going concern basis.
In the event that the Group were unable to secure additional funding or alternative income source following cessation of production from the Orlando field, significant downward adjustments would be required to the carrying value of the Group’s assets, including its economic interest in the Orlando royalty, to reflect a break up basis of valuation.
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
NOTES TO THE ACCOUNTS
2. GENERAL INFORMATION
P/F Atlantic Petroleum is a limited company incorporated and domiciled in the Faroe Islands and listed on NASDAQ OMX Copenhagen.
The principal activities of the Company and its subsidiaries (the Group) are oil and gas exploration, appraisal, development and production historically in the UK, Ireland, and the Faroe Islands.
The Annual and Consolidated Report and Accounts of the Group as at and for the year ended 31st December 2025 are available upon request from the Company's registered office at Lucas Debesargøta 8, P.O. Box 1228, FO-110 Tórshavn, Faroe Islands or at www.petroleum.fo.
This Condensed Consolidated Interim Report is presented in DKK.
3. STATEMENT OF COMPLIANCE
This Condensed Consolidated Interim Report has been prepared in accordance with International Financial Reporting Standards (IFRS) IAS 34 Interim Financial Reporting as adopted by the EU. It does not include all of the information required for full Annual Financial Statements and should be read in conjunction with the Consolidated Financial Statements of the Group as at and for the year ended 31st December 2025.
4. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied by the Group in this Condensed Consolidated Interim Report are the same as those applied by the Group in its Consolidated Financial Statements as at and for the year ended 31st December 2025.
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
14
NOTES TO THE ACCOUNTS - CONTINUED
5. Geographical segmental analysis
| DKK 1,000 | 3 months to 31st March 2026 | 3 months to 31st March 2025 | Full year 2025 |
|---|---|---|---|
| Revenues by origin: | |||
| United Kingdom | 0 | 0 | 0 |
| 0 | 0 | 0 | |
| Operating loss/profit by origin: | |||
| Faroe Islands | -199 | 356 | -1,510 |
| United Kingdom | -144 | -2,832 | 2,538 |
| Norway | 0 | 0 | 0 |
| Other | -14 | -9 | -82 |
| -357 | -2,485 | 945 |
6. Cost of sales
| DKK 1,000 | 3 months to 31st March 2026 | 3 months to 31st March 2025 | Full year 2025 |
|---|---|---|---|
| Operating costs | 0 | 0 | 0 |
| Produced oil in inventory at market value | 0 | 0 | 0 |
| Amortisation and depreciation, PPE: | |||
| Oil and gas properties | 0 | 0 | 0 |
| Impairment | 0 | 0 | 0 |
| 0 | 0 | 0 |
7. Interest income & expense and finance gain & cost
| DKK 1,000 | 3 months to 31st March 2026 | 3 months to 31st March 2025 | Full year 2025 |
|---|---|---|---|
| Interest income and finance gain: | |||
| Short term deposits | 0 | 0 | 0 |
| Time Value | 0 | 0 | 0 |
| Unwinding of discount on decommissioning provision | 0 | 0 | 0 |
| Exchange differences | 0 | 0 | 0 |
| 0 | 0 | 0 | |
| Interest expense and other finance cost: | |||
| Bank loan and overdrafts | 4 | 7 | 95 |
| Creditors | 0 | 0 | 1 |
| Time Value | 0 | 0 | 0 |
| Unwinding of discount on decommissioning provision | 0 | 0 | 0 |
| Others | 0 | 0 | 1 |
| Exchange differences | 24 | -192 | -1,316 |
| 28 | -186 | -1,220 |
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
NOTES TO THE ACCOUNTS - CONTINUED
8. Taxation
| DKK 1,000 | 3 months to 31st March 2026 | 3 months to 31st March 2025 | Full year 2025 |
|---|---|---|---|
| Current tax : | |||
| Tax repayable/(payable) in UK | 0 | 0 | 0 |
| Tax repayable/(payable) in NO | 0 | 0 | 0 |
| Tax repayable/(payable) | 0 | 0 | 0 |
| Total current tax | 0 | 0 | 0 |
| Deferred tax: | |||
| Deferred tax cost in UK | 0 | 0 | 0 |
| Deferred tax | 0 | 0 | 0 |
| Total deferred tax | 0 | 0 | 0 |
| Tax credit/tax on loss/profit on ordinary activities | 0 | 0 | 0 |
9. Dividends
No interim dividend is proposed. (31st March 2025: DKK nil)
10. Intangible assets
| DKK 1,000 | at 31st March 2026 | at 31st March 2025 | At 31st Dec 2025 |
|---|---|---|---|
| Costs | |||
| At 1st January | 12,260 | 12,260 | 12,260 |
| Exchange movements | 0 | 0 | 0 |
| Additions/Adjustments | 0 | 0 | 0 |
| At end of period | 12,260 | 12,260 | 12,260 |
| Amortisation and depreciation | |||
| At 1st January | 12,260 | 12,260 | 12,260 |
| Exchange movements | 0 | 0 | 0 |
| Charge this period | 0 | 0 | 0 |
| At end of period | 12,260 | 12,260 | 12,260 |
| Net book value at end of period | 0 | 0 | 0 |
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
NOTES TO THE ACCOUNTS - CONTINUED
11. Oil and gas – Intangible exploration and evaluation assets
| DKK 1,000 | at 31^{st} March 2026 | at 31^{st} March 2025 | At 31st Dec 2025 |
|---|---|---|---|
| Costs | |||
| At 1^{st} January | 0 | 0 | 0 |
| Exchange movements | 0 | 0 | 0 |
| Additions | 0 | 0 | 0 |
| Disposal/relinquishment of licences | 0 | 0 | 0 |
| Explorations expenditures written off/sold | 0 | 0 | 0 |
| At end of period | 0 | 0 | 0 |
12. Oil and gas – Tangible development and production assets
| DKK 1,000 | at 31^{st} March 2026 | at 31^{st} March 2025 | At 31st Dec 2025 |
|---|---|---|---|
| Costs | |||
| At 1^{st} January | 0 | 0 | 0 |
| Exchange movements | 0 | 0 | 0 |
| Disposal/Additions | 0 | 0 | 0 |
| At end of period | 0 | 0 | 0 |
| Amortisation and depreciation | |||
| At 1^{st} January | 0 | 0 | 0 |
| Exchange movements | 0 | 0 | 0 |
| Depreciation, charge | 0 | 0 | 0 |
| Impairment, charge | 0 | 0 | 0 |
| At end of period | 0 | 0 | 0 |
| Net book value at end of period | 0 | 0 | 0 |
13. Property, plant and equipment assets
| DKK 1,000 | at 31^{st} March 2026 | at 31^{st} March 2025 | At 31st Dec 2025 |
|---|---|---|---|
| Costs | |||
| At 1^{st} January | 0 | 0 | 0 |
| Exchange movements | 0 | 0 | 0 |
| Additions | 0 | 0 | 0 |
| At end of period | 0 | 0 | 0 |
| Amortisation and depreciation | |||
| At 1^{st} January | 0 | 0 | 0 |
| Exchange movements | 0 | 0 | 0 |
| Charge this period | 0 | 0 | 0 |
| At end of period | 0 | 0 | 0 |
| Net book value at end of period | 0 | 0 | 0 |
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
NOTES TO THE ACCOUNTS - CONTINUED
14. Trade and other receivables
All trade and other receivables are due within one year except for the Orlando deferred consideration DKK 3.4MM of which DKK 3.4MM is expected to be due within one year.
The carrying values of the trade and other receivables are equal to their fair value as at the balance sheet date.
Under the Sale and Purchase Agreement regarding Orlando, APNS is due to receive deferred considerations equalling 2% of the sale proceeds from the first 5,000,000 barrels of Orlando petroleum and an amount equalling 4.35% of the Orlando petroleum in excess of the first 5,000,000 barrels.
The deferred consideration receivable on the Orlando field is currently valued at DKK 3.4MM.
Reserves are based on the information disclosed by the Operator of the Orlando field in April 2024, which disclose reserves at 1st January 2024. Based on this, the reserves remaining at 31st December 2025 are estimated to be 0.4 MMBbl.
Production rates are based on a 21% decline profile with initial production at 10,000 bopd, however as a result of issues with the upper completion, peak rates have been restricted to around 5,000 bopd.
The expectation is that the Orlando field will continue to produce at stable rates in 2026.
The valuation is therefore based on expected production until the total production equals the total production.
Oil price is based on Brent crude futures. Exchange rates are based on exchange rates at 31st March 2026.
15. Trade and other payables
All trade and other payables are due within one year except for the bridge loan (DKK 7.65MM).
16. Earnings per share
| | 3 months
to 31^{st} March | 3 months
to 31^{st} March | Full year |
| --- | --- | --- | --- |
| DKK 1,000 | 2026 | 2025 | 2025 |
| Basic | | | |
| Profit/loss after tax | -385 | -2,299 | -3,839 |
| Weighted average number of shares | 3,697,863 | 3,697,863 | 3,697,863 |
| Earnings per share | -0.10 | -0.62 | -1.04 |
| Diluted | | | |
| Profit/loss after tax | -385 | -2,299 | -3,839 |
| Weighted average number of shares | 3,697,863 | 3,697,863 | 3,697,863 |
| Earnings per share | -0.10 | -0.62 | -1.04 |
The calculation of basic earnings per share is based on the profit or loss after tax and on the weighted average number of ordinary shares in issue during the period.
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
NOTES TO THE ACCOUNTS - CONTINUED
17. CAPITAL COMMITMENTS AND GUARANTEES AT 31st March 2026
P/F Atlantic Petroleum has provided a parent guarantee to the UK Department for Energy and Climate Change in connection with Atlantic Petroleum UK Limited assets in the UKCS:
I. the parent will always provide necessary finance to enable Atlantic Petroleum UK Limited to fulfil its obligations in the UK area
II. the parent will not alter Atlantic Petroleum UK Limited legal rights, so that the Company cannot fulfil its obligations
III. the parent will undertake Atlantic Petroleum UK Limited financial obligations if the Company fails to do so
P/F Atlantic Petroleum has a senior secured loan agreement with P/F Betri Banki. The Company has offered the following security to lender in connection with the loan agreement:
I. shares in Atlantic Petroleum UK Limited and Atlantic Petroleum North Sea Limited
II. receivables from Atlantic Petroleum UK Limited
III. charge over proceeds from insurance coverage
The Company has provided lender with a negative pledge and investment in new ventures shall be endorsed by the lender.
Atlantic Petroleum UK Limited had a loan facility at 31st March 2026 with the following bank: P/F Betri of DKK 56,8MM. P/F Atlantic Petroleum has provided a parent guarantee for this loan facility.
The Company has provided lender with a negative pledge and investment in new ventures shall be endorsed by the lender.
18. RELATED PARTY TRANSACTIONS
Intra-group related party transactions, which are eliminated on consolidation, are not required to be disclosed in accordance with IAS 24.
Atlantic Petroleum has a key management personnel service agreement with Grannnskoðarastovan Sp/f for at monthly fee of DKK 30.000. Grannskoðarastovan Sp/f has, as part of the agreement with the main creditors, written off DKK 0,68MM. Outstanding balance at 31st March 2026 is DKK 0.26MM
P/F Atlantic Petroleum | Condensed Consolidated Interim Report 1Q 2026 | Issued 29th May 2026 | [email protected] | www.petroleum.fo
CONTACTS
P/F Atlantic Petroleum
Lucas Debesargota 8
P.O.Box 1228
FO-110 Tórshavn
Faroe Islands
Telephone +298 59 16 01
E-mail: [email protected]
www.petroleum.fo
VAT/Tax No. Faroes 475.653
Reg. No. Faroes 2695
SUBSIDIARIES
- Atlantic Petroleum UK Ltd
- Atlantic Petroleum North Sea Ltd
- Atlantic Petroleum (Ireland) Ltd
For subsidiary's contact details please see company website