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Atlantic Petroleum P/F — M&A Activity 2015
Dec 17, 2015
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Download source fileTórshavn, Faroe Islands, 2015-12-17 12:32 CET (GLOBE NEWSWIRE) -- The Board of
P/F Atlantic Petroleum (NASDAQ OMX COPENHAGEN: ATLA DKK & Oslo Stock Exchange:
ATLA NOK) note the announcement on 14 December 2015, by Nordic Trustee acting
as trustee to Iona Energy’s 9.50% bondholders and calling for a bondholder
meeting on 21 December 2015, to consider proposals in connection with potential
transactions arising from Iona’s previously announced accelerated M&A process.
Atlantic Petroleum is pursuing a solution in parallel with Iona’s process and
is in dialogue with a London based party regarding its 25% equity in the
Orlando project. Atlantic Petroleum expects to be able to provide a further
market update next week. At this time, there is no certainty that a solution or
a satisfactory outcome will be forthcoming for the Company and falling that, it
is likely that the Company will go into administration or restructuring. The
Company is continuing its planning for all outcomes.
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 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
([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.37/2015
Issued 17-12-2015
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: [email protected]