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Atlantic Petroleum P/F — M&A Activity 2016
Nov 17, 2016
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Download source fileTórshavn, Faroe Islands, 2016-11-17 15:18 CET (GLOBE NEWSWIRE) -- Bridge
Petroleum has advised Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo
Stock Exchange: ATLA NOK) that they are unable to complete the transaction
under the SPA for 25% of the Orlando asset announced on the 6th June 2016.
This means that Atlantic Petroleum retains its 25% equity in the Orlando asset
until further notice.
Atlantic Petroleum will approach the Iona UK administrators to discuss options.
Ben Arabo, CEO said:
“We and our funders, London Oil and Gas, see this as an opportunity to secure
the Orlando asset either with another bidder or using the position under the
Joint Operating Agreement to secure a better position for Atlantic Petroleum.
We will update further when our Q3 accounts are issued 24th November.”
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 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.17/2016
Issued 17-11-2016
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]