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Atlantic Petroleum P/F — M&A Activity 2016
Jun 6, 2016
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Download source fileTórshavn, Faroe Islands, 2016-06-06 08:13 CEST (GLOBE NEWSWIRE) -- Atlantic
Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK)
announces that it has entered into a Sale and Purchase Agreement with Bridge
Petroleum for its 25% interest in the Orlando development. The consideration is
a less than DKK 7MM in cash and a deferred consideration in the form of a share
of the sale proceeds from the Orlando production. The Sale and Purchase
Agreement is contingent on Bridge Petroleum acquiring Iona UK Limited.
When the transaction completes Atlantic Petroleum will not be participating in
or funding the development of Orlando, and the only involvement for the company
will be receiving its share of the sale proceeds when the field starts
production.
Ben Arabo CEO said:
“We are very pleased with the agreement with Bridge Petroleum. The Orlando
development is a good project and we are very glad to see that there are plans
for it to be taken forward to production in 2017. We don’t expect any further
write down on Orlando. If the field performs as expected and the oil price
recovers, there can be significant upside to Atlantic Petroleum from the
Orlando sales proceeds."
Atlantic Petroleum in brief:
Atlantic Petroleum is a full cycle exploration and production (E&P)
Group. Atlantic Petroleum participates in 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.14/2016
Issued 06-06-2016
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]