Atlantic Petroleum P/F - M&A Activity 2017

Atlantic Petroleum completes the sale of its Norwegian activities.

Tórshavn, Faroe Islands, 2017-01-22 22:00 CET (GLOBE NEWSWIRE) --

Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK)

announces that it has completed on the sale of its Norwegian activities to M

Vest Energy announced 9th March 2016.

The Norwegian activities include all of Atlantic Petroleum Norway?s assets and

licenses, the liabilities of the licences, and the employees.

The transaction constitutes a cessation of all of Atlantic Petroleum Norway?s

petroleum activities. As a result of the transaction, the Company expects to

realize the tax value of the tax loss carry forward in December 2017 ?

currently estimated to be approx. NOK 27MM in cash.

Ben Arabo said:

?We are pleased to complete the transaction with M Vest Energy. Atlantic

Petroleum will now focus on creating value from Orlando and Kells in the UK,

and pursue new ventures in line with the company's new strategy.?

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 currently has an office in London, UK. 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.2/2017

Issued 22-01-2017

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

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