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Atlantic Petroleum Posts Net Loss of DKK 20.7MM for 2023

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Tórshavn, Faroe Islands, 2024-03-27 (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK) today announces its Annual Results for 2023. This company announcement should be read in conjunction with Atlantic Petroleum’s Consolidated Annual Report

Highlights are:

  • The result after tax for 2023 was a net loss of DKK 20.7MM (2022: profit of DKK 0.3MM).
  • The Group had a gross profit of DKK 0MM in 2023 (2022: Gross profit of DKK 0MM).
  • Exploration expenses amounted to DKK 0.0MM in 2023 (2022: DKK 0.0MM).
  • General and administration costs amounted to DKK 2.4MM in 2023 (2022: DKK 1.6MM).
  • Loss before taxation was DKK 20.7MM in 2023 (2022: Profit of DKK 0.3MM).
  • Total shareholders’ equity amounted to DKK -115.9MM at the end of 2023 (2022: DKK -98.3MM).
  • Net cash provided from operating activities amounted to DKK 1.7MM in 2023 (2022: DKK -0.1MM).
  • Cash and cash equivalents totalled DKK 1.1MM at the end of 2023 (2022: DKK 0.1MM).

Mark T. Højgaard, CEO commented:

The result after tax was primarily affected by the revision of the Orlando reserves.

The overhead costs remain at a very low-cost base. General and administration costs in 2023 were DKK 2.3MM which is slightly higher than the general and administration cost in 2022 of DKK 1.6MM.

The main focus is to get a solution on the bank debt from Betri Banki and the convertible debt from London Oil and Gas in Administration.

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 the UK and Ireland. Atlantic Petroleum’s shares are listed on NASDAQ OMX Copenhagen.

Further Details:

Further details can be obtained from Mark T. Højgaard, (markh@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.

Announcement no.: 1/2024

Issued: 27-03-2024

P/F Atlantic Petroleum
Lucas Debesargøta 8
P.O.Box 1228
FO-110 Torshavn
Faroe Islands

Website: www.petroleum.fo

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