Tórshavn, Faroe Islands, 2025-04-04 (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK) provides update on debt situation.
Referring to the press release issued 31st March 2025 concerning debt negotiations, Atlantic Petroleum has come to a framework agreement with its main creditors whereby the total debt will be reduced by more than DKK 90 million. The debt reduction is subject to final agreements to be finalized.
Part of the debt settlement includes London Oil and Gas (in administration) converting part of its debt to shares in Atlantic Petroleum as per Clause 3E subclause 5 in Atlantic Petroleum's Articles of Association. London Oil and Gas (in administration) will be issued 795,712 shares in P/F Atlantic Petroleum. The total number of shares would after conversion be 4,493,572, giving LOG 17.7% of the total shares in the company.
On this basis the Board has decided to continue operations and to submit the annual accounts for 2024 on a going concern basis on the 30th April 2025.
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 subsidiaries 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.: 3/2025
Issued: 04-04-2025
P/F Atlantic Petroleum
Lucas Debesargøta 8
P.O.Box 1228
FO-110 Torshavn
Faroe Islands
Website: www.petroleum.fo
