Tórshavn, Faroe Islands, 2025-04-30 (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK) today announces its Annual Results for 2024. This company announcement should be read in conjunction with Atlantic Petroleum's Consolidated Annual Report
Highlights are:
- The result after tax for 2024 was a net profit of DKK 1.4MM (2023: loss of DKK 20.7MM).
- The Group had a gross profit of DKK 0MM in 2024 (2023: Gross profit of DKK 0MM).
- Exploration expenses amounted to DKK 0.0MM in 2024 (2023: DKK 0.0MM).
- General and administration costs amounted to DKK 2.4MM in 2024 (2023: DKK 2.3MM).
- Loss before taxation was DKK 2.4MM in 2024 (2023: loss of DKK 20.7MM).
- Total shareholders' equity amounted to DKK -112.8MM at the end of 2024 (2023: DKK -115.9MM).
- Net cash provided from operating activities amounted to DKK 0.5MM in 2024 (2023: DKK 1.7MM).
- Cash and cash equivalents totalled DKK 0.0MM at the end of 2024 (2023: DKK 1,1MM).
Mark T. Højgaard, CEO commented:
The overhead costs remain at a very low-cost base. General and administration costs in 2024 were DKK 2.4MM which is slightly higher than the general and administration cost in 2023 of DKK 2.3MM.
The main focus has been to get a solution on the bank debt from Betri Banki and the convertible debt from London Oil and Gas in Administration.
Atlantic Petroleum reached an agreement on the 4th April 2025 with its main creditors to reduce the Company's debt. The total debt will be reduced by at least DKK 90MM. However, the debt restructuring is not finalized. The Directors believe that finalization of the agreed upon framework will be in place in May 2025.
The ability of the Group to continue as a going concern is dependent on the finalization of the debt restructuring, and the cash flows generated from the interest in the Orlando field.
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.: 5/2025
Issued: 30-04-2025
P/F Atlantic Petroleum
Lucas Debesargøta 8
P.O.Box 1228
FO-110 Torshavn
Faroe Islands
Website: www.petroleum.fo
