Tórshavn, Faroe Islands, 2025-05-30 (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK) today posts its 1st quarter results for 2025. This announcement should be read in conjunction with Atlantic Petroleum's Condensed Consolidated Interim Report, which is released separately and posted on the Company's website.
Highlights for Q1 2025:
G&A cost was DKK -0.3MM
Operating loss was DKK 2.5MM
Net loss was DKK 2.3MM
Net assets/share-holders equity was DKK -115.1MM
Bank debt was DKK 59.4MM
Mark T. Højgaard, CEO commented:
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 now expect that finalization of the agreed upon framework will be in place 3rd Quarter 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 currently has subsidiaries and offices in the UK. 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.: 7/2025
Issued: 30-05-2025
P/F Atlantic Petroleum
Lucas Debesargøta 8
P.O.Box 1228
FO-110 Torshavn
Faroe Islands
Website: www.petroleum.fo
