Tórshavn, Faroe Islands, 2026-08-06 (GLOBE NEWSWIRE) -- Today P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK) announces that the Orlando Field Production Ceases Permanently.
Atlantic Petroleum P/F ("Atlantic Petroleum" or the "Company") notes today's announcement by Serica Energy plc regarding the Orlando Field. Serica reported that production from the Orlando Field ceased in May 2026 following a failure of the field's Electrical Submersible Pump ("ESP"). Serica further stated that, in light of the proximity to the scheduled closure of the Ninian platform in 2027, the remedial activities required to restore production are not considered economically justified and that no further production from the field is expected. Preparations for decommissioning and plug and abandonment ("P&A") of the well are expected to proceed in due course.
Atlantic Petroleum retains an economic interest in the Orlando Field through royalty and deferred consideration arrangements established in connection with the sale of its ownership interest in the field in 2017. The value of these interests has been dependent on continued production from the Orlando Field and the associated future cash flows generated by that production.
In light of the announcement that no further production from the Orlando Field is expected, Atlantic Petroleum believes that substantially all remaining economic value attributable to its Orlando-related assets, receivables and future consideration payments has been lost. The Company therefore expects the carrying value of its Orlando-related assets to be reduced to a level close to nil.
The cessation of production represents a materially earlier end to the field's economic life than reflected in the assumptions underlying previous valuations of the Company's Orlando-related interests. As a consequence, Atlantic Petroleum expects to recognise a material impairment of substantially all remaining Orlando-related assets in its forthcoming financial reporting.
The Company notes that the Orlando Field is a subsea tie-back development reliant on third-party infrastructure and that the expected cessation of production reflects the economic circumstances surrounding the field, including the anticipated closure of the Ninian platform and the cost of the remedial activities required to restore production.
Atlantic Petroleum is assessing the precise accounting consequences arising from this development. The final impairment amount will be determined as part of the Company's financial reporting process. However, the Company does not currently expect any material future value to be realised from its Orlando-related interests.
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.9/2026
Issued 06-08-2026
P/F Atlantic Petroleum
Lucas Debesargøta 8
P.O. Box 1228
FO-110 Tórshavn
Faroe Islands
Website: www.petroleum.fo
