Skip to main content

Atlantic Petroleum provides update on debt situation

Written by Customer Service on . Posted in Public Companies.

Tórshavn, Faroe Islands, 2024-12-31 (GLOBE NEWSWIRE) — P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK) provides update on debt situation.

In the Annual Report for 2023, the Board of Atlantic Petroleum pledged to take up negotiations with the creditors on an agreement reducing the overall debt significantly. The Board stated that unless this was achieved it was unlikely that the Company could continue as a going concern.

The Board set a deadline for achieving a debt solution during the course of 2024.

The negotiations have not been finalized, but Atlantic Petroleum is in active negotiations with London Oil & Gas Limited (In Administration) on reducing the debt. Both sides have agreed to a significant write down of the sum due. The Board has decided to continue negotiations and is aiming to achieve a negotiated solution with London Oil & Gas Limited (In Administration) and the other creditors early in the new year before finalizing the 2024 accounts. If no debt solution is achieved, the Group is unable to continue as a going concern.

A further update will be issued at the latest 31st March 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.: 9/2024

Issued: 31-12-2024

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

Website: www.petroleum.fo

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.