Atlantic Petroleum provides update on debt situation

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 31^st 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