Tórshavn, Faroe Islands, 2015-08-03 06:05 CEST (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX COPENHAGEN: ATLA DKK & Oslo Stock Exchange: ATLA NOK) ( “Atlantic Petroleum”, “Atlantic” or the "Company") announced today that its Board of Directors has authorized the Company's management team to explore a broad range of strategic alternatives to further enhance shareholder value. Pareto Securities AS has been engaged as the Company's financial advisors in this process.
As part of the strategic review. Atlantic Petroleum will consider a full range of options in order to unlock the value underlying the Company's assets, including:
- A sale or merger of the Company;
- A sale, joint venture or partnership in respect of the Company's activities in the United Kingdom and/or Norway; or
- Continuing to execute on the Company's strategy as an independent company.
"The initiation of a review of strategic alternatives will allow us to explore options that can accelerate the realization of value for the benefit of our shareholders," said Ben Arabo, Chief Executive Officer of Atlantic Petroleum.
There is no assurance that the review of strategic alternatives will result in Atlantic Petroleum completing any such transaction as described above. In the event a transaction is not completed, Atlantic will continue to execute on the Company's strategy and operational plan as an independent company. Based on its current portfolio and activities, including the completion of the Orlando field development in the UK, Atlantic Petroleum is not financed for its planned activities in 2016. In order to close such funding gap the company will consider different ways of strengthening its financial position. This includes raising new equity financing, new debt financing or asset sales or a combination of these measures.
Atlantic does not expect to update the market with any further information on the process unless and until its Board of Directors has approved a specific transaction or otherwise deems disclosure appropriate or necessary.
Atlantic Petroleum in brief:
Atlantic Petroleum is a full cycle exploration and production (E&P) Group focused on North West Europe. Atlantic Petroleum currently holds around 34 oil and gas licences in the UK, Norway, and Ireland, and has three fields in production in the UK part of the North Sea. In addition to this, the Group has one field under development with first oil expected in 2016, two additional potential development projects and a substantial number of exploration prospects. Atlantic Petroleum participates in joint ventures with 30 reputable, international partners. Atlantic Petroleum’s main office is located in Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices in London, UK and Bergen, Norway. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.
Further Details:
Further details can be obtained from Ben Arabo, CEO, tel +298 550100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.
On the website, it is also possible to sign up for the Company’s e-mail newsletter.
Announcement no.25/2015
Issued 03-08-2015
P/F Atlantic Petroleum
Yviri við Strond 4
P.O. Box 1228
FO-110 Tórshavn
Faroe Islands
Telephone +44 208 834 1045
Fax +44 208 834 1125
Website: www.petroleum.fo
E-mail: petroleum@petroleum.fo