29.03.2017 08:23:18

Atlantic Petroleum Posts a Net Profit of DKK 12.4MM in 2016

Related content

Tórshavn, Faroe Islands, 2017-03-29 08:23 CEST (GLOBE NEWSWIRE) --

P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its Annual Results for 2016. This company announcement should be read in conjunction with Atlantic Petroleum’s Condensed Consolidated Annual Report attached to this announcement.

Highlights

  • The result after tax for 2016 was a net profit of DKK 12.4MM (2015: Loss of DKK 564.0MM) and a net loss of DKK 15.8MM for the last quarter of 2016 (4Q 2015: Loss of DKK 424.2MM).

  • The company had a gross profit of DKK 61.8MM in 2016 (2015: Gross loss of DKK 420.7MM).

  • Exploration cost amounted to DKK 62.1MM in 2016 (2015: DKK 337,3MM). The severe trading conditions has resulted in the Group writing off all exploration expenditures in 2016.

  • General and administration costs amounted to DKK 26.9MM in 2016 (2015: DKK 37.9MM). This number is primarily from the G&A for the Norwegian operation. A sale of Norway was initiated during 2016, but only completed 20th January 2017.

  • Loss before taxation totalled DKK 30.5MM (2015: Loss of DKK 833.8MM).

  • Total shareholders’ equity amounted to DKK -82.7MM at the end of 2016 (2015: DKK -102.0MM).

  • Net cash provided from operating activities amounted to DKK 48.4MM (2015: DKK 206.1MM).

  • Cash and cash equivalents totaled DKK 4.8MM at the end of 2016 (2015: DKK 42.1MM).

Ben Arabo, CEO commented:

"2016 was a year of restructuring, refocusing and securing value from key assets. The goal is to make 2017 a “new start” and beginning the process of rebuilding and growing the Company. The sale of our Norwegian activity marked the end of our exploration activities and the transaction has reduced our cost base significantly. We are optimistic about facing the future with a new low cost base combined with expected revenue from the UK Orlando field and the UK Pegasus milestone payments. This should provide a solid base for the future."

 

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 an office in London, UK. 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.6/2017

 

Issued 29-03-2017

 

 

         P/F Atlantic Petroleum

         Yviri við Strond 4

         P.O. Box 1228

         FO-110 Tórshavn

         Faroe Islands

         

         Telephone +44 203 879 0524

         Website: www.petroleum.fo

         E-mail: petroleum@petroleum.fo

Send kommentar

Related debate

  • 1 uke
  • 1 måned
  • 1 år
Ingen indlæg

Orkla ASA: Meldepliktig handel - Aksjer til Ansatte 2017

19.09.2017 08:00:11
Ansatte i 21 land har fått tilbud om å kjøpe Orkla-aksjer med rabatt, for alternativt NOK 1 000, NOK 4 000, NOK 12 000, NOK 20 000, NOK 28 000, NOK 40 000 eller NOK 50 000. Kjøpskurs vil være Orkla-aksjens sluttkurs 22. september 2017, fratrukket en rabatt på 30 %. Tilbudsperioden er 18.-22. september 2017. Programmet for aksjer til ansatte ble introdusert i 1999. Se vedlegg for oversikt over ..

Statoil ASA: Meldepliktig handel

18.09.2017 08:16:56
På vegne av Statoil (OSE:STL, NYSE:STO) har DNB 15. september 2017 kjøpt 557.325 aksjer til bruk i Statoils aksjespareprogram. Aksjene er kjøpt til kurs 152,86 kroner. Før viderefordeling til ansatte har Aksjespareprogrammet 10.790.122 aksjer. Denne opplysningen er informasjonspliktig etter verdipapirhandelloven §5-12 This announcement is distributed by..

Norsk Hydro: Endring i Hydros konsernledelse

14.09.2017 08:04:28
Katarina Nilsson, konserndirektør for HR & Organization i Sapa, vil bli utnevnt til konserndirektør for People & HSE i Hydro. Utnevnelsen er betinget av godkjenning av fra konkurransemyndigheter og sluttføring av Sapa-transaksjonen, som er ventet i andre halvdel av 2017. Katarina Nilsson har en Master of Law-grad fra Universitetet i Lund, Sverige, og en Bachelor of Arts-grad i Kinesiske studier..

Mest leste nyheter

  • 24 timer
  • 48 timer
  • 1 uke
1
Orkla ASA: Meldepliktig handel - Aksjer til Ansatte 2017
2
Data Respons ASA: Kontrakt i Tyskland på MNOK 15
3
Skandiabanken Boligkreditt AS : Utvidelse av lånerammer
4
SpareBank 1 SMN : Utstedelse av ansvarlig lån

Related stock quotes

Buy and sell signals

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2017   Betingelser og vilkår
Kursinformasjon leveres av Interactive Data.
Alle kurser er 15-20 minutter forsinket som følge av distribusjonsavtaler satt av de forskjellige børserne.
 
19. september 2017 15:35:51
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20170915.2 - EUROWEB5 - 2017-09-19 15:35:51 - 2017-09-19 15:35:51 - 8 - Website: OKAY