Atlantic Petroleum Posts Net Profit of DKK 3.1MM for 2021

By mcghee April 14, 2022
444

March 31 2022: Tórshavn, Faroe Islands — P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK) today announces its Annual Results for 2021. This company announcement should be read in conjunction with Atlantic Petroleum’s Consolidated Annual Report

Highlights are:

  • The result after tax for 2021 was a net profit of DKK 3.1MM (2020: loss of DKK 112.6MM) and a net loss of DKK 1.6MM for the last quarter of 2021 (4Q 2020: Loss of DKK 89.2MM).
  • The Group had a gross profit of DKK 0MM in 2021 (2020: Gross profit of DKK 0MM).
  • Exploration expenses amounted to DKK 0.0MM in 2021 (2020: DKK 0.3MM).
  • General and administration costs amounted to DKK 2.0MM in 2021 (2020: DKK 2.5MM).
  • Profit before taxation totalled DKK 3.1MM in 2021 (2020: Loss of DKK -112.6MM).
  • Total shareholders’ equity amounted to DKK -96.2MM at the end of 2021 (2020: DKK -101.4MM).
  • Net cash provided from operating activities amounted to DKK -3,6MM in 2021 (2020: DKK 1.4MM).
  • Cash and cash equivalents totalled DKK 0.0MM at the end of 2021 (2020: DKK 0.0MM).

Mark T. Højgaard, CEO commented:

Atlantic Petroleum shows a small profit for 2021 due to value adjustments of the Orlando deferred consideration. In spite of this the year 2021 was another challenging year for Atlantic Petroleum because of production issues with the Orlando field. The operator of Orlando, Tailwind Energy, is planning a workover in the Third Quarter of 2022. If successful, the Orlando field is expected to produce 4,000 – 5,000 barrels of oil per day.

During 2021 the Company has continued to reduce overhead costs to create a very low–cost base. General and administration costs in 2021 were DKK 2 million compared to DKK 2.5 million in 2020.

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 has subsidiaries and offices 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, ([email protected]). This announcement will be available, together with other information about Atlantic Petroleum, on the Company’s website: www.petroleum.fo.

Announcement no.: 2/2022

Issued: 31-03-2022

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

Website: www.petroleum.fo

The original press release can be found at GlobeNewswire.com.