Tórshavn, Faroe Islands, 2021-03-31 16:00 GMT (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK) today announces its Annual Results for 2020. This company announcement should be read in conjunction with Atlantic Petroleum’s Consolidated Annual Report

Highlights are:

• The result after tax for 2020 was a net loss of DKK 112.6MM (2019: loss of DKK 63.8MM) and a net loss of DKK 89.2MM for the last quarter of 2020 (4Q 2019: Loss of DKK 40.4MM). The loss is mainly due to a non-cash write down on the Orlando deferred consideration and the Pegasus West economic interest.
• The Group had a gross profit of DKK 0MM in 2020 (2019: Gross profit of DKK 0MM).
• Exploration expenses amounted to DKK 0.3MM in 2020 (2019: DKK 0.4MM).
• General and administration costs amounted to DKK 2.5MM in 2020 (2019: DKK 5.8MM).
• Loss before taxation totalled DKK 112.6MM in 2020 (2019: Loss of DKK 67.6MM).
• Total shareholders’ equity amounted to DKK -101.4MM at the end of 2020 (2019: DKK 17.2MM).
• Net cash provided from operating activities amounted to DKK 1.4MM in 2020 (2019: DKK -14.6MM).
• Cash and cash equivalents totalled DKK 0.0MM at the end of 2020 (2019: DKK 0.0MM).

Mark T. Højgaard, CEO commented:

Although cash flow did not commence in 2020 as expected, we are pleased to state that cash flow did commenced in January of 2021.

During 2020 the Group has continued to reduce overhead costs to create a very low-cost base. General and administration costs in 2020 were DKK 2.5MM which is less than half of the general and administration cost in 2019.

The result is affected by non-cash write down on Orlando deferred consideration and the Pegasus West economic interest with the amount of DKK 110.2MM.

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, (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.: 5/2021

Issued: 31-03-2021

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

Website: www.petroleum.fo

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