Atlantic Petroleum P/F - Fyrirtækjafréttir

Loan terms changed

Loan terms changed
Atlantic Petroleum has agreed with its lenders to change the terms and
conditions for the remaining DKK 258m of bridge financing. 
Tórshavn, Faroe Islands, 23rd February 2010 - P/F Atlantic Petroleum (OMX:
FO-ATLA)announces that it has agreed changes to the terms and conditions for
the downpayment of the current debt of DKK 211m to Eik Banki and DKK 47m to
Føroya Banki. 

Under the agreement with Eik Banki DKK 194m will be transferred into a 5 year
senior facility expiring 11th december 2014 while DKK 17m will remain as a short
term loan expiring on 31st december 2010. It has further been agreed that the
Company shall endeavour to pay down the DKK 194m facility to DKK 130m within
2010. 

Under the agreement with Føroya Banki the current DKK 50m credit facility
expiring on 31st December 2010 shall be replaced with a new rolling credit
facility of DKK 35m.The terms and conditions for the credit facility requires
that the drawdown on the credit shall be payable within 3 months cashflow at
any time.Further the basis for the credit will be reviewed quarterly. 

Commenting on the improved loan conditions, Sigurð í Jákupsstovu, CEO of
Atlantic Petroleum:

“It is very positive that our debt is now converted into longer term
facilities. Although we are aiming to pay down significant portions of the debt
already in 2010, these agreements combined with the expected strong cashflow
gives the Company the flexibility it needs to plan for future expansion and
improved profitability.” 

Further Details
Further details can be obtained from Sigurð í Jákupsstovu, CEO, tel +298 350
100 (sigurdj@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. 3/2010		                            Issued 23-02-2010


P/F Atlantic Petroleum 		                        Telephone +298 350 100
Gongin 9		                                                 Fax +298 350 101
P.O. Box 1228		                               Website: www.petroleum.fo
FO-110 Tórshavn 		                          E-mail: petroleum@petroleum.fo
Faroe Islands