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2009-06-09 12:58:25 CEST 2009-06-09 12:59:18 CEST REGULATED INFORMATION Atlantic Petroleum P/F - Company AnnouncementFirst stage of planned refinancing in place and proposed internationalisation of the Board of DirectorsTórshavn, Faroe Islands, 9th June 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, announces that the first stage of the Company's planned refinancing is in place. The date for repayment of the existing bridge loans has been extended from 31st July 2009 and 31st December 2009 to 31st December 2010 or earlier, subject to the completion of a proposed share capital increase and/or the securing of a senior loan facility. As part of the terms of the loan extension, Føroya Banki P/F and Eik Banki P/F have been granted third priority security in the shares in Atlantic Petroleum UK Ltd. Furthermore, the members of the consortium of lenders can call in the loan to Atlantic Petroleum for full repayment if, among other things, the Company carries out certain investments without prior approval from the lenders, or if the refinancing of the company has not made material progress within 6 to 9 months and if the Company has not elected three new Board members appointed by the banks of which one shall act as the Chairman. The lenders have asked Sp/f 14 and Mortan Johannesen as shareholders to confirm to the lenders that they will vote in favour hereof and they have accepted this. In connection with the extension of the existing bridge loans, the company plans to call for an extraordinary general meeting to be held before 1st July 2009, where it will propose to elect three new Board members for Mr. Kjartan Hoydal, Mr. Óli Hammer and Mr. Petur Even Djurhuus. As of today Mr. Kjartan Hoydal has resigned as Chairman of the Board and Board Member of P/F Atlantic Petroleum. Mr. Poul Mohr will serve as Chairman of the Board in the mean time. The change in the composition of the Board with three new Board members shall reflect the new phase that the Company entered in September 2008 when it became an oil producing company. The new Board members will supplement current competences within Atlantic Petroleum and add further international expertise. Wilhelm Petersen, CEO, commented: “The extension of the existing bridge loans is excellent news for Atlantic Petroleum and its shareholders as it gives the Company security whilst finalising its planned refinancing process through a proposed share capital increase and through a senior loan facility. It also assists in the further expansion of the Company's current exploration and development activities, leading to production of oil and gas.” Further details can be obtained from Wilhelm Petersen, CEO, tel +298 350 100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager, tel +298 350 100 (teiturs@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 e-mail newsletter. Announcement no 11/2009 Issued 09.06.2009 P/F Atlantic Petroleum Telephone +298 350 100 Gongin 9 Fax +298 350 101 P.O.Box 1228 petroleum@petroleum.fo FO-110 Tórshavn www.petroleum.fo Faroe Islands |
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