Atlantic Petroleum P/F - Company Announcement

Successful completion of the Initial Public Offering on Oslo Børs

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Tórshavn, Faroe Islands, 2013-12-10 23:58 CET (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum ("Atlantic Petroleum" or the "Company", Oslo Børs ticker symbol:
“ATLA” and NASDAQ OMX ticker symbol: “FO-ATLA”) is pleased to announce the
successful completion of the bookbuilding period for the initial public
offering of shares (the "Offering") of the Company. The shares are priced at
NOK 140 per share. The price is within the non-binding indicative price range
of NOK 140 - 160 as announced in the Company's Prospectus dated 26th November
2013 (the "Prospectus"). The price was determined on the basis of the results
of the book building process in accordance with the terms of the Offering as
further described in the Prospectus. 



The Offering is comprised of 1,050,000 new shares. In addition, the Joint
Global Coordinators have over-allotted 157,500 shares, representing 15% of the
number of shares sold in the Offering before over-allotments. The Company has
granted the Joint Global Coordinators an over-allotment right, exercisable by
Carnegie AS as stabilisation manager within 30 days from the first day of
listing on Oslo Børs, to cover over-allotments or other short positions in
connection with the Offering (the "Over-Allotment Right"). A separate
disclosure will be issued by the stabilisation manager regarding the
over-allotment and stabilisation activities. 



Gross proceeds from the new shares to be issued by the Company will be between
NOK 147MM - 169MM (DKK 130MM - 150MM) depending on whether or not the
Over-Allotment Right is exercised. Net proceeds from the new shares to be
issued by the Company is expected to be between NOK 128MM - 150MM (DKK 113MM -
133MM), depending on whether or not the Over-Allotment Right is exercised. 



As a result of the Offering, Atlantic Petroleum meets the criteria set by the
Board of directors of Oslo Børs for listing on Oslo Børs. Trading of the sharesin Atlantic Petroleum on Oslo Børs (ticker symbol: “ATLA”), and the new shares
on NASDAQ OMX Copenhagen (ticker symbol: “FO-ATLA CSE”) is expected to commence
on Thursday 12th December 2013. 



The number of ordinary shares in issue following the Offering will be 3,676,703
(not including shares to be issued under the Over-Allotment Right, if any),
each with a nominal value of DKK 100. The share capital increase is expected to
be registered with the Faroese Company Register on 11th December 2013. 



Notifications of allotted shares and the corresponding amount to be paid by
each investor will be distributed to the investors on 11th December 2013.
Investors having access to investor services through their VPS account manager
will be able to check the number of shares allocated to them from approximately
09:00 hours (CET) on 11th December 2013. The Joint Global Coordinators may also
be contacted for information regarding allocation. 



CEO Ben Arabo commented:



“We are delighted with the successful completion of the Initial Public Offering
on Oslo Børs, including the trust and confidence shown to us by our existing,
as well as new Norwegian and international shareholders. In particular, we are
pleased with the significant broadening of our institutional shareholder base
as a consequence of the offering. The Norwegian capital market has a proven
track record for investing in exploration and production companies, and we
expect our new listing on Oslo Børs and the proceeds from the Offering to be
instrumental in executing our ambitious growth strategy.” 



ABG Sundal Collier Norge ASA and Carnegie AS are acting as Joint Global
Coordinators and Joint Bookrunners in connection with the Offering. 





About Atlantic Petroleum

Atlantic Petroleum is a full cycle exploration and production (E&P) Group
focused on North West Europe. Atlantic Petroleum currently holds 44 oil and gas
licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has
three fields in production in the UK part of the North Sea. In addition to
this, the Group has one field under development with first oil expected in
2015, two additional potential development projects and a substantial number of
exploration prospects. Atlantic Petroleum participates in joint ventures with
30 reputable, international partners. Atlantic Petroleum's main office is
located in Tórshavn, Faroe Islands, and the Company has subsidiaries and
technical offices in London, UK and Bergen, Norway. Atlantic Petroleum's
existing shares are listed on NASDAQ OMX Copenhagen and NASDAQ OMX Iceland. The
Company has applied for a delisting from NASDAQ OMX Iceland, which is expected
to be effective shortly after completion of the Offering on Oslo Børs. 





Disclaimers

The information contained herein shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
referred to herein in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration, exemption from registration or
qualification under the securities laws of any such jurisdiction and subject to
a prospectus being approved and made public. Investors must neither accept any
offer for, nor acquire, any securities to which this press release refers,
unless they do so on the basis of the information contained in the Prospectus
published by Atlantic Petroleum in connection with the Offering. 



Copies of this press release are not being made and may not be distributed or
sent into the United States, Australia, Canada, Japan or any other jurisdiction
in which such distribution would be unlawful or would require registration or
other measures. 



The securities referenced herein have not and will not be registered under the
U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be
offered or sold in the United States absent registration or an exemption from
the registration requirements of the Securities Act. The Company does not
intend to register any part of the contemplated offering in the United States
or to conduct a public offering of securities in the United States. 



Any offering of securities will be made by means of a prospectus made available
from the Company and that contains detailed information about Atlantic
Petroleum and its management, as well as financial statements. This document is
a press release and not a prospectus for the purposes of Directive 2003/71/EC
(together with any applicable implementing measures in any Member State, the
“Prospectus Directive”). Investors should not subscribe for any securities
referred to in this document except on the basis of information contained in a
prospectus. 



In any EEA Member State other than Norway and Denmark that has implemented the
Prospectus Directive, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Directive, i.e., only to investors who will be able to receive the
contemplated offer without an approved prospectus in such EEA Member State. 



This communication is directed only at (i) persons who are outside the United
Kingdom or (ii) persons who have professional experience in matters relating to
investments falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the "Order") and (iii) high net
worth entities, and other persons to whom it may lawfully be communicated,
falling within Article 49(2) of the Order (all such persons together being
referred to as "relevant persons"). 



Any investment activity to which this communication relates will only be
available to and will only be engaged with, relevant persons. Any person who is
not a relevant person should not act or rely on this press release or any of
its contents. 



Stabilisation/FCA

The Joint Global Coordinators and the Stabilisation Manager and their
affiliates are acting exclusively for Atlantic Petroleum and no-one else in
connection with the Offering. They will not regard any other person as their
respective clients in relation to the contemplated Offering and will not be
responsible to anyone other than Atlantic Petroleum for providing the
protections afforded to their respective clients, nor for providing advice in
relation to the Offering, the contents of this communication or any
transaction, arrangement or other matter referred to herein. 



In connection with the Offering, the Joint Global Coordinators and the
Stabilisation Manager and any of their affiliates, acting as investors for
their own accounts, may purchase shares and in that capacity may retain,
purchase, sell, offer to sell or otherwise deal for their own accounts in such
shares and other securities of Atlantic Petroleum or related investments in
connection with the Offering or otherwise. Accordingly, references in the
prospectus to the shares being offered, acquired, placed or otherwise dealt in
should be read as including any offer to, acquisition, placing or dealing by,
such Joint Global Coordinators and the Stabilisation Manager and any of their
affiliates acting as investors for their own accounts. The Joint Global
Coordinators and the Stabilisation Manager do not intend to disclose the extent
of any such investment or transactions otherwise than in accordance with any
legal or regulatory obligations to do so. 



This press release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts and may be identified
by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,”
“will,” “may,” "continue," “should” and similar expressions. The
forward-looking statements in this release are based upon various assumptions,
many of which are based, in turn, upon further assumptions. Although Atlantic
Petroleum believes that these assumptions were reasonable when made, these
assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. 



The information, opinions and forward-looking statements contained in this
release speak only as at its date, and are subject to change without notice
Atlantic Petroleum disclaims any obligation to update and revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. 


         P/F Atlantic Petroleum
         Yviri við Strond 4, 3rd Floor
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         Telephone +298 350 100
         Fax +298 350 101
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo