Atlantic Petroleum P/F - Fyrirtækjafréttir

Atlantic Petroleum prepares listing on the Oslo Stock Exchange

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Tórshavn, Faroe Islands, 2013-11-13 06:45 CET (GLOBE NEWSWIRE) -- Atlantic
Petroleum (OMX: FO-ATLA) today announces that the Company contemplates an
initial public offering (IPO) on the Oslo Stock Exchange within the end of the
year. The Company's existing shares are listed on NASDAQ OMX Iceland and NASDAQ
OMX Copenhagen, respectively. The contemplated IPO is expected to provide
funding to realize the Company's growth plans, particularly on the Norwegian
Continental Shelf. The Company intends to raise total gross proceeds of DKK 150
- 200MM, corresponding to approximately NOK 165 - 225MM. The contemplated
offering is expected to take place without pre-emptive rights for existing
shareholders. 



Atlantic Petroleum Group with Faroese based headquarters is an exploration and
production (E&P) Group focused on North West Europe. Atlantic Petroleum Group
currently holds 40 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. 



Reasons for the contemplated offering and use of proceeds

The prime reason for Atlantic Petroleum's contemplated offering is the ambition
to accelerate growth by pursuing current farm-in opportunities and other
exploration opportunities especially on the Norwegian Continental Shelf (NCS).
Atlantic Petroleum considers the NCS to offer a number of quality high-impact
exploration opportunities, and based on the Company's recent acquisition of
Emergy Exploration AS and establishment of a skilled organization in Norway,
Atlantic Petroleum considers itself to be well-positioned for expanding its
Norwegian footprint. The Group is currently evaluating a number of specific
farm-ins of late stage exploration assets in Norway, and based on a successful
completion of the contemplated offering, the Group expects that one or more of
these can be completed during the course of 2014. 



Further, the equity from the contemplated offering will increase the robustness
of the Group's balance sheet and make the funding of projects like the expected
Kells development project less sensitive to oil price fluctuations. The Group's
current business plan calls for investments in the range of DKK 500 - 600MM,
corresponding to approximately NOK 557 - 668MM, throughout 2014 and 2015, which
will be financed from a combination of cash flow from operations, bank debt and
shareholders' funds. 



Pre-marketing of the contemplated offering is expected to commence during
November, while a listing of Atlantic Petroleum on the Oslo Stock Exchange is
expected to be concluded during December 2013. 



CEO Ben Arabo commented:



“We are excited about the prospects of a listing of Atlantic Petroleum on the
Oslo Stock Exchange. The Norwegian capital market has a proven track record for
investing in exploration and production companies. A listing of Atlantic
Petroleum on the Oslo Stock Exchange will increase our visibility in the E&P
sector and be a cornerstone in executing our ambitious growth strategies, in
particular in Norway, as well as to provide value for our shareholders. 



Atlantic Petroleum in brief

Atlantic Petroleum Group with Faroese based headquarters is an exploration and
production (E&P) Group with offshore oil and gas interests in the UK, Norway,
Faroe Islands, Ireland and the Netherlands, and with a small and efficient
organisation of approximately 30 full-time employees supported by experienced
and trusted consultants. 



Atlantic Petroleum builds a balanced licence portfolio to ensure a steady flow
of projects coming on-stream to replace production whilst at the same time
looking to participate in higher impact exploration opportunities. As such,
Atlantic Petroleum is pursuing a strategy to invest in both mature areas, e.g.
on the UK continental shelf, and in high impact areas such as Norway and the
Atlantic Margin. Atlantic Petroleum achieves this through targeted
acquisitions, entering into and leveraging strategic partnerships as well as
participating in licensing rounds. 



Atlantic Petroleum's key advantages and competencies include a highly
experienced technical team with extensive geological and geophysical knowledge
of the North West European hydrocarbon basins, as well as a competent and
experienced Management and Board of Directors. The Company's success is also
driven by strong relationship with a broad network of international oil
companies, such as Statoil, ExxonMobil, Centrica, Dong Energy and Nexen. By
entering into strategic partnerships on licences, Atlantic Petroleum reduces
risk and associated capital expenditures. Partnerships also enable a
significant sharing of geological, geophysical and operational knowledge. 



Expected delisting from NASDAQ OMX Iceland



Atlantic Petroleum's existing shares are listed on NASDAQ OMX Iceland and
NASDAQ OMX Copenhagen, with the listing in Iceland being the primary. The
Company has applied for a delisting from NASDAQ OMX Iceland, following which
the primary place of listing of the Company's shares will be NASDAQ OMX
Copenhagen. The Company expects to effectively delist from NASDAQ OMX Iceland
shortly after completion of the contemplated IPO on the Oslo Stock Exchange. 



ABG Sundal Collier and Carnegie have been appointed as joint lead managers and
joint bookrunners in connection with the contemplated offering. 



Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 350100
(ben.arabo@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. 



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
expected to be published by Atlantic Petroleum in connection with the
contemplated IPO. 



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 that is
expected to be available from the Company and that will contain 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. 



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. 





Announcement no. 44/2013

Issued 13-11-2013




         P/F Atlantic Petroleum
         Yviri við Strond 4
         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

Attachments:

44-2013 Intention to Float issued 13-11-2013.pdf