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2008-10-31 16:11:10 CET 2008-10-31 16:11:53 CET REGULATED INFORMATION Atlantic Petroleum P/F - ÁrsreikningurOperating result for 3Q 2008 was DKK -4,364,804, which is in line with expectations.Extract from the announcement in full length attached together with the Interim Financial Statement for 3Q 2008. Financial Statement of P/F Atlantic Petroleum for the first nine months of 2008 Tórshavn, Faroe Islands 31st October 2008 - Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, today announced its results for the third quarter ending 30th September 2008. Wilhelm Petersen, Atlantic Petroleum's CEO, stated: “During the third quarter we passed a significant milestone in Atlantic Petroleum's history, when our first oilfield, Chestnut, came on stream. The Chestnut Field is a very profitable investment for Atlantic Petroleum with operational costs at around 15 USD/bbl (barrel), thus generating substantial cash flow to the Company. During the third quarter we made a discovery with the Blackbird exploration well and the development planning is ongoing. The results from the second production well, called South Chestnut looks encouraging and a conclusive announcement will be released shortly, as we are in the final phase of testing the well. ” Highlights of 3Q 2008 • The Chestnut Field produced first oil on 20th September, while the Ettrick Field is progressing towards first oil in early 2009. • Operating result for the first nine months of 2008 was DKK -13,923,671, compared to DKK -44,263,021 for the first nine months of 2007. Operating result for 3Q 2008 was DKK -4,364,804, compared to DKK -3,496,076 for 3Q 2007. This is in line with the Company's expectations. • Result after taxation for the first nine months of 2008 amounted to DKK -35,179,979, compared to DKK -50,484,378 for the first nine months of 2007. Profit after taxation for 3Q 2008 amounted to DKK -3,772,386, compared to a loss of DKK -11,170,765 for the same period the year before. • The Company's total shareholders' equity amounted to DKK 195,210,024 at the end of September 2008. • Cash and cash equivalents amounted to DKK 6,922,109 at the end of 3Q 2008. Outlook for 2008 • Operating profit for 2008 is expected to be DKK 5-10 million, before deduction of unsuccessful exploration costs, and is based on the assumption of the Company's expectations to offload four cargoes from the Chestnut Field in 2008, totalling approximately 135,000 barrels net to Atlantic Petroleum, with an average oil price of 66 USD/bbl. Current operations, prospects and outlook for 2008 The overall outlook for Atlantic Petroleum is good as the Group's first oilfield is on production. Even though oil prices have decreased significantly lately, the Company still expect to generate strong cash flow from the Chestnut Field. Production from the Chestnut Field is progressing as planned and the second cargo is ready for being offloaded. The result from the South Chestnut appraisal well will be announced shortly, but so far the results look encouraging. The Ettrick development has been hit by delays to the arrival of the vessel, but the Group are confident that production will commence early in 2009. As a consequence of the delay to production start-up of both the Chestnut and Ettrick Fields, Atlantic Petroleum has managed to postpone some of the exploration investments planned to take place in late 2008 and early 2009. In spite of the current difficult financial market conditions, Atlantic Petroleum secured an additional bridge loan facility, which will enable the company to carry on with planned business operations. Atlantic Petroleum is still planning a share capital increase to support the funding of some promising projects, which in the short term could be moved into a development phase. These include the Blackbird discovery and Perth Field, in addition to selected exploration projects. Further, in the medium term, Atlantic Petroleum will evaluate interesting farm-in opportunities and potential acquisitions and divestments. The Company also has an interesting portfolio in the Faroes which will hopefully be successful. The Company is planning to apply in the 3rd Faroese licensing round which closes in November 2008. P/F Atlantic Petroleum Telephone +298 350 100 Issued 31.10.2008 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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