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2009-09-27 23:39:42 CEST 2009-09-27 23:40:20 CEST REGULATED INFORMATION Atlantic Petroleum P/F - FyrirtækjafréttirImproved loan conditionsSubject to completion of the previously announced capital increase, Atlantic Petroleum has agreed with its lenders to change the terms of the refinancing agreement announced in June 2009 Tórshavn, Faroe Islands, 27th September 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, announces that it has agreed certain amendments to the terms of the loan extension announced on 9th June 2009 with its lenders. The agreed amendments, which are in the Company's favour, will come into force upon completion of a capital increase as previously announced by the Company. Details of the capital increase are expected to be announced within the coming weeks. Commenting on the improved loan conditions, Wilhelm Petersen, CEO of Atlantic Petroleum, said: “We are delighted that it has been possible for the Company to negotiate improved terms related to the financing of Atlantic Petroleum. The improved loan conditions will provide the Company with an increased degree of financial flexibility and can at the same time be seen as a sign of confidence towards Atlantic Petroleum on behalf of the loan providers of the Company.” The improved amendments will take effect on the basis that out of the net proceeds (provided such net proceeds are obtained) of the expected coming capital increase the Company shall use an amount, at least equal to the Company's outstanding loans under its DKK 35 million and DKK 140 million liquidity loans to repay such loans. The due date of the loans remains at 31st December 2010. However, in connection with entering into the addendum of the loan agreement (and assuming the above extraordinary repayments have been effected), the lenders have stated to the Company that they will look positively at entering into negotiations regarding a possible extension of the final repayment date for the remaining loans. Upon the implementation of the amendment, a number of the covenants earlier undertaken by the Company in the refinancing agreement of 9th June 2009 will cease to be of effect, including the term allowing the lenders to call in the loans if the refinancing of the Company has not made material progress within 6 to 9 months. 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's e-mail newsletter. Announcement no 23/2009 Issued 27.09.2009 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 This does not constitute an offer or an invitation to make an investment in P/F Atlantic Petroleum. Potential investors are recommended to examine all relevant risks and legal aspects, including in relation to taxation and currency restrictions that may be of relevance regarding an investment in shares in P/F Atlantic Petroleum. |
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