Atlantic Petroleum Posts Net Profit of DKK 3.1MM for 2021
01 April 2022 - 2:48AM
Atlantic Petroleum Posts Net Profit of DKK 3.1MM for 2021
P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK) today announces its
Annual Results for 2021. This company announcement should be read
in conjunction with Atlantic Petroleum’s Consolidated Annual Report
Highlights are:
- The result after tax
for 2021 was a net profit of DKK 3.1MM (2020: loss of DKK 112.6MM)
and a net loss of DKK 1.6MM for the last quarter of 2021 (4Q 2020:
Loss of DKK 89.2MM).
- The Group had a
gross profit of DKK 0MM in 2021 (2020: Gross profit of DKK
0MM).
- Exploration expenses
amounted to DKK 0.0MM in 2021 (2020: DKK 0.3MM).
- General and
administration costs amounted to DKK 2.0MM in 2021 (2020: DKK
2.5MM).
- Profit before
taxation totalled DKK 3.1MM in 2021 (2020: Loss of DKK
-112.6MM).
- Total shareholders’
equity amounted to DKK -96.2MM at the end of 2021 (2020: DKK
-101.4MM).
- Net cash provided
from operating activities amounted to DKK -3,6MM in 2021 (2020: DKK
1.4MM).
- Cash and cash
equivalents totalled DKK 0.0MM at the end of 2021 (2020: DKK
0.0MM).
Mark T. Højgaard, CEO
commented:
Atlantic Petroleum shows a small profit for 2021 due to value
adjustments of the Orlando deferred consideration. In spite of this
the year 2021 was another challenging year for Atlantic Petroleum
because of production issues with the Orlando field. The operator
of Orlando, Tailwind Energy, is planning a workover in the Third
Quarter of 2022. If successful, the Orlando field is expected to
produce 4,000 - 5,000 barrels of oil per day.
During 2021 the Company has continued to reduce overhead costs
to create a very low-cost base. General and administration costs in
2021 were DKK 2 million compared to DKK 2.5 million in 2020.
Atlantic Petroleum in brief:
Atlantic Petroleum participates in oil and gas joint ventures
with reputable, international partners. Atlantic Petroleum P/F is
based in Tórshavn, Faroe Islands, and the Company has subsidiaries
and offices in the UK and Ireland. Atlantic Petroleum’s shares are
listed on NASDAQ OMX Copenhagen.
Further Details:
Further details can be obtained from Mark T. Højgaard,
(markh@petroleum.fo). This announcement will be available, together
with other information about Atlantic Petroleum, on the Company's
website: www.petroleum.fo.
Announcement no.: 2/2022
Issued: 31-03-2022
P/F Atlantic PetroleumLucas Debesargøta 8 P.O.Box 1228 FO-110
Torshavn Faroe Islands
Website: www.petroleum.fo
- 213800K4T6SRZ1RQDO38-2021-12-31-en
- Atlantic Petroleum DK 2021 annual report_en
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