Atlantic Petroleum puts itself up for sale

Atlantic Petroleum P/F

03/08/2015 07:05

OSLO, Aug 3 (Reuters) - Faroese oil firm Atlantic Petroleum 
 ATLA.CO  is seeking buyers for all or parts of the company, it 
said on Monday, adding that it would otherwise have to raise 
cash to continue its current operations. 
    The firm, headquartered in the Faroe Islands and listed in 
Copenhagen and Oslo, said in a statement it had hired bankers 
Pareto Securities to explore potential deals that could include 
a sale or merger of the firm or selling its British and 
Norwegian assets. 
    Atlantic currently has oil and gas licenses on the UK, 
Norwegian and Irish continental shelves. 
    "Based on its current portfolio and activities, including 
the completion of the Orlando field development in the UK, 
Atlantic Petroleum is not financed for its planned activities in 
2016," it said, adding it would consider raising new equity or 
debt if a buyer for the firm is not found. 
    On Friday Atlantic Petroleum said it had sold its 10 percent 
share in the U.K. Pegasus discovery to Third Energy for up to 
16.5 million pounds ($25.77 million).  ID:nFWN10B057 . 
 
($1 = 0.6402 pounds) 
 
 (Reporting by Stine Jacobsen, editing by Terje Solsvik) 
 ((stine.jacobsen@thomsonreuters.com; +47 23 31 65 98; Reuters 
Messaging: stine.jacobsen.thomsonreuters.com@reuters.net)) 
 
Keywords: ATLANTIC STRATEGY/M&A