Brief: Atlantic Petroleum Q1 EBIT loss widens to DKK 52.4 million

Atlantic Petroleum P/F

25/05/2016 08:26

May 25 (Reuters) - Atlantic Petroleum P/F  ATLA.CO : 
    * Q1 revenue 10.9 million Danish crowns ($1.63 million) versus 39.1 million crowns year ago 
    * Q1 EBITDAX loss 24.7 million crowns versus 28.2 million crowns year ago 
    * Q1 EBIT loss 52.4 million crowns versus loss 43.6 million crowns year ago 
    * Says revenue was impacted by loss of production from Chestnut due to Atlantic Petroleum 
North Sea Limited's inability to resolve default under the Chestnut Joint Operating Agreement 
and lower oil price 
    * Says Atlantic Petroleum North Sea Limited's (APNSL's) interest in the Chestnut Field is 
now liable to forfeiture 
    * Says is finalising discussions with the Operator of the Chestnut Field in regards to the 
forfeiture and the outstanding claims 
    * Says negotiations are continuing on a commercial solution on Orlando and Kells; there is 
an expectation that these will reach a conclusion in Q2 2016 
 
     
  
     
 Source text for Eikon:  urn:newsml:reuters.com:*:nCSE6lnr 
     
 Further company coverage:  ATLA.CO   
    
 
 
 
($1 = 6.6671 Danish crowns) 
 
 (Gdynia Newsroom) 
 ((Gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))