Brief: Atlantic Petroleum Q3 EBIT loss widens to DKK 222.7 mln

Atlantic Petroleum P/F

30/11/2015 06:22

Nov 30 (Reuters) - Atlantic Petroleum P/F  ATLA.CO : 
    * Q3 revenue 47.6 million Danish crowns ($6.75 million) versus 63.4 million crowns year ago 
    * Q3 production 125,000 boe (H1 2015: 240,200 boe) corresponding to average of 1,359 boepd 
net (H1 2015: 1,327 net) which results in an average of 1,338 boepd net for first nine months 
    * Q3 EBITDAX 26.1 million crowns versus 21.8 million crowns  year ago 
    * Q3 EBIT loss 222.7 million crowns versus loss 57.6 million crowns year ago 
    * Current production does not pay for field operating expenses at the current oil price, and 
that situation is not sustainable 
    * Discussions on funding or commercial solution on Orlando Development to complete within 
days or weeks at most 
    * Should discussions fail, then there's little likelihood of finding a funding solution for 
2016 and group is likely to go into administration 
    * 2015 production target: production of 480,000 boe 
    * 2015 development target: Orlando development for 2016 first oil 
    * 2015 financial target: positive EBITDAX 
 
     
Source text for Eikon:  ID:nCSE656L  
     
Further company coverage:  ATLA.CO  
 
($1 = 7.0489 Danish crowns) 
 
 (Gdynia Newsroom) 
 ((gdynia.newsroom@thomsonreuters.com; +48 58 698 3920;))