Brief: Atlantic Petroleum Reports Qtrly Net Loss Of DKK 23.4 MM

Atlantic Petroleum P/F

29/11/2019 19:40

Nov 29 (Reuters) - Atlantic Petroleum P/F  ATLA.CO :
    * REG-CONSOLIDATED INTERIM REPORT AND ACCOUNTS - 3RD QUARTER
2019
    * QTRLY NET LOSS OF DKK 23.4 MM VERSUS DKK 17.4MM IN Q2
    * ATLANTIC PETROLEUM EXPECTS TO HAVE POSITIVE CASHFLOW IN
Q1 2020
    * ATLANTIC PETROLEUM EXPECTS A NET LOSS IN 2019
    * ATLANTIC PETROLEUM- WHILST EXPECTATION TO ORLANDO RESERVES
REMAIN WITHIN EXPECTED ENVELOPE, FIELD PRODUCTION IS RESTRICTED
AT AROUND 5,000 BOPD
    * ATLANTIC PETROLEUM- WHILST EXPECTATION TO ORLANDO RESERVES
REMAIN WITHIN EXPECTED ENVELOPE, REALIZED PRODUCTION IS AT
AROUND 3,300 BOPD
    * ATLANTIC PETROLEUM - THERE HAS BEEN A NEED TO RE-EVALUATE
AND
DOWNGRADE ORLANDO ASSET VALUE BY ADDITIONALLY DKK 2.3MM DUE TO
TIME VALUE OF MONEY
    * ATLANTIC PETROLEUM- UNLESS NEW FINANCING SOURCE CAN BE
PROVIDED
SHORTLY, BOARD HAS TO EMPHASISE CO'S ABILITY TO CONTINUE AS
GOING CONCERN

Source text for Eikon:  ID:nGNE5NvqsS 
Further company coverage:  ATLA.CO 

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