Brief: Atlantic Petroleum seels Norwegian activities to M Vest Energy AS

Atlantic Petroleum P/F

09/03/2016 08:02

March 9 (Reuters) - Atlantic Petroleum P/F  ATLA.CO : 
    * Fully owned subsidiary Atlantic Petroleum Norge AS (APN) has entered into a Sale and 
Purchase Agreement with M Vest Energy AS for the sale of its Norwegian activities for the 
consideration of NOK 1 
    * Announces the sale of its norwegian activities to M Vest Energy AS  
    * M Vest Energy AS is a company partially owned by existing management of APN 
    * Says it is likely that company or subsidiaries will go into restructuring or 
administration 
    * As a result of transaction, company expects to record an impairment of about 150 million 
Danish crowns  ($22.04 million) 
    * APN expects to realize tax value of tax loss carry forward in December 2017 - currently 
estimated to be about 27 million Norwegian crowns ($3.15 million) in cash 
 
Source text for Eikon:  ID:nCSE6d1j  
     
Further company coverage:  ATLA.CO  
 
($1 = 6.8049 Danish crowns) 
 
($1 = 8.5774 Norwegian crowns) 
 
 (Gdynia Newsroom) 
 ((gdynia.newsroom@thomsonreuters.com; +48 58 698 3920;))