Atlantic Petroleum Share Suspension and Change of Management

4 weeks ago DieselGasoil Comments Off on Atlantic Petroleum Share Suspension and Change of Management

Atlantic Petroleum Share Suspension and Change of Management

Tórshavn, Faroe Islands, 2019-05-24 15:00GMT (GLOBE NEWSWIRE) — P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK)

The Board of Directors of Atlantic Petroleum P/F has agreed with NASDAQ for a temporary suspension of the company’s shares.

The Company advises that Graeme FAWCETT has elected to step down from his position of Interim CEO of P/F Atlantic Petroleum and as Director of the Company’s UK and Irish subsidiary companies in order to focus on other business activity. This change in organisation takes effect immediately and Graeme’s duties will be assumed by Mark Hoejgaard; Faroe Islands.

The Board is currently considering several options for re-arranging the company’s debts and providing new working capital to the company.  Whilst these discussions are ongoing, it has been agreed that the shares should be suspended.

Further announcements will be made in due course.

Atlantic Petroleum in brief:

Atlantic Petroleum participates in oil and gas joint ventures with reputable, international partners. Atlantic Petroleum P/F is based in Tórshavn, Faroe Islands, and the Company currently has subsidiaries and offices in the UK and Norway. Atlantic Petroleum’s shares are listed on NASDAQ OMX Copenhagen and on the Oslo Stock Exchange.

Further Details:

Further details can be obtained from Mark Hoejgaard, (MarkH@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company’s website: www.petroleum.fo.

Announcement no.: 9/2019

Issued: 24-05-2019

P/F Atlantic Petroleum
Yviri vio Strond 4
P.O.Box 1228
FO-110 Torshavn
Faroe Islands

Website: www.petroleum.fo

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