- Business
- P/F Atlantic Petroleum engages in the exploration, appraisal, development, and production of oil and gas properties primarily in North West Europe. The company holds working interests in two licences encompassing three fields and a prospect on the UK Continental Shelf, along with economic interests in the Orlando field (P1606) and Pegasus area (P1724); it also maintains stakes in the Irish Continental Shelf licence SEL 2/07 and participates in joint ventures with over 20 international oil companies operating offshore UK, Ireland, Norway, and the Faroe Islands. Atlantic Petroleum focuses on upstream activities including offshore hydrocarbon production and sale, targeting commercial development of reserves and resources through strategic partnerships that share geological, geophysical, and operational costs. Founded in 1998 and headquartered in Tórshavn, Faroe Islands, with subsidiaries and technical offices in the UK and Ireland, the company lists its shares on Nasdaq Copenhagen under ticker ATLA DKK. Recent developments include ongoing debt negotiations with main creditors such as Betri Banki and London Oil & Gas in Administration as of late 2024, updated financial calendar for 2025 with annual accounts issuance delayed to April 30 pending debt resolution, and an annual general meeting scheduled for May 23; production from North Sea fields generates cash flow albeit below initial expectations, supporting efforts to restructure liabilities and pursue licence portfolio balancing via acquisitions and farm-ins.