Monday 23 January 2017

Atlantic Petroleum announces that it has completed on the sale of its Norwegian activities to M Vest Energy announced 9th March 2016.

The Norwegian activities include all of Atlantic Petroleum Norway’s assets and licenses, the liabilities of the licences, and the employees.

The transaction constitutes a cessation of all of Atlantic Petroleum Norway’s petroleum activities. As a result of the transaction, the Company expects to realize the tax value of the tax loss carry forward in December 2017 – currently estimated to be approx. NOK 27MM in cash.

Ben Arabo said:

“We are pleased to complete the transaction with M Vest Energy. Atlantic Petroleum will now focus on creating value from Orlando and Kells in the UK, and pursue new ventures in line with the company's new strategy.”