Atlantic Petroleum Posts Net Profit of DKK 0.3MM for 2022

Source: 3/31/2023, Location: Europe

P/F Atlantic Petroleum announces its Annual Results for 2022. This company announcement should be read in conjunction with Atlantic Petroleum’s Consolidated Annual Report.

Highlights are:
The result after tax for 2022 was a net profit of DKK 0.3MM (2021: profit of DKK 3.1MM) and a net loss of DKK 7.2MM for the last quarter of 2022 (4Q 2021: Loss of DKK 1.6MM).
The Group had a gross profit of DKK 0MM in 2022 (2021: Gross profit of DKK 0MM).
Exploration expenses amounted to DKK 0.0MM in 2022 (2021: DKK 0.3MM).
General and administration costs amounted to DKK 1.6MM in 2022 (2021: DKK 2.0MM).
Profit before taxation totalled DKK 0.3MM in 2022 (2021: profit of DKK 3.1MM).
Total shareholders’ equity amounted to DKK -98.3MM at the end of 2022 (2021: DKK -96.2MM).
Net cash provided from operating activities amounted to DKK -0.1MM in 2022 (2021: DKK -3.6MM).
Cash and cash equivalents totalled DKK 0.0MM at the end of 2022 (2021: DKK 0.0MM).

Mark T. Højgaard, CEO commented:
The year 2022 was another challenging year for Atlantic Petroleum. Further production interruption on the Orlando field led to delay in cash flow from the Field. Cash flow was previously expected to commence early in 2022 but with the development on the Orlando field it did not commence until towards the end of 2022.

During 2022 the Company has continued to reduce overhead costs to create a very low-cost base. General and administration costs in 2022 were DKK 1.6MM which is significantly lower than the general and administration cost in 2021 of DKK 2.0MM.

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