Atlantic struggling with North Sea commitments

Offshore staff

TØRSHAVN, Faroe IslandsAtlantic Petroleum may go out of business if the low oil price continues, the company has warned in its latest results statement.

At current prices the company’s production in the North Sea does not cover its field operating expenses.

Last week Canadian independent Iona Energy faced administration after failing to attract funding for its Orlando field development in the UK northern North Sea.

Atlantic, a partner in the project, will continue to pursue funding or a commercial solution for Orlando. Although the outcome is uncertain, management believes there is a reasonable prospect of a positive development within the next days or weeks.

If the discussions fail, however, there is little likelihood of finding funding next year, in which case the group is likely to go into administration.


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