P/F ATLANTIC PETROLEUM
ANNUAL AND
CONSOLIDATED
REPORT AND
ACCOUNTS
YEAR TO 31
ST
DECEMBER 2024
Faroese Company Registration No/VAT No: 2695/475653
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 2/67
CONTENTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
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April 2025 3/67
Performance Summary ............................................................................................................................ 4
Chairman’s Statement ............................................................................................................................ 5
Chief Executive Officer’s Statement ........................................................................................................ 6
2025 Outlook ........................................................................................................................................... 7
Atlantic Petroleum Group Structure ......................................................................................................... 7
Project Portfolio ....................................................................................................................................... 8
Development & Production ...................................................................................................................... 8
Exploration & Appraisal ........................................................................................................................... 8
Directors’ Report ...................................................................................................................................... 9
Statement by Management on the Annual and Consolidated Report and Accounts ............................ 20
Independent Auditor’s Report ................................................................................................................ 21
Consolidated Financial Statements ....................................................................................................... 26
Consolidated Income Statement ........................................................................................................... 27
Consolidated Statement of Comprehensive Income ............................................................................. 28
Consolidated Statement of Financial Position ....................................................................................... 29
Consolidated Statement of Changes in Equity ...................................................................................... 30
Consolidated Statement of Cash Flows ................................................................................................ 31
Notes to the Consolidated Accounts ..................................................................................................... 32
Parent Company Income Statement ..................................................................................................... 54
Parent Company Statement of Comprehensive Income ....................................................................... 55
Parent Company Financial Position ...................................................................................................... 56
Parent Company Statement of Changes in Equity ................................................................................ 57
Parent Company Cash Flow Statement ................................................................................................ 58
Parent Company Notes to the Accounts ............................................................................................... 59
PERFORMANCE SUMMARY
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April 2025 4/67
P
ERFORMANCE
UMMARY
KEY METRICS
3 months
3 months
to 31
st
Dec
to 31
st
Dec
Full year
Full year
2024
2023
2024
2023
DKK 1,000
Income statement
Revenue
0
0
0
0
Impairment on producing assets
0
0
0
0
Gross loss/profit
0
0
0
0
Exploration expenses
0
0
0
0
Earning before interest, tax, depreciation, amortization
and exploration expense (EBITDAX)
-1,122
-16,815
945
-16,760
Operating loss (EBIT)
-1,122
-16,815
945
-16,760
Depreciations
0
0
0
0
Loss before taxation (EBT)
-1,652
-19,270
-2,430
-20,731
Profit/Loss after taxation
2,174
-19,270
1,396
-20,731
Financial position
Non-current assets
7,620
11,916
7,620
11,916
Current assets
8,271
14,086
8,271
14,086
Total assets
15,891
26,002
15,891
26,002
Current liabilities
105,038
118,242
105,038
118,242
Non-current liabilities
23,658
23,647
23,658
23,647
Total liabilities
128,696
141,889
128,696
141,889
Net assets/Equity
-112,805
-115,886
-112,805
-115,886
Cash flow and cash
Cash provided by operating activities
305
40,316
445
1,737
Change in cash and cash equivalents
-217
-1,105
-2,892
-2,193
Cash and cash equivalents
31
1,136
31
1,136
Bank debt – excluding drawdown
59,434
59,438
59,434
59,438
Share related key figures
Earnings per share Basic
0.59
-5.21
0.38
-5.61
Earnings per share Diluted
0.59
-5.21
0.38
-5.61
Share price in DKK on OMX CPH
1.57
2.71
1.57
2.71
CHAIRMAN’S STATEMENT
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April 2025 5/67
CHAIRMAN’S STATEMENT
Outlook in 2025
Production rates for 2024 from the Orlando field, Atlantic Petroleum’s single cash generating asset,
were 2,800 – 3,200 barrels of oil per day which was in line with Atlantic Petroleum’s expectations.
Atlantic Petroleum receives a 2% revenue share in deferred consideration from the Orlando field
production up to the first 5MM barrels of Orlando production. Thereafter the deferred consideration
increases to 4.35% of the sales proceeds. The deferred consideration receivable was valued at DKK
16.0MM at year-end 2024.
The expectation is that the Orlando field will continue to produce at stable rates in 2025. The Company
expects to be cash generating in 2025. This is based on the forecasted Orlando production, oil prices
and exchange rates at year-end. Therefore, the actual outcome may differ materially from the forecast.
Following a lengthy process Atlantic Petroleum reached an agreement on the 4th April 2025 with its
main creditors to reduce the Company’s debt. The total debt will be reduced by at least DKK 90MM
after finalization of the debt restructuring.
The activity level in Atlantic Petroleum has been kept to a minimum these past years to limit costs as
much as possible. The G&A cost for the year 2024 was DKK 2.4MM. The cashflow situation in the
Group will still be tight in 2025, and the activity level will be kept at a minimum in the near future.
The Board sees the debt restructuring as a pre-requisite for the company to continue. Having a
potential avenue to repay debt, could make it possible for the Group to raise capital, should the right
opportunity arise and should the market conditions be favourable.
The Orlando field, being a subsea tie-back to Ninian, is becoming a mature asset reaching the end of
its life. The Group is not party to any discussions on decommissioning and has assumed, in preparing
its forecasts and valuing the royalty, that production continues to the end of 2026.
Given the relative short lifespan remaining on the Orlando field, it is necessary for Atlantic Petroleum
to replace it to grow in the future. Therefore, the Board will prioritise reviewing new possible
opportunities in the market in 2025.
Given the pending agreement on the debt restructuring, the projections prepared by the Directors and
review of future opportunities once the debt restructuring is completed, the accounts have been
prepared on a going concern basis.
The ability of the Group to continue as a going concern is dependent on the finalization of the debt
restructuring, and the cash flows generated from the interest in the Orlando field. In the event, that the
Group is unable to continue to trade, significant downward adjustments would be required to the fair
value of the Group’s economic interest in the Orlando asset to present the value of these assets on a
break-up basis.
Ben Arabo
Chairman of the Board
30
th
April 2025
CHIEF EXECUTIVE OFFICER’S STATEMENT
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CHIEF EXECUTIVE OFFICER’S STATEMENT
The Orlando field production initially commenced in March 2019. Production proved significantly lower
than the expected. Therefore expected cashflow did not materialise. Further challenges and production
issues delayed production in 2022, however the Orlando field is now producing.
The year 2024 was the second successive year with stable production from the Orlando field.
The deferred consideration receivable is now valued at DKK 16.0MM. Further details on the deferred
consideration receivable from the sale of Orlando is included in note 19 to the consolidated accounts.
General and administration costs in 2024 were DKK 2.4MM compared to DKK 2.3MM in 2023.
The main focus this year has been getting a solution on the bank debt from Betri Banki and the
convertible debt from London Oil and Gas in Administration.
The board and main creditors have reached a framework agreement to reduce the total debt by more
than DKK 90 million, pending final agreements.
The Group has prepared financial projections for 2025 to quantify available cash to meet the Group’s
general and administrative costs, interest costs and working capital commitments.
There remains a material uncertainty regarding the going concern status of the Group. The ability of the
Group to continue as a going concern is dependent on a finalization of the debt restructuring, and
ongoing cash flows from the Orlando field royalty. These cash flows are dependent on production
volumes, oil prices and the availability of the Ninian Central platform as an export route for the oil
produced from the Orlando field.
Mark T. Højgaard
CEO
Tórshavn 30
th
April 2025
ATLANTIC PETROLEUM GROUP STRUCTURE
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202
5
OUTLOOK
Production from the Orlando field is expected to produce stable cash flow in 2025 to further efforts to refinance
the Company. A framework agreement on the bank debt and the convertible loan facility from London Oil and
Gas in Administration, were achieved in March 2025, pending final agreements.
Production albeit lower than initially expected is now generating cash to Atlantic Petroleum. Orlando was
expected to deliver around 10,000 bopd when developed, but actual production has been lower. Following a
successful workover production recommenced in Q3 2022 and the production has been stable since, and
production is expected to be remain stable in 2025.
Following finalization of the debt solution, the Group will be actively pursuing growth through participation in
production or near production assets in low political risk countries in the Northern Hemisphere.
ATLANTIC PETROLEUM GROUP
STRUCTURE
The Atlantic Petroleum Group comprises the Faroes based parent company P/F Atlantic Petroleum and its
tree 100% owned subsidiaries in UK and Ireland.
P/F Atlantic Petroleum is listed on NASDAQ OMX Copenhagen under the ticker ATLA DKK.
P/F ATLANTIC PETROLEUM
Faroe Islands
ATLANTIC PETROLEUM UK Ltd
United Kingdom
ATLANTIC PETROLEUM
(IRELAND) Ltd
Republic of Ireland
ATLANTIC PETROLEUM NORTH
SEA Ltd
United Kingdom
EXPLORATION & APPRAISAL
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PROJECT PORTFOLIO
SECURING REMAINING VALUE
The strategy for 2025 will be to pursue near production or production opportunities in low political risk countries
in the Northern Hemisphere.
As of January 1
st
2025 the status of Group assets is:
Country
License
Field/Discovery/Prospect
Company
Equity
Comments
Ireland
SEL 2/07
Hook
Head/Dunmore/Helvick
AP I
18.33%
Comerciality being
reassessed
DEVELOPMENT & PRODUCTION
PRODUCING ASSETS
The Group does not hold producing assets. The Group received a revenue share of 2% from the UK Orlando
field, increasing to 4.35% when gross field production reaches 5MM barrels.
DEVELOPMENT & NEAR DEVELOPMENT
The Group holds no Development or near Development assets.
EXPLORATION & APPRAISAL
Atlantic Petroleum has no exploration activity planned for 2025 and does not consider exploration a fiscally
acceptable risk fo the Group in the near future.
DIRECTORS’ REPORT
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DIRECTORS’ REPORT
DIRECTORS’ REPORT - CONTINUED
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April 2025 10/67
Financial Review
Going Concern
It was advised on the 22nd of March 2019 that LOG, the group’s main lender, had entered into administration
and would not advance further funds under the facility agreement. The terms of the LOG facility restrict the
Group from seeking alternate funding means, however these restrictions were lifted by LOG’s administrators.
Atlantic Petroleum secured a bridging loan of DKK 7.5MM in March 2022, and repayments commenced during
2023, continuing during 2024. Repayments of the LOG facility commenced in 2023, continued in 2024 and
expected to continue in 2025.
A resolution on the Group´s debt is the first step to address the deficiency in shareholders’ funds.
Shareholder´s funds amounted to DKK -112.8MM at the end of 2024 (2023: DKK -115.9MM).
The board and main creditors have come to a framework agreement, whereby the total debt will be reduced
by more than DKK 90 million.
The framework suggests that all bank debt, exceeding DKK 1.5MM, will be written off. The convertible loan
facility, will in part be converted to shares, resulting in London Oil and Gas (in administration) becoming a
major shareholder with 795,712 shares, equalling 17.7% of the total shares. The remaining debt on the
convertible loan facility will be written down to 1,1MM GBP. And the remaining bridge loan will be written down
to 2MM DKK.
The debt reduction is subject to final agreement. The terms of the debt restructuring are designed to allow the
group to continue to trade whilst utilising its free cash flows to repay the restructured debt. The directors have
prepared projections which show that the company is forecast to repay the group’s liabilities in full. These
projections are subject to a number of uncertainties and the actual cash flows may differ materially from the
forecast cash flows.
The ability of the Group to continue as a going concern is dependent on a finalization of the debt restructuring,
and the cash flows generated from the interest in the Orlando field. The cash flows generated from the Orlando
field royalty depend on production volumes and oil prices. The Orlando field is a subsea tieback to the Ninian
Central platform, which the Operator intends to decommission. When the platform is decommissioned, Orlando
production will cease, and there will be no further royalties. The Group is not a party to any discussions on
decommissioning and has made the assumption, in preparing its forecasts and valuing the royalty, that
production continues until the end of 2026.
Repayments to the company’s creditors continue during 2025, however, the debt restructuring is not finalized,
the Directors believe that finalization of the agreed upon framework will be in place in May 2025. For this
reason, and given the continuing repayment of liabilities, forecast to continue during 2025 based on continuing
royalty receipts, the accounts have been prepared on a going concern basis.
The deferred consideration receivable on the Orlando field is valued at DKK 16.0MM at 31 December 2024.
Remaining reserves are estimated to 1.3 MMBbl as of 31st December 2024. The estimation is based on the
latest disclosure by the Operator of the Orlando field, estimating reserves at 1st January 2024 to 2.4 MMBbl,
disclosed in April 2024, and production during 2024 of 1.1 MMBbl.
There remains a material uncertainty regarding the going concern status of the Group. The ability of the Group
to continue as a going concern is dependent on a finalization of the debt restructuring, and ongoing cash flows
from the Orlando field royalty. These cash flows are dependent on production volumes, oil prices and the
availability of the Ninian Central platform as an export route for the oil produced from the Orlando field.
DIRECTORS’ REPORT - CONTINUED
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Consolidated Income Statement
The result after tax for 2024 was a net profit of DKK 1.4MM (2023: loss of DKK 20.7MM).
The Group had a gross profit of DKK 0MM in 2024 (2023: Gross profit of DKK 0MM).
Exploration expenses amounted to DKK 0.0MM in 2024 (2023: DKK 0.0MM).
General and administration costs amounted to DKK 2.4MM in 2024 (2023: DKK 2.3MM).
Loss before taxation was DKK 2.4MM in 2024 (2023: loss of DKK 20.7MM).
Total shareholders’ equity amounted to DKK -112.8MM at the end of 2024 (2023: DKK -115.9MM).
Net cash provided from operating activities amounted to DKK 0.5MM in 2024 (2023: DKK 1.7MM).
Cash and cash equivalents totalled DKK 0.0MM at the end of 2024 (2023: DKK 1,1MM).
Consolidated Statement of Financial Position
Total assets at the end of 2024 amounted to DKK 15.9MM (2023: DKK 26.0MM).
Consolidated Assets
Exploration and evaluation assets amounted to DKK 0 at the end of 2024 (2023: DKK 0MM).
Development and production assets amounted to DKK 0MM at the end of 2024 (2023: DKK 0MM).
Trade and other receivables were DKK 8.2MM at the end of 2024 (2023: DKK 13.0MM). All trade and other
receivables are due within one year except for the Orlando deferred consideration DKK 16.0MM, of which DKK
8.3MM is expected to be due within one year.
Cash and cash equivalents totalled DKK 0.0MM at the end of 2024 (2023: DKK 1.1MM).
Consolidated Liabilities
Total liabilities amounted to DKK 128.7MM at the end of 2024 (2023: DKK 141.9MM).
Total current liabilities totalled DKK 105.0MM at the end of 2024 (2023: DKK 118.2MM).
Short term bank debt amounted to DKK 59.4MM (2023: DKK 59.4MM). Trade and other payables amounted
to DKK 45.6MM (2023: DKK 55.1MM).
Tax payable totalled DKK 0.0MM at the end of 2024 (2023: DKK 3.7MM)
Total non-current liabilities amounted to DKK 23.7MM at the end of 2024 (2023: DKK 23.6MM).
Deferred tax liability totalled DKK 0.0MM at the end of 2024 (2023: DKK 0.0MM)
Non-current liabilities also consist of long-term provision for abandonment costs of three wells in Ireland.
Consolidated Equity
Total shareholders’ equity amounted to DKK -112.8MM at the end of 2024 (2023: DKK -115.9MM).
Cash Flow
Net cash provided from operating activities amounted to DKK 0.5MM in 2024 (2023: DKK 1.7MM).
Capital expenditures in the period were DKK -3.3MM (2023: DKK -4.0MM).
Net Cash Position
At the start of 2024, the net cash position, amounted to DKK 1.1MM. At year end 2024 this had decreased to
a net cash position of DKK 0.0MM
DIRECTORS’ REPORT - CONTINUED
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Significant Events after the Balance Sheet Date
The board and main creditors have reached a framework agreement to reduce the total debt by more than
DKK 90 million, pending final agreements.
The framework suggests that all bank debt, exceeding DKK 1.5MM, will be written off. In regard to the
convertible loan facility, this will in part be converted to shares, resulting in London Oil and Gas (in
administration) becoming a major shareholder with 795,712 shares, equalling 17.7% of the total shares. The
remaining debt on the convertible loan facility will be written down to 1,1MM GBP. And the remaining bridge
loan will be written down to 2MM DKK.
Risk Management
Evident from the preceding pages of this year’s report, the challenges seen since 2015 have resulted in a
stronger basis from which the Group can operate. However, this is clouded by the status of London Oil and
Gas and its ability to honour its funding commitments. The Board will pursue an alternative arrangement to fill
the future funding requirements alongside projected revenues in order to protect shareholder value.
Atlantic Petroleum is typically exposed to a number of different market and operational risks arising from core
business activities. The risks can be internal as well as external in nature.
Market risks also include changes in currency exchange rates and interest rates. The changes can affect the
value of the assets, liabilities and future cash flows.
Foreign currency
The Group reports in DKK, which means exchange rate exposure related to USD, GBP and EUR. Operational
currency risks relate to oil sales, gas sales and operating costs. On the investment side, the Group is also
exposed to fluctuations in USD, GBP and EUR exchange rates as the Group’s most material investments in
oil and gas assets are made in these currencies.
Credit risk
Where Atlantic Petroleum has sums deposited in short-term bank accounts in USD, GBP, and DKK there may
be a currency and a credit risk attached to such cash balances (bank deposits).
Operational risk
Through its core business Atlantic Petroleum may become exposed to operational risk including the possibility
that the Group may experience, among other things, a loss in oil and gas production or an offshore catastrophe.
The Company works with and will monitor operators and partners to ensure that HSE and asset integrity are
given the highest priority. The Group also has an insurance programme in place to cover the potential impact
of any catastrophic events.
Atlantic Petroleum has traditionally operated in the, United Kingdom, the Republic of Ireland and the political
climate in these countries is perceived as being stable.
Insurance
The Group had in place an insurance package covering equipment, subsurface facilities and operation and as
and when required, the Group had insurance cover on offshore pollution and third party liability.
In view of the Company having relinquished its last operational license in the UK and as the licenses in Irish
waters are not yet subject to appraisal or development the Company has, as a cost reducing level and based
on advice, decided to suspend the above elements of its programme.
The Company does however continue to hold coverage that includes business interruption coverage, covering
a proportion of the cash flow arising from revenue producing fields.
DIRECTORS’ REPORT - CONTINUED
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The Group is confident that its insurance policies cover the overall insurance requirement of the current
business and provides insurance cover for the Group’s general and standard risk exposure in relation to
property damage, personal injury and liability.
Corporate Social Responsibility
Corporate Social Responsibility (CSR) Policy
Atlantic Petroleum’s culture and operating activities are conducted with a high priority for ethical standards.
Being a responsible company in all of our operations is an integral part of Atlantic Petroleum and we continue
to implement high ethical and practical standards in all our activities.
Atlantic Petroleum is committed to the review and continuous improvement of corporate social responsibility
and environment, health and safety performance. To meet these commitments, we will operate in accordance
with the following principles:
• Conduct our business activity in compliance with the law.
• Act openly and honestly in business dealings.
• Comply with best practice in our corporate governance.
• Behave responsibly and with sensitivity to local communities in all areas where we operate.
• Provide sustainable benefits and avoid the creation of a dependency culture.
• Integrate CSR and EHS responsibility throughout our activities.
• Recognise that all parties working on Atlantic Petroleum’s behalf can impact our operation and
reputation and that we all share a common responsibility.
• Ensure, wherever possible, that our partners’ approach to CSR is compliant with our own standards.
• Monitor and review our CSR and EHS policies and procedures as appropriate to ensure suitability and
effectiveness.
• Use continuous assessment to ensure our CSR activities meet identified performance objectives.
DIRECTORS’ REPORT - CONTINUED
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Environment, Health and Safety (EHS) Policy
Atlantic Petroleum’s activities are undertaken with integrity, responsibility and respect for the environment and
the community in which these activities take place. This entails conducting operations in an ethically and
practically sound manner that minimises risks and places high priority on the safety of those involved in Atlantic
Petroleum’s oil and gas operations.
Atlantic Petroleum is committed to:
• Comply with all applicable Environment, Health and Safety (EHS) laws, regulations and standards and
to apply responsible standards where legislation is inadequate or does not exist.
• A systematic framework of hazard identification and risk assessment through which safe operations
can be managed.
• Develop effective EHS management systems to identify and manage risks associated with its activities
by focusing on risk avoidance and prevention.
• Establish accountability and responsibility for EHS within organisational line management.
• Provide training, equipment and facilities necessary to maintain a safe and healthy worksite.
• Practice pollution prevention and seek viable ways to minimize the environmental impact of operations,
reduce waste, conserve resources and respect biodiversity.
• Protect and minimise any harm to the environment in our oil and gas activities, and continuously focus
on improving our environmental procedures.
• Monitor and review our CSR and EHS policies and procedures as appropriate to ensure suitability and
effectiveness.
• Ensure that partners and contractors’ policies and activities are compliant with our own standards, and
recognise that all working on our behalf can impact our operation and reputation and that we all share
a common responsibility for our safety.
Shareholder Information
Atlantic Petroleum aims to maintain a regular dialogue with the shareholders through the formal channel of
stock exchange announcements, interim reports, annual reports, Annual General Meetings and presentations
to investors and analysts.
Group Board
Ben Arabo, Chairman
Mourits Joensen, Deputy Chairman
Mark T. Højgaard – Board Member
Management
Mark T. Højgaard, CEO
At year end 2024 Atlantic Petroleum was listed on NASDAQ OMX Copenhagen.
Trading in Atlantic Petroleum shares can be done by contacting:
• Members of NASDAQ OMX Copenhagen
• A stockbroker or a financial institution
NASDAQ OMX ticker: ATLA DKK
Bloomberg ticker: ATLA IR
Reuters ticker: FOATLA.IC
DIRECTORS’ REPORT - CONTINUED
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Financial calendar
• Friday 23
rd
May: Annual General Meeting.
• Friday 30
th
May: 1
st
Quarter 2025 Condensed Consolidated Interim Report to be issued.
• Friday 29
th
August: 2
nd
Quarter 2025 Condensed Consolidated Interim Report to be issued.
• Friday 28
th
November: 3
rd
Quarter 2025 Condensed Consolidated Interim Report to be issued.
Share Price 2024
P/F Atlantic Petroleum has its main listing on NASDAQ OMX Copenhagen. The year 2024 started with a share
price of DKK 2.71. The closing price at year end was DKK 1.57.
Further information about the Group is available on Atlantic Petroleum’s website www.petroleum.fo.
Please address enquiries related to the stock market and investor relations to:
Atlantic Petroleum
Tel.: + 298 591601
E-mail: petroleum@petroleum.fo
Auditors
The consolidated accounts for 2024 have been audited by JANUAR State Authorised Public Accountants P/F.
The financial statements of the subsidiary companies for the year ended 31
st
December 2023, Atlantic
Petroleum UK and Atlantic Petroleum North Sea were audited by Anderson Anderson & Brown LLP in
Aberdeen and Atlantic Petroleum (Ireland), for the year ended 31
st
December 2023, were audited by KPMG in
Dublin.
Results and Dividends
The Group’s result after taxation for the year amounted to a profit of DKK 1.4MM (2024: loss of DKK 20.7MM).
Payment of a dividend is not proposed.
Shareholders Capital and Vote
The issued share capital in Atlantic Petroleum is DKK 3,697,860 consisting of 3,697,860 fully paid shares,
each with a nominal value of DKK 1.
Each share holds one vote and all shares have the same rights. For more details, please refer to the articles
of associations of the Parent Company which can be found on the Company’s website www.petroleum.fo.
Dematerialisation of paper shares
In October 2005, Atlantic Petroleum commenced dematerialisation of paper shares. All shares issued before
2004 (paper shares) have been called in for electronic registration. As at 31
st
December 2024, there were
paper shares in issue with the nominal value of DKK 6,665 The process to convert the shares into electronic
registration is scheduled to continue in 2025.
Distribution of Share capital
By year end 2024 Atlantic Petroleum had around 7,000 shareholders representing more than 30 countries.
The majority of the share capital was represented by Danish and Faroese investors.
DIRECTORS’ REPORT - CONTINUED
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April 2025 16/67
Substantial Shareholders
At 31
st
December 2024, there were no shareholders listed according to §28 b in the Companies Act:
Any listed shareholder holds interests in excess of 5% of the issued ordinary share capital of the Parent
Company.
Director Profiles
Ben Arabo
Chairman of the Board of P/F Atlantic Petroleum
Ben Arabo has more than 20 years of
experience from the oil and gas industry. He
was the CEO of Atlantic Petroleum for 7 years
from 2010 – 2017. Before joining Atlantic
Petroleum in 2010 he worked for the American
independent oil and gas company Hess
Corporation for 14 years in various roles and
in various locations.
Ben Arabo has a MSc in International
Business
Number of shares held in Atlantic
Petroleum:
Holds directly and indirectly 2,451 shares at
year-end 2024 – no change in portfolio in
2024.
Mourits Joensen
Deputy Chairman of P/F Atlantic Petroleum
Mourits Joensen has more than 15 years of
commercial and financial experience from
various positions in financial management,
banking and statistics. He was the CFO of
Atlantic Petroleum 2010 – 2015. Prior to
joining Atlantic Petroleum he held the position
as Finance and Administration Manager of the
Faroese Employment Service Fund.
Mourits Joensen has a MSc in Economics and
a MBA in Business.
Number of shares held in Atlantic
Petroleum:
Holds directly and indirectly 334 share at year-
end 2024 – no change in portfolio in 2024.
Mark T. Højgaard
Board Member of P/F Atlantic Petroleum
Mark T. Højgaard has more than 20 years of
experience in auditing and accounting. Mark
T. Højgaard is licensed as Certified Public
Accountant in the Faroe Islands and serves
concurrently as CEO/Partner of
Grannskoðarastovan í Runavík Sp/f.
Mark T. Højgaard has a MSc in Business
Administration and Auditing.
Mark took up his position as CEO of Atlantic
Petroleum on 24th May 2019.
Number of shares held in Atlantic
Petroleum:
Holds no shares at year-end 2024 – no change
in portfolio in 2024.
As a matter of Corporate Governance the independence of the Directors is evaluated yearly.
All of the Board members are independent of the Company.
Board Meetings
In 2024, the Board of P/F Atlantic Petroleum held 33 board meetings, including tele meetings.
DIRECTORS’ REPORT - CONTINUED
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April 2025 17/67
Management Profiles
Mark T. Højgaard
CEO of the Atlantic Petroleum Group
Mark T. Højgaard has more than 20 years of
experience in auditing and accounting. Mark T.
Højgaard is licensed as Certified Public
Accountant in the Faroe Islands and serves
concurrently as CEO/Partner of
Grannskoðarastovan í Runavík Sp/f.
Mark T. Højgaard has a MSc in Business
Administration and Auditing.
Mark took up his position as CEO of Atlantic
Petroleum on 24th May 2019.
Number of shares held in Atlantic Petroleum:
Holds no shares at year-end 2024 – no change in
portfolio in 2024.
Directors’ Interests and Remuneration
Beneficial interests of the Board of Directors holding office at the year-end, related parties and indirect holdings
of the Group are set out below:
There are no Board of Director beneficial interest of holding during the period.
The Board of Directors do not receive any share related compensation from the Group.
CEO’s Interests and Remuneration
Beneficial interests of the CEO holding office at the year-end, related parties and indirect holdings of the Group
are set out below:
There has been no CEO beneficial interest or holding during the period
Stock Exchange Announcements 2024
Please refer to www.petroleum.fo where the announcements to the stock exchanges can be read in full.
CORPORATE GOVERNANCE REPORT
As a Faroese registered company listed on NASDAQ OMX Copenhagen, Atlantic Petroleum is obliged to
comply with Faroese, Danish, securities law and stock exchange rules. The stock exchange rules require listed
companies to take a position on corporate governance recommendations on a “comply or explain” basis. As a
dual listed company, Atlantic Petroleum has chosen to base the corporate governance policy on the highest
standard and thus follows both the recommendations on NASDAQ OMX Copenhagen, with the exemptions
summarised below: Atlantic Petroleum has reviewed and implemented recent changes and recommendations
on Corporate Governance.
DIRECTORS’ REPORT - CONTINUED
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 18/67
A summary of Atlantic Petroleum’s non-compliance procedure and recommendations are stated
below. Further information is available on the Company’s website, www.petroleum.fo
Openness and Transparency
Information and publication of information:
Because of the Group’s international operations, all information is published in English and, where required,
Faroese.
Retirement Age
The Supervisory Board has not found it necessary to lay down a retirement age for the Supervisory Board
members. The annual report contains information about the age of the Supervisory Board members.
Election Period
The members of the Supervisory Board are elected for 1 year at a time. Re-election is allowed. For the time
being there is no limit of how often Board members can be re-elected.
REMUNERATION OF THE MEMBERS OF THE SUPERVISORY BOARD AND THE EXECUTIVE BOARD:
Whilst the undernoted Group remuneration policies remain, they were in effect suspended throughout most of
2023 given the market conditions, the challenges facing the Group and the downsizing activities undertaken.
The key actions on remuneration in 2024 were, where-ever possible, to freeze management and staff salaries
and board fees, make no bonus award nor make any LTIP awards for 2024. Towards the end of 2022
remuneration of Board members was re-instated.
Remuneration Policy
Remuneration to the members of the Supervisory Board and the Executive Board is on the same level as
comparable companies in order to attract, retain and motivate the members of the Supervisory Board.
Remuneration Policy for Senior Executives of Atlantic Petroleum
Overall Aim
The aim of Atlantic Petroleum’s (the “Company”) Remuneration Policy for senior executives is to provide a
reward framework which ensures that key executives are appropriately attracted, retained and motivated and
which is fit for purpose in the markets in which the Company operates and where it and its peer groups are
listed.
Remuneration Strategy
The Company’s remuneration strategy is to provide a competitive remuneration package which rewards
Directors and employees fairly and responsibly for their contributions and aims to deliver superior remuneration
for superior performance.
The total reward package will consist of elements such as Salary, Annual Performance Bonuses, Long Term
Incentives and Pension Contributions and Other Benefits.
The guiding principles behind the setting and implementation of this policy are that:
Balanced
There should be an appropriate balance between fixed and performance-related elements and the provision
of equity over the longer-term and which focuses executives on delivering the business strategy;
Competitive
Remuneration packages should be sufficiently competitive taking into account the level of remuneration paid
in respect of comparable positions in similar companies within the industry;
DIRECTORS’ REPORT - CONTINUED
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
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April 2025 19/67
Equitable
There should be an appropriate level of gearing in the package to ensure that executives receive an
appropriate proportion of the value created for shareholders while taking into account pay and conditions
throughout the remainder of the Group and where the Company operates and is listed;
Risk-weighted
Remuneration should not raise environmental, social or governance risks by inadvertently motivating
irresponsible behaviour. More generally, the overall remuneration policy should not encourage inappropriate
operational risk; and
Aligned
Executives will be encouraged to build a meaningful holding in the Company to further align their interests with
those of shareholders.
The Remuneration Committee will review on an annual basis whether its remuneration policy remains
appropriate for the relevant financial year. Factors taken into account by the Remuneration Committee will
include:
• overall corporate performance;
• market conditions affecting the Company;
• the recruitment market in the Company’s sector;
• changing market practice; and
• changing views of institutional shareholders and their representative bodies.
Base Salary
One salaried staff was employed
Annual Performance Bonus
No bonuses were paid for the 2024 Financial Year.
Long Term Incentive Plans
No Longterm Incentive Plans existed during the 2024 Financial Year
Share Based Payments
No Share Based payments were made during the 2024 Financial Year
Additional Benefits
No additional benefits were applied during the 2024 Financial Year.
Non-Executive Directors Fees
The Non-Executive Director (“NED”) fees will be structured as follows:
• A base fee will be paid for carrying out day to day duties as an NED; and
• Additional fees will be provided for extra responsibilities, for example chairing the Audit, Nominations
or Remuneration committees.
Fees should be sufficiently competitive taking into account the level of remuneration paid to Non-Executives
in similar companies within the industry.
These policies were implemented in 2012 but are currently not active.
DIRECTORS’ REPORT - CONTINUED
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 20/67
STATEMENT BY MANAGEMENT ON
THE ANNUAL AND CONSOLIDATED
REPORT AND ACCOUNTS
The Management and Board of Directors have today considered and approved the Annual and Consolidated
Report and Accounts of P/F Atlantic Petroleum for the financial year 1
st
January 2024 to 31
st
December 2024.
The Annual Report has been prepared in accordance with International Financial Reporting Standards as
adopted by the EU, the financial reporting requirements of NASDAQ OMX in Copenhagen, and additional
Faroese disclosure requirements for annual reports of listed companies.
In addition, in our opinion the approved the Annual and Consolidated Report and Accounts of P/F Atlantic
Petroleum for the financial year 1st January 2024 to 31st December 2024 with the file name
213800K4T6SRZ1RQDO38-2024-12-31-en.zip in all material aspects is prepared in accordance with ESEF
Regulation.
In our opinion, the accounting policies used are appropriate and the Annual and Consolidated Report and
Accounts give a true and fair view of the Group’s financial positions at 31
st
December 2024 as well as the
results of the Group’s activities and cash flows for the financial year 1
st
January 2024 to 31
st
December 2024.
Tórshavn 30
th
April 2025
Management:
Mark T. Højgaard
CEO
Board of Directors:
Ben Arabo Mourits Joensen Mark T. Højgaard
Chairman Deputy Chairman Director
INDEPENDENT AUDITOR’S REPORT
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 21/67
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of P/F Atlantic Petroleum
Report on the Audit of Consolidated financial statements and parent company financial
statements.
We have audited the consolidated financial statements and the Parent Company Financial Statements of P/F
Atlantic Petroleum, for the year ended 31 December 2024, which comprise the Income statement, Statement
of comprehensive income, Statement of changes in equity, Cash flow statement and the related notes,
including a summary of significant accounting policies for the financial year 1 January to 31 December 2024
in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Faroese
Financial Statements Act.
Collectively referred to as the ‘Financial Statements’.
Qualified opinion on the Consolidated financial statements
In our opinion, the Annual and Consolidated Financial Statement, except for the possible effects of the matter
described in the basis for qualified opinion section of our report, the Consolidated Financial Statements give a
true and fair view of the Group's financial position at 31 December 2024 and of the results of the Group's
operations and cash flows for the financial year 1 January to 31 December 2024 in accordance with IFRS
Accounting Standards as adopted by the EU and further requirements in the Faroese Financial Statements
Act.
Our opinion on the parent company Financial Statement
In our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Company's
financial position at 31 December 2024 and of the results of the Parent Company's operations and cash flows
for the financial year 1 January to 31 December 2024 in accordance with the Faroese Financial Statements
Act.
Our opinion is consistent with our auditor’s long-form report to the audit committee and the board of directors.
Basis for qualified Opinion
We have been unable to obtain the necessary up to date third party audit evidence to substantiate the
estimates made by the management regarding the deferred consideration receivable held at 31 December
2024, which is included in the balance sheet at 16,0 mDKK and linked to the Production of the Orlando Field.
These estimates have been disclosed in Note 19 and are based on, and consistent with, information disclosed
by the Operator in April 2024. Atlantic Petroleum is no longer a joint venture partner of the Orlando field and,
therefore, management are no longer party to the Operator’s more recent reports and production models
relating to the 2P recoverable reserves and future production profile.
Due to the significant uncertainty based on the significant assumptions made by management, we are unable
to provide an opinion on the deferred consideration receivable on the Orlando field production to state that this
balance is free from material misstatement or represents a true and fair view of the amount recoverable by the
company.
We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional
requirements applicable in the Faroe Islands. Our responsibilities under those standards and requirements are
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
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April 2025 22/67
INDEPENDENT AUDITOR’S REPORT
further described in the Auditor’s Responsibilities for the audit of the Consolidated financial statements and
parent company financial statements section of our report.
We are independent of the Group in accordance with the International Ethics Standards Board for Accountants'
International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in the Faroe Islands. We have also fulfilled our other ethical responsibilities in
accordance with these requirements and the IESBA Code.
To the best of our knowledge and belief, prohibited non-audit services referred to in article 5(1) of Regulation
(EU) no 537/2014 were not provided.
Apart from the for possible effects of the matter described above in our “Basis for qualified opinion”, we believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified
opinion.
Material uncertainty regarding Going Concern
We draw attention to note 1.1. in the annual accounts, which indicates that material uncertainty exists that may
cast significant doubt on the company’s ability to continue as a going concern.
The company has reached a framework agreement with its main creditors to reduce the Company’s debt,
which is pending final agreements. The framework suggests that the Company’s debt will be reduced by more
than 90 mDKK.
However the projected royalty receipts are dependent on future oil prices, currency exchange rates and oil
production, which are all inherently uncertain, which also indicates that cash flows from the receivable will
most likely differ from the stated deferred receivable as per 31
st
of December 2024. Therefore, there
is still considerable doubt on the company’s ability to continue operations.
In forming our opinion, we have considered the adequacy of the disclosures made in Note 1.1 of the financial
statements concerning the Company's ability to continue as a going concern. In view of the significance of
this matter, we consider it should be drawn to your attention, but our opinion is not modified in relation to
the Material uncertainty regarding Going Concern.
Appointment
P/F Januar, løggilt grannskoðanarvirki were first appointed auditors of P/F Atlantic Petroleum May 1st 2013.
We have been reappointed by shareholders on AGMs for an annual engagement every year since.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the Financial Statements for 2024. These matters were addressed in the context of our audit of the
Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
During our audit, we identified going concern and valuation of future receivables from sale of Development
facilities as Key Audit Matters.
We have been unable to obtain the necessary up to date third party audit evidence to substantiate the
estimates made by the management regarding the deferred consideration receivable held at 31 December
2024 which is included in the balance sheet at 16,0 mDKK and relates to the production of the Orlando field.
These estimates have been disclosed in note 19 and are based on, and consistent with, information disclosed
by the Operator. Atlantic Petroleum is no longer a joint venture partner of the Orlando field and, therefore,
management are no longer party to the Operator’s recent reports and production models relating to the 2P
recoverable reserves and the future production profile.
INDEPENDENT AUDITOR’S REPORT
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
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April 2025 23/67
As we are unable to substantiate the assumptions on which the valuation is based, we are unable to provide
an opinion on the deferred consideration receivable on the Orlando field, included in the line item Other
Receivables and trade and other receivables, and the possible effects hereof.
Our audit has led us to inform of Material uncertainty regarding Going Concern and have found it appropriate
to provide information regarding the material uncertainty for the parent company’s and the Groups ability to
continue as a going concern.
Hence do not provide information regarding Key Audit Matters and refer to the paragraphs “Basis for qualified
opinion” and “Material uncertainty regarding Going Concern” above.
Statement on Management’s Review
Management is responsible for Management’s Review.
Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any
kind of assurance opinion thereon.
In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review
and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial
Statements or our knowledge obtained during our audit, or otherwise appears to be materially misstated.
Further it is our responsibility to consider whether the Management’s review provides the information required
under the international Financial Reporting standards as adopted by the EU.
Based on the work we have performed, in our view, Management’s Review is in accordance with the
Consolidated Financial Statements and the Parent Company Financial Statements, except for the possible
effects of our qualification in the paragraph “Basis for qualified opinion” above and has been prepared in
accordance with the requirements of the International Financial Reporting Standards as adopted by the EU.
Management’s responsibilities for the Financial Statements
Management is responsible for the preparation of consolidated financial statements that give a true and fair
view in accordance with International Financial Reporting Standards as adopted by the EU and further
requirements in the Danish Financial Business Act and for the preparation of Parent Company and Group
Financial Statements that give a true and fair view in accordance with the International Financial Reporting
Standards, and for such internal control as Management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the Financial Statements, Management is responsible for assessing the Parent Company’s and
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless Management either intends to liquidate the Group or
the Parent Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in the Faroe Islands will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these Financial Statements.
As part of an audit in accordance with ISAs and the additional requirements applicable in the Faroes Islands,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
INDEPENDENT AUDITOR’S REPORT
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
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April 2025 24/67
• Identify and assess the risks of material misstatement of the Financial Statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s and the Parent Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by Management. Conclude on the appropriateness of
Management’s use of the going concern basis of accounting and based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Group or the Parent Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the Financial Statements, including the
disclosures, and whether the Financial Statements represent the underlying transactions and events
in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the Consolidated Financial Statements.
We are responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the Financial Statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
Report on compliance with the ESEF Regulation
As part of our audit of the Financial Statements we performed procedures to express an opinion on whether
the annual report of P/F Atlantic Petroleum for the financial year 1 January to 31 December 2024 with the
filename 213800K4T6SRZ1RQDO38-2024-12-31-en.zip is prepared, in all material respects, in compliance
with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF
Regulation) which includes requirements related to the preparation of the annual report in XHTML formal and
iXBRL tagging of the Consolidated Financial Statements.
Management is responsible for preparing an annual report that complies with the ESES Regulation. This
responsibility includes:
INDEPENDENT AUDITOR’S REPORT
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
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April 2025 25/67
• The preparing of the annual report in XHTML format;
• The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy
and the anchoring thereof to elements in the taxonomy, for all financial information required to be
tagged using judgement where necessary;
• Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements
presented in human readable format; and
• For such internal control as Management determines necessary to enable the preparation of an annual
report that is compliant with the ESEF Regulation.
Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material
respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a
report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material departures from the requirements set out in the
ESEG Regulation, whether due to fraud or error. The procedures include:
• Testing whether the annual report is prepared in XHTML format;
• Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the
tagging process;
• Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements;
• Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF
taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy;
and
• Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.
In our opinion, the annual report of P/F Atlantic Petroleum for the financial year 1 January to 31 December
2024 with the file name 213800K4T6SRZ1RQDO38-2024-12-31-en.zip is prepared, in all material respects, in
compliance with the ESEF Regulation.
Tórshavn, 30. April 2025
Januar P/F
løggilt grannskoðanarvirki
State authorized Public Accountants
Company reg.no. 5821
Óli Joensen
State Authorised Public Accountant
CONSOLIDATED FINANCIAL STATEMENTS
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April 2025 26/67
CONSOLIDATED FINANCIAL
STATEMENTS
CONSOLIDATED INCOME STATEMENT
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 27/67
CONSOLIDATED INCOME
STATEMENT
For the year ended 31
st
December 2024
Full Year
Full Year
DKK 1,000
Note
2024
2023
Revenue
3
0
0
Costs of sales
4
0
0
Gross profit/loss
0
0
Exploration expenses
0
0
Orlando/Pegasus deferred consideration
19
3,371
-14,413
Pre-licence exploration cost
0
0
General and administration cost
6,7,8
-2,426
-2,347
Depreciation PPE and intangible assets
10
0
0
Other operating cost/income
9
0
0
Operating loss
3
945
-16,760
Interest income and finance gains
5
0
0
Interest expenses and other finance costs
-3,376
-3,971
Loss before taxation
-2,430
-20,731
Taxation
11
3,827
0
Profit/Loss after taxation
1,396
-20,731
Earnings per share (DKK):
Basic
0.38
-5.61
Diluted
0.38
-5.61
CONSOLIDATED INCOME STATEMENT OF COMPREHENSIVE INCOME
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 28/67
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
For the year ended 31
st
December 2024
Full Year
Full Year
DKK 1,000
2024
2023
Items that may be recycled in P/L:
Profit/loss for the period
1,396
-20,731
Exchange rate differences
1,685
3,181
Total comprehensive Income/loss in the period
3,082
-17,550
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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April 2025 29/67
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
at 31
st
Dec
at 31
st
Dec
DKK 1,000
Note
2024
2023
Non-current assets
Intangible assets
14
0
0
Intangible exploration and evaluation assets
15
0
0
Tangible development and production assets
16
0
0
Property plant and equipment
17
0
0
Other receivables
19
7,620
11,916
Deferred tax asset
25
0
0
7,620
11,916
Current assets
Trade and other receivables
19
8,240
12,950
Cash and cash equivalents
24
31
1,136
8,271
14,086
Total assets
15,891
26,002
Current liabilities
Short term bank debt
21,24
59,434
59,438
Trade and other payables
20
45,604
55,080
Current tax payable
0
3,724
105,038
118,242
Non-current liabilities
Convertible loan facility
11,936
11,936
Long term provisions
23
11,722
11,711
Deferred tax liability
0
0
23,658
23,647
Total liabilities
128,696
141,889
Net assets
-112,805
-115,886
Equity
Share capital
26
3,698
3,698
Translation reserves
94,883
93,197
Retained earnings
-211,385
-212,782
Total equity shareholders´ funds
-112,805
-115,886
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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April 2025 30/67
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the year ended 31
st
December 2024
Share
Translation
Retained
DKK 1,000
capital
reserves
earnings
Total
At 1
st
January 2023
3,698
90,016
-192,050
-98,336
Translation reserves
0
3,181
0
3,181
Result for the period
0
0
-20,731
-20,731
At 31
st
Dec. 2023
3,698
93,197
-212,782
-115,886
LTIP awarded in the period, net
0
0
0
0
Translation reserves
0
1,685
0
1,685
Result for the period
0
0
1,396
1,396
At 31
st
Dec. 2024
3,698
94,883
-211,385
-112,805
CONSOLIDATED STATEMENT OF CASH FLOWS
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April 2025 31/67
CONSOLIDATED STATEMENT OF
CASH FLOWS
For the year ended 31
st
December 2024.
Full Year
Full Year
DKK 1,000
2024
2023
Operating activities
Operating profit/loss
945
-16,760
Depreciation, depletion and amortisation
0
0
Change in trade and other receivables
9,006
28,247
Change in trade and other payables
-9,476
-9,734
Interest revenue and finance gain received
0
0
Interest expenses and other finance cost
-31
-15
Net cash flow provided by operating activities
445
1,737
Investing activities
Capital expenditure
-3,345
-3,956
Net cash used in investing activities
-3,345
-3,956
Financing activities
Change in short term debt
-3
0
Change in long term debt
11
26
Net cash flow provided from financing activities
8
26
Change in cash and cash equivalents
-2,892
-2,193
Cash and cash equivalents at the beginning of the period
1,136
65
Currency translation differences
1,788
3,264
Cash and cash equivalents at the end of the period
31
1,136
NOTES TO THE CONSOLIDATED ACCOUNTS
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April 2025 32/67
NOTES TO THE CONSOLIDATED
ACCOUNTS
Note 1.1 Going Concern
It was advised on the 22nd of March 2019 that LOG, the group’s main lender, had entered into
administration and would not advance further funds under the facility agreement. The terms of the LOG
facility restrict the Group from seeking alternate funding means, however these restrictions were lifted by
LOG’s administrators. Atlantic Petroleum secured a bridging loan of DKK 7.5MM in March 2022, and
repayments commenced during 2023, continuing during 2024. Repayments of the LOG facility commenced
in 2023, continued in 2024 and expected to continue in 2025.
A resolution on the Group´s debt is the first step to address the deficiency in shareholders’ funds.
Shareholder´s funds amounted to DKK -112.8MM at the end of 2024 (2023: DKK -115.9MM).
The board and main creditors have come to a framework agreement, whereby the total debt will be reduced
by more than DKK 90 million.
The framework suggests that all bank debt, exceeding DKK 1.5MM, will be written off. The convertible loan
facility, will in part be converted to shares, resulting in London Oil and Gas (in administration) becoming a
major shareholder with 795,712 shares, equalling 17.7% of the total shares. The remaining debt on the
convertible loan facility will be written down to 1,1MM GBP. And the remaining bridge loan will be written
down to 2MM DKK.
The debt reduction is subject to final agreement. The terms of the debt restructuring are designed to allow
the group to continue to trade whilst utilising its free cash flows to repay the restructured debt. The directors
have prepared projections which show that the company is forecast to repay the group’s liabilities in full.
These projections are subject to a number of uncertainties and the actual cash flows may differ materially
from the forecast cash flows.
The ability of the Group to continue as a going concern is dependent on a finalization of the debt
restructuring, and the cash flows generated from the interest in the Orlando field. The cash flows generated
from the Orlando field royalty depend on production volumes and oil prices. The Orlando field is a subsea
tieback to the Ninian Central platform, which the Operator intends to decommission. When the platform is
decommissioned, Orlando production will cease, and there will be no further royalties. The Group is not a
party to any discussions on decommissioning and has made the assumption, in preparing its forecasts and
valuing the royalty, that production continues until the end of 2026.
Repayments to the company’s creditors continue during 2025, however, the debt restructuring is not
finalized, the Directors believe that finalization of the agreed upon framework will be in place in May 2025.
For this reason, and given the continuing repayment of liabilities, forecast to continue during 2025 based on
continuing royalty receipts, the accounts have been prepared on a going concern basis.
The deferred consideration receivable on the Orlando field is valued at DKK 16.0MM at 31 December 2024.
Remaining reserves are estimated to 1.3 MMBbl as of 31
st
December 2024. The estimation is based on the
latest disclosure by the Operator of the Orlando field, estimating reserves at 1
st
January 2024 to 2.4 MMBbl,
disclosed in April 2024, and production during 2024 of 1.1 MMBbl.
NOTES TO THE CONSOLIDATED ACCOUNTS
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.
There remains a material uncertainty regarding the going concern status of the Group. The ability of the
Group to continue as a going concern is dependent on a finalization of the debt restructuring, and ongoing
cash flows from the Orlando field royalty. These cash flows are dependent on production volumes, oil prices
and the availability of the Ninian Central platform as an export route for the oil produced from the Orlando
field.
Note 1.2 Corporate information
The consolidated financial statements of the Group, which comprise P/F Atlantic Petroleum, as the parent, and
all its subsidiaries, for the year ended 31
st
December 2024 was authorised for issue in accordance with a
resolution of the Directors on 31
st
March 2025.
P/F Atlantic Petroleum is a public limited company incorporated and domiciled in the Faroe Islands and listed
on the exchange NASDAQ OMX Copenhagen. The principal activities of the Company and its subsidiaries
(the Group) are Oil & Gas exploration, appraisal, development and production in the Faroe Islands, United
Kingdom, and Ireland. Financial statements for the Group’s ultimate parent are presented on the Group’s
website: www.petroleum.fo.
2.1 Basis of preparation
Accounting Convention
The Consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards (IFRS) as endorsed by the Council of the European Union (EU) and the additional Danish
disclosure requirements according to the Faroese Company Accounts Act, the financial reporting requirements
of NASDAQ OMX Copenhagen for listed companies.
The accounting policies set out below have been applied consistently to all periods presented in these
consolidated financial statements.
The financial information has been prepared on a historical cost basis and fair value conventions on the basis
of the accounting policies set out below. The consolidated financial statements are presented in DKK and all
values rounded to the nearest thousand, except where otherwise indicated.
Basis of Consolidation
The consolidated financial statements incorporate the financial statements of P/F Atlantic Petroleum and
entities controlled by P/F Atlantic Petroleum (its subsidiaries) made up at the end of each accounting period.
Control is achieved where P/F Atlantic Petroleum has the power to control the financial and operating policies
of an investee entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income
statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting
policies used into line with those used by other members of the Group.
Intra-group balances and any unrealised gains and losses or income and expenses arising from intra-group
transactions are eliminated in preparing the consolidated financial statements.
The interests in the subsidiaries are eliminated with the Parent Company’s proportionate ratio of the fair value
of the subsidiaries assets, liabilities and provisions measured at the date of acquisition or establishment of the
subsidiary.
NOTES TO THE CONSOLIDATED ACCOUNTS
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2.2 Significant accounting judgements, estimates and assumptions
Estimation uncertainty
Determining the carrying amount of some assets and liabilities requires estimation of the effects of future
events on those assets and liabilities at the balance sheet date.
In the opinion of Atlantic Petroleum’s management, the following estimates and associated judgements are
material for the financial reporting:
• determination of underground oil and gas reserves. The assessment of reserves is a complex process
involving various parameters such as analysis of geological data, commercial aspects, etc., each of which is
subject to uncertainty. The assessment is material to the determination of the recoverable amount and
depreciation profile for oil and gas assets,
• determination of the recoverable amount and depreciation profile for production assets. Determination of the
recoverable amount is based on assumptions concerning future earnings, oil prices, interest rate levels, etc.,
each of which is subject to uncertainty. The depreciation profile has been determined on the basis of the
expected use of the production assets, and is consequently subject to the same risks relating to reserves,
future earnings, etc., as apply to the determination of the value of the production assets,
• determination of the deferred consideration receivable. The assessment is based on a production profile
based on 2P Reserves (mid-point on Operators 2018 revenue estimate and 2014 Competent Persons Report);
and Discount factor of 10% based on current cost of capital to the Atlantic Petroleum Group.
• determination of abandonment obligations. Provisions for abandonment obligations are subject to particular
uncertainty as far as concerns the determination of the costs associated with removal of the production assets,
and the timing of the removal,
• and assessment of contingent liabilities and assets.
The estimates applied are based on assumptions which are sound, in management’s opinion, but which, by
their nature, are uncertain and unpredictable. The assumptions may be incomplete or inaccurate and
unforeseen events or circumstances may occur. Moreover, the Atlantic Petroleum Group is subject to risks
and uncertainties that may cause actual results to differ from these estimates. Special risks for the Atlantic
Petroleum Group are described in the section Director’s Report under Risk Management.
Assumptions for forward-looking statements and other estimation uncertainties at the balance sheet date that
involve a considerable risk of changes that may lead to a material adjustment in the carrying amount of assets
or liabilities within the coming financial year are disclosed in the notes.
The Group’s intangible exploration and evaluation assets, amounts to DKK 0MM (2023: DKK 0MM) and the
Group’s development and production assets amounts to DKK 0MM at 31
st
December 2024 (2023: DKK 0MM).
The Group’s abandonment obligations as of 31
st
December 2024 amounts to DKK 11.7MM (2023: DKK
11.7MM).
2.3 Summary of significant accounting policies
Interest in Joint Ventures
A joint venture is a contractual arrangement whereby the Group and other parties undertake an economic
activity that is subject to joint control.
Acquisitions of oil and gas properties are accounted for under the purchase method where the transaction
meets the definition of a business combination. Transactions involving the purchases of an individual field
interest, or a group of field interests, that do not qualify as a business combination are treated as asset
NOTES TO THE CONSOLIDATED ACCOUNTS
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purchases, irrespective of whether the specific transactions involved the transfer of the field interests directly
or the transfer of an incorporated entity. Accordingly no goodwill and no deferred tax gross up arises, and the
consideration is allocated to the assets and liabilities purchased on an appropriate basis.
Proceeds on disposal are applied to the carrying amount of the specific exploration and evaluation asset or
development and production asset disposed of and any surplus is recorded as a gain on disposal in the income
statement.
Investments in joint ventures are recognised by proportionate consolidation at the share of the jointly controlled
assets and liabilities, classified by nature, and the share of revenue from the sale of the joint product, along
with the share of the expenses incurred by the jointly controlled operation. Liabilities and expenses incurred in
respect of the jointly controlled operation are also recognised.
Translation of Foreign Currencies
For each individual entity, which is recognised in the consolidated accounts, a functional currency is
determined in which the entity measures its results and financial position. The functional currency is the
currency of the primary economic environment in which the entity operates. Transactions in other currencies
than the functional currency are transactions in a foreign currency.
A foreign currency transaction is, on initial recognition, recorded in the functional currency, at the spot
exchange rate between the functional currency and the foreign currency on the date of the transaction.
At each balance sheet date receivables, payables and other monetary items in foreign currency are translated
to the functional currency using the closing rate.
Exchange differences arising on the settlement of monetary items or on translating monetary items, at rates
different from those at which they were translated on initial recognition during the period or in previous financial
statements, shall be recognised in the income statement under financial revenues and expenses.
On consolidation the results and financial position of the Group’s individual entities with different functional
currencies than the Group’s presentation currency (DKK) are translated into the Group’s presentation currency
using the following procedure:
• Assets and liabilities are translated at the closing rate at the date of the balance sheet.
• Income and expenses are translated at exchange rates at the dates of the transactions.
All resulting exchange differences are recognised directly in equity as a separate component of equity.
For practical reasons an average rate for the period that approximates the exchange rates at the dates of the
transactions is used.
Income Statement
Revenue
Revenue is recognised to the extent it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or
receivable, excluding discounts, sales taxes, excise duties and similar levies. The Group assesses its revenue
arrangements against specific criteria in order to determine if it is acting as principal or agent. The Group has
concluded that it is acting as a principal in all of its revenue arrangements.
Sale of hydrocarbons is recognised when transfer of risk to the buyer has taken place. Sale of hydrocarbons
is measured at fair value and represents amounts receivable for goods and services provided in the normal
course of business, net of discounts, VAT and other sales related taxes.
NOTES TO THE CONSOLIDATED ACCOUNTS
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Cost of Sales
Cost of sales comprises cost directly related to the operation of oilfields, cost of goods sold, depreciations,
lease payments and other costs related to the operation of producing oil fields. Rentals payable for assets
under operating leases are charged to the income statement on a straight-line basis over the lease term.
Impairment of development and production assets is also recognised here.
Pre-licence Exploration Cost
Pre-licence exploration expenses comprise cost incurred prior to having obtained the legal rights to explore an
area and other general exploration costs which are not specifically directed to a licence and economic use is
of less than a year.
Exploration Expenses
Exploration expenses comprise the cost of the impairment of exploration and evaluation assets and
relinquishment cost.
General and Administration Cost
Administrative expenses comprise employment costs to the management and administration, staff,
depreciations and other costs related to the general administration of the Group.
Financial Income and Expenses
Financial income and expenses comprise interests, currency differences, dividend income from investments
and amortisation of financial assets and liabilities.
Taxation
Income tax
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently
payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income
statement because it excludes items of income or expense that are taxable or deductible in other years and it
further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated
using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of
assets and liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally
recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from goodwill (or negative
goodwill) or from the initial recognition (other than in a business combination) of other assets and liabilities in
a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries,
and interests in joint ventures, except where the Group is able to control the reversal of the temporary
difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be
recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled
or the asset realised.
NOTES TO THE CONSOLIDATED ACCOUNTS
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Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off corporation tax
assets against corporation tax liabilities and when they relate to income taxes levied by the same taxation
authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Tax is charged or credited in the income statement, except when it relates to items charged or credited directly
to equity, in which case the deferred tax is also dealt with in equity.
Statement of Financial Position
Intangible Assets
Intangible Assets
Items of intangible assets are stated at cost less accumulated depreciation and impairment losses.
Depreciation is charged to the income statement under General and Administration costs item on a straight-
line basis over the estimated useful lives. The estimated useful lives are as follows:
Office equipment 3 – 10 years
Scrap value 0%
The residual value is reassessed annually.
Exploration and Evaluation Assets
The Group applies the successful efforts method of accounting for Exploration and Evaluation (E&E) costs,
having regard to the requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources.
Under the successful efforts method of accounting all licence acquisition, exploration and appraisal costs are
initially capitalised at cost in well, field or specific exploration cost centres as appropriate, pending
determination. Expenditure, incurred during the various exploration and appraisal phases, is then written off
unless commercial reserves have been established or the determination process has not been completed.
The amounts capitalised include payments to acquire the legal right to explore, licence fees, cost of technical
services and studies, seismic acquisition, exploratory drilling and testing and other directly attributable cost.
Finance costs that are directly attributable to E&E assets are capitalised in accordance with IAS 23. In the
Parent Company these costs are expensed to the Income Statement.
Cost incurred prior to having obtained the legal rights to explore an area (pre-licence cost) are expensed
directly to the income statement under Pre-licence exploration cost as they have incurred.
E&E assets are not amortised prior to the conclusion of appraisal activities.
Intangible E&E assets related to each exploration licence/prospect are carried forward, until the existence (or
otherwise) of commercial reserves has been determined subject to certain limitations including review for
indications of impairment. Every year or if there otherwise are indications of impairment the assets will be
tested for impairment. Where, in the opinion of the Directors, there is impairment, E&E assets are written down
accordingly, through the Income Statement under Exploration Expenses.
If commercial reserves have been discovered and a field development plan has been approved by the
authorities, the carrying value of the relevant E&E asset is reclassified as a tangible asset, development and
production asset. Before the reclassification the asset will be tested for indications of impairment. If however,
commercial reserves have not been found, the capitalised cost are charged to the profit and loss account
under Exploration Expenses after conclusion of appraisal activities.
NOTES TO THE CONSOLIDATED ACCOUNTS
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Tangible Assets
Development and Production Assets
Development and production assets are accumulated generally on a field by field basis and represent the cost
of developing the commercial reserves discovered and bringing them into production, together with the E&E
expenditures incurred in finding commercial reserves transferred from intangible E&E assets as outlined in the
accounting policy for E&E assets above.
The cost of development and production assets also includes the cost of acquisitions and purchases of such
assets, directly attributable overheads, finance costs capitalised, and the cost of recognising provisions for
future restoration and decommissioning. In the Parent Company finance costs are expensed to the profit and
loss account.
The net book values of producing assets are depreciated generally on a field-by-field basis using the unit-of-
production (UOP) method by reference to the ratio of production in the period and the related commercial
reserves of the field.
An impairment test is performed once a year or whenever events and circumstances arising during the
development or production phase indicate that the carrying value of a development or production asset may
exceed its recoverable amount.
The carrying value is compared against the expected recoverable amount of the asset, generally by reference
to the present value of the future net cash flows, derived from expected production of commercial reserves.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit
exceeds its recoverable amount. Impairment losses are recognised in the income statement under the relevant
item. The cash-generating unit applied for impairment test purposes is generally the field, except that a number
of field interests may be grouped as a single cash-generating unit where the cash flows of each field are
interdependent. An impairment loss is reversed only to the extent that the assets carrying amount does not
exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised.
The depreciation and impairment are charged to the Income Statement under Cost of sales.
Decommissioning
Provision for decommissioning is recognised in full when the liability occurs. The amount recognised is the
present value of the estimated future expenditure. A corresponding tangible fixed asset is also created at an
amount equal to the provision. This is subsequently depreciated as part of the capital costs of the production
facilities. Any change in the present value of the estimated expenditure is reflected as an adjustment to the
provision and the fixed asset.
Property, Plant and Equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment
losses.
Depreciation is charged to the income statement under General and Administration costs item on a straight-
line basis over the estimated useful lives. The estimated useful lives are as follows:
Operating assets and office equipment 3 – 10 years.
Scrap value 0%
The residual value is reassessed annually.
NOTES TO THE CONSOLIDATED ACCOUNTS
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Financial Instruments
Financial assets and financial liabilities are recognised in the Group’s balance sheet when the Group becomes
a party to the contractual provisions of the instrument.
Trade and Other Receivables
Trade and other receivables are recognised at amortised costs and are reduced by appropriate allowances for
estimated irrecoverable amounts.
Bank Deposits (Cash and Cash-Equivalents)
Cash and cash equivalent includes cash in hand and deposits held at call with banks with maturity dates of
less than three months.
Equity, Translation Reserve
The translation reserve comprises foreign exchange rate adjustments arising on translation of the financial
statements of foreign entities with a functional currency that is different from the presentation currency (DKK)
of Atlantic Petroleum Group.
Bank Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently
stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption
value is recognised in the income statement over the period of the borrowings. Borrowings are classified as
current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date.
Other Payables
Other payables are stated at their nominal value.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable
that the Group will be required to settle that obligation. Provisions are measured at the management’s best
estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to
present value where the effect is material. Included in the item Provisions is provision for decommissioning
costs.
Segment Reporting
In the opinion of the directors the operations of the Group comprise one class of business, the production and
sale of hydrocarbons. Its primary segment reporting will be by geographical region.
Cash Flow Statement
The cash flow statement is prepared according to the indirect method and presents cash flow from operations,
investments and financing activities.
Cash Flow from Operating Activities
Cash flows from operating activities are presented using the indirect method, whereby the net profit or loss for
the period is adjusted for the effects of non-cash transactions, accruals, tax-payments and items of income or
expense associated with investing or financing cash flows.
Cash Flow from Investment Activities
Cash flows from investment activities comprises cash flows in conjunction with buying and selling entities and
activities, buying and selling intangible, tangible and other non-current assets and buying and selling securities
which are not recognised as cash and cash equivalents.
NOTES TO THE CONSOLIDATED ACCOUNTS
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Cash Flow from Financing Activities
Cash flows from financing activities comprise the raising of new share capital and loans, amortisation on loans
and payment of dividends.
3 Geographical segmental analysis
Full Year Full Year DKK 1,000 2024 2023 Revenues by origin: United Kingdom 0 0 0 0 Operating loss/profit by origin: Faroe Islands -1,510 -1,643 United Kingdom 2,538 -14,810 Norway 0 0 Other -82 -306 945 -16,760
4 Cost of sales
Full Year Full Year DKK 1,000 2024 2023 Operating costs 0 0 Produced oil in inventory at market value 0 0 Amortisation and depreciation, PPE: Oil and gas properties 0 0 Impairment 0 0 0 0
NOTES TO THE CONSOLIDATED ACCOUNTS
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5 Interest income & expense and finance gain & cost
Full Year Full Year DKK 1,000 2024 2023 Interest income and finance gain: Short term deposits 0 0 Time Value 0 0 Unwinding of discount on decommissioning provision 0 0 Exchange differences 0 0 0 0 Interest expense and other finance cost: Bank loan and overdrafts 5 9 Creditors 24 0 Time Value 0 0 Unwinding of discount on decommissioning provision 0 0 Others 1 6 Exchange differences 3,345 3,956 3,376 3,971
6 Auditors’ remuneration
Full Year Full Year DKK 1,000 2024 2023 Audit services: Statutory and Group audit, parent company auditor 137 134 Review of interim Financial Statements 0 0 Audit subsidiaries 229 197 366 331 Tax services: Consulting and advisory services 0 0 0 0
NOTES TO THE CONSOLIDATED ACCOUNTS
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7 Employee cost
Full Year Full Year DKK 1,000 2024 2023 Staff costs, including executive directors: Wages and salaries Board of directors 175 210 Managing Director – CEO*** 225 175 Administration, technical staff and other emplyees 400 385 Share based payment – LTIP accounting charge****: Managing Director – CEO 0 0 Administration, technical staff and other employees 0 0 0 0 Pension costs: Managing Director – CEO 23 16 Board of directors 18 22 Administration, technical staff and other employees 0 0 40 38 Social security costs 19 21 Other staff costs 0 0 19 21 Total employee costs 459 444 2024 2023 Average number of employees during the year: Technical and operations 0 0 Management and administration 1 1 1 1
There remains one full time employee of Atlantic Petroleum.
* The Board of Directors' remuneration by person and the CEO's remuneration is disclosed in the Director's
Report - Directors' Interests and Remuneration.
** Staff numbers include Managers.
*** The notice of termination for the CEO is one month.
**** See also note Share based payments below.
NOTES TO THE CONSOLIDATED ACCOUNTS
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8 Share based payments
Full Year Full Year 2024 2023 Number of options st1 January 0 0 Lapsed during the period 0 0 Expired during the period 0 0 stAt 31 December 0 0 Weighted average exercise price DKK st1 January 0 0 Lapsed during the period 0 0 Expired during the period 0 0 stAt 31 December 0 0
9 Other operating cost/income
Full Year Full Year DKK 1,000 2024 2023 Other operating income related to sales of licenses 0 0 Other operating income relaed to sales of activity 0 0 0 0
10 Depreciation
Full Year Full Year DKK 1,000 2024 2023 Depreciations included in general and administration costs 0 0 0 0
NOTES TO THE CONSOLIDATED ACCOUNTS
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11 Tax
Full Year Full Year DKK 1,000 2024 2023 Current tax : Tax repayable/(payable) in UK -3.827 0 Tax repayable/(payable) in NO 0 0 Tax repayable/(payable) 0 0 Total current tax -3.827 0 Deferred tax: Deferred tax cost in UK 0 0 Deferred tax 0 0 Total deferred tax 0 0 Tax credit/tax on loss/profit on ordinary activities -3.827 0
12 Dividend
No dividend is proposed. (2023: DKK Nil)
13 Earnings per share
The calculation of basic earnings per share is based on the profit after tax and on the weighted average number of Ordinary
Shares in issue during the year.
Basic and diluted earnings per share are calculated as follows:
Full Year Full Year DKK 1,000 2024 2023 Basic Profit/loss after tax 1.396 -20.731 Weighted average number of shares 3.697.863 3.697.863 Earnings per share 0,38 -5,61 Diluted Profit/loss after tax 1.396 -20.731 Weighted average number of shares 3.697.863 3.697.863 Earnings per share 0,38 -5,61
NOTES TO THE CONSOLIDATED ACCOUNTS
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14 Intangible assets
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Costs stAt 1 January 12.260 12.260 Exchange movements 0 0 Additions/Adjustments 0 0 At end of period 12.260 12.260 Amortisation and depreciation stAt 1 January 12.260 12.260 Exchange movements 0 0 Charge this period 0 0 At end of period 12.260 12.260 Net book value at end of period 0 0
15 Oil and gas – Intangible exploration and evaluation assets
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Costs stAt 1 January 0 0 Exchange movements 0 0 Disposal/Additions 0 0 At end of period 0 0 Amortisation and depreciation stAt 1 January 0 0 Exchange movements 0 0 Depreciation, charge 0 0 Impairment, charge 0 0 At end of period 0 0 Net book value at end of period 0 0
The amounts for intangible E&E assets represent the active exploration projects. These amounts will be written
off to the income statement as exploration expense unless commercial reserves are established or the
determination process is not completed and there are no indications of impairment. The outcome of ongoing
exploration, and therefore whether the carrying value of E&E assets will ultimately be recovered, is inherently
uncertain.
NOTES TO THE CONSOLIDATED ACCOUNTS
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16 Oil and gas – Tangible development and production assets
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Costs stAt 1 January 0 0 Exchange movements 0 0 Disposal/Additions 0 0 At end of period 0 0 Amortisation and depreciation stAt 1 January 0 0 Exchange movements 0 0 Depreciation, charge 0 0 Impairment, charge 0 0 At end of period 0 0 Net book value at end of period 0 0
Depreciation and amortisation for oil and gas properties is calculated on a unit-of-production basis, using the
ratio of oil and gas production in the period to the estimated quantities of proved and probable reserves at the
end of the period plus production in the period, on a field-by-field basis. Proved and probable reserve estimates
are based on a number of techniques to generate its estimates and regularly references its estimates against
those of joint venture partners or external consultants. However, the amount of reserves that will ultimately be
recovered from any field cannot be known with certainty until the end of the field’s life.
17 Property, plant and equipment assets
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Costs stAt 1 January 0 0 Exchange movements 0 0 Additions 0 0 At end of period 0 0 Amortisation and depreciation stAt 1 January 0 0 Exchange movements 0 0 Charge this period 0 0 At end of period 0 0 Net book value at end of period 0 0
NOTES TO THE CONSOLIDATED ACCOUNTS
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18 Investments and associates
Principal subsidiary undertakings of the Parent Company, all of which are 100 percent owned, are as follow:
Name of Company Business and area of operation Country of registration Atlantic Petroleum UK Limited Exploration, developmend and production, UK England and Wales Atlantic Petroleum (Ireland) Limited* Exploration, developmend and production, Ireland Republic of Ireland Atlantic Petroleum North Sea Limited* Exploration, developmend and production, UK England and Wales *Held through subsidiary undertaking
19 Trade and other receivables
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Non-Current Other receivables 7,620 11,916 7,620 11,916 Current Trade receivables -98 -94 Prepayments and accrued income 0 0 Other taxes and VAT receivable 7 250 Other receivables 8,330 12,794 8,240 12,950 Net receivables 15,860 24,866
All trade and other receivables are due within one year except for the Orlando deferred consideration DKK
16.0MM, of which 8.3MM is expected to be due within one year
The carrying values of the trade and other receivables are equal to their fair value as at the balance sheet
date.
Orlando deferred consideration
Under the Sale and Purchase Agreement regarding Orlando, APNS is due to receive deferred considerations
equalling 2% of the sale proceeds from the first 5,000,000 barrels of Orlando petroleum and an amount
equalling 4.35% of the Orlando petroleum in excess of the first 5,000,000 barrels.
The deferred consideration receivable on the Orlando field is currently valued at DKK 16.0MM.
Reserves are based on the information disclosed by the Operator of the Orlando field in April 2024, which
disclose reserves at 1 January 2024.
Based on this, the reserves remaining at 31 December 2024 are estimated to be 1.3 MMBbl.
Production rates are based on a 34% decline profile. Production has been stable throughout 2023 and 2024.
Production rates are expected to be 1,800 – 2,200 bopd for the remainder of the 2025.
The valuation is therefore based on a production of 2,000 bopd on average.
NOTES TO THE CONSOLIDATED ACCOUNTS
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Oil price is based on Brent crude futures.
Exchange rates are based on exchange rates at 31st December 2024.
20 Trade and other payables
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Trade payables* 45,398 54,610 Accrued expenses 206 205 Other payables 0 265 45,604 55,080
All trade and other payables are due within one year.
The carrying values of the trade and other payables are equal to their fair value as at the balance sheet date.
21 Cash, short and long term debt
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Cash: Cash at bank and in hand 31 1,136 Total cash 31 1,136 Short term debt: Short term bank loans 59,434 59,438 Total short term borrowings 59,434 59,438 Long term debt: Long term bank loans 0 0 Total long term borrowings 0 0
The borrowings are repayable as follows:
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Bank loans analysed by maturity Within one year 59,434 59,438 In one to five years 0 0 59,434 59,438 At year end 2024 the total short- and long-term loans amounted to DKK 59.4MM (2023: DKK 59.4MM).
NOTES TO THE CONSOLIDATED ACCOUNTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 49/67
22 Obligations under leases
There are no remaining production installation leases that Atlantic Petroleum is a party to.
23 Provisions for long-term liabilities and charges
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Decommissioning costs: stAt 1 January 11,711 11,685 Exchange movements 11 26 Reversal E&B 0 0 Addition of future decommissioning costs during the 0 0 year st At 31December 11,722 11,711 Total provision 11,722 11,711
The decommissioning provision represents the present value of decommissioning costs relating to the oil and
gas interests, which are expected to be incurred between 2023 and 2031. These provisions have been created
based on operators' estimates. Based on the current economic environment, assumptions have been made
which the management believe are a reasonable basis upon which to estimate the future liability. These
estimates are reviewed regularly to take into account any material changes to the assumptions. However,
actual decommissioning costs will ultimately depend upon future market prices for the necessary
decommissioning works required, which will reflect market conditions at the relevant time.
Furthermore, the timing of decommissioning is likely to depend on when the fields cease to produce at
economically viable rates. This in turn will depend upon future oil and gas prices, which are inherently
uncertain.
NOTES TO THE CONSOLIDATED ACCOUNTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 50/67
24 Financial instruments
The Group's activities expose it to financial risks of changes, primarily in oil and gas prices, but also foreign
currency exchange and interest rates.
Interest rate risk profile of financial liabilities
The interest rate profile of the financial liabilities of the Group as at 31st December was:
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Floating rate DKK 59,434 59,438 NOK 0 0 Total 59,434 59,438
The floating rate comprises bank borrowings bearing interest at rates set by reference to DKK CIBOR
exposing the Group to a cash flow interest rate risk.
Interest rate risk profile of financial assets
The interest rate profile of the financial assets of the Group as at 31
st
December was:
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Floating rate Held in DKK 31 22 Held in GBP 0 0 Held in USD 1 1,114 Held in EUR 0 0 Held in NOK 0 0 Total 31 1,136
The floating rate cash and short-term deposits consists of cash held in interest-bearing current accounts by
reference to DKK CIBOR.
The fair values of the financial assets and financial liabilities are:
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Carrying amount Cash and short-term deposits 31 1,136 Bank loans and credit facility -59,434 -59,438 Long-term bank loan 0 0 Fair value Cash and short-term deposits 31 1,136 Bank loans and credit facility -59,434 -59,438 Long-term bank loan 0 0
NOTES TO THE CONSOLIDATED ACCOUNTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 51/67
Fair value is the amount at which a financial instrument could be exchanged in an arm’s length transaction,
other than in a forced or liquidated sale. Where available, market values have been used to determine fair
values. The estimated fair values have been determined using market information and appropriate valuation
methodologies. Values recorded are indicative and will not necessarily be realised. Non-interest bearing
financial instruments, accounts receivable from customers, and accounts payable are recorded materially at
fair value reflecting their short-term maturity and are not shown in the above table.
Currency risk
No currency exposures were hedged during the year and thus there is a currency risk.
Please see risk management section for currency risk exposures.
25 Deferred tax
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 Deferred tax assets 0 0 0 0 DKK 1,000 2024 2023 Deferred tax liability 0 0 0 0
The Group has DKK 210.1MM of tax credits and allowances in its UK companies however in the absence of
certainty over the availability of future taxable profits the value of these has been discounted to zero.
26 Share capital
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 st Balance at 1January 3,698 3,698 Shares issued st Balance at 31December 3,698 3,698
st Dec at 31stOrdinary Shares at 31 Dec 2024 2023 DKK shares Authorised 8,626,703 8,626,703 Called up, issued and fully paid 3,697,860 3,697,860 DKK 1,000 Authorised 8,627 8,627 Called up, issued and fully paid 3,698 3,698
NOTES TO THE CONSOLIDATED ACCOUNTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 52/67
27 Analysis of changes in net debt/cash
st Dec at 31stat 31 Dec DKK 1,000 2024 2023 a) Reconciliation of net cash flow to movement in net debt/cash: Movement in cash and cash equivalents -1,104 1,071 Proceeds from long-term loans 0 0 Proceeds from short-term loans 3 0 Increase/decrease in net cash in the period -1,101 1,071 Opening net cash -70,238 -71,309 Closing net cash/debt -71,339 -70,238 b) Analysis of net cash/debt: Cash and cash equivalents 31 1,136 Short-term debt -59,434 -59,438 Long-term debt -11,936 -11,936 Total net cash/debt -71,339 -70,238
28 Capital comittments and guarantees
P/F Atlantic Petroleum has provided a parent guarantee to the UK Department for Energy and
Climate Change in connection with Atlantic Petroleum UK Limited assets in the UKCS:
(i) the parent will always provide necessary finance to enable Atlantic Petroleum UK Limited to
fulfil its obligations in the UK area
(ii) the parent will not alter Atlantic Petroleum UK Limited legal rights, so that the Company
cannot fulfil its obligations
(iii) the parent will undertake Atlantic Petroleum UK Limited financial obligations if the Company
fails to do so
P/F Atlantic Petroleum has a senior secured loan agreement with P/F Betri Banki. The Company has
offered the following security to lender in connection with the loan agreement:
(i) shares in Atlantic Petroleum UK Limited and Atlantic Petroleum North Sea Limited
(ii) receivables from Atlantic Petroleum UK Limited
(iii) charge over proceeds from insurance coverage
The Company has provided lender with a negative pledge and investment in new ventures shall be
endorsed by the lender.
Atlantic Petroleum UK Limited had a loan facility at year end 2024 with the following bank: P/F Betri
of DKK 56.8MM. P/F Atlantic Petroleum has provided a parent guarantee for this loan facility.
The Company has provided lender with a negative pledge and investment in new ventures shall be
endorsed by the lender.
NOTES TO THE CONSOLIDATED ACCOUNTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 53/67
29 Contingent considerations
Under the Sale and Purchase Agreement regarding Orlando, APNS is due to receive deferred considerations
equalling 2% of the sale proceeds from the first 5,000,000 barrels of Orlando petroleum and an amount
equalling 4.35% of the Orlando petroleum in excess of the first 5,000,000 barrels.
30 Related party disclosures
Intra-group related party transactions, which are eliminated on consolidation, are not required to be disclosed
in accordance with IAS 24.
Atlantic Petroleum has a key management personnel service agreement with Grannnskoðarastovan Sp/f for
at monthly fee of DKK 30.000. Outstanding balance at 31
st
December 2024 is DKK 1.16MM
PARENT COMPANY INCOME STATEMENT
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 54/67
PARENT COMPANY INCOME
STATEMENT
For the year ended 31
st
December 2024
DKK 1,000
Note
2024
2023
Revenue
0
0
Costs of sales
0
0
Gross profit/loss
0
0
Exploration expenses
0
0
Pre-licence exploration cost
0
0
General and administration cost
2,3
-1,510
-1,643
Depreciation PPE and intangible assets
6
0
0
Other operating cost/income
5
0
0
Operating loss
-1,510
-1,643
Interest income and finance gains
7
0
9,309
Interest expenses and other finance costs
7
-2,479
-21,511
Loss before taxation
-3,990
-13,845
Taxation
0
0
Profit/Loss after taxation
-3,990
-13,845
Distribution of profit:
Retained earnings
-3,990
-13,845
Distribution in total
-3,990
-13,845
PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 55/67
PARENT COMPANY STATEMENT
OF COMPREHENSIVE INCOME
For the year ended 31
st
December 2024
DKK 1,000
2024
2023
Items that may be recycled in P/L:
Profit/loss for the period
-3,990
-13,845
Total comprehensive
Income/loss in the period
-3,990
-13,845
PARENT COMPANY FINANCIAL POSITION
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 56/67
PARENT COMPANY
FINANCIAL
POSITION
31
st
December 2024
At 31
st
Dec
At 31
st
Dec
DKK 1,000
Note
2024
2023
Non-current assets
Intangible assets
10
0
0
Property plant and equipment
11
0
0
Investment in subsidiary
9
0
0
0
0
Current assets
Trade and other receivables
12
7
62
Reveivables from subsiduary
12
0
6,784
Cash and cash equivalents
24
23
1,136
30
7,981
Total assets
30
7,981
Current liabilities
Exploration finance facility
0
0
Short term bank debt
21
2,617
2,617
Trade and other payables
13
41,392
11,098
Current tax payable
0
0
44,008
13,715
Non-current liabilities
Long term debt – intercompany
109,395
105,600
Long term bank debt
0
0
Convertible loan facility
11,936
49,985
121,331
155,586
Total liabilities
165,339
169,300
Net assets
-165,309
-161,319
Equity
Share capital
3,698
3,698
Retained earnings
-169,007
-165,017
Total equity shareholders´ funds
-165,309
-161,319
PARENT COMPANY STATEMENT OF CHANGES IN EQUITY
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 57/67
PARENT COMPANY STATEMENT
OF CHANGES IN EQUITY
For the year ended 31
st
December 2024
Share
Retained
DKK 1,000
capital
earnings
Total
At 1
st
January 2023
3,698
-151,172
-147,474
Result for the period
0
-13,845
-13,845
At 31
st
December 2023
3,698
-165,017
-161,319
Result for the period
0
-3,990
-3,990
At 31
st
December 2024
3,698
-169,007
-165,309
PARENT COMPANY CASH FLOW STATEMENT
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 58/67
PARENT COMPANY CASH FLOW
STATEMENT
For the year ended 31
st
December 2024
DKK 1,000
2024
2023
Operating activities
Operating loss
-1,510
-1,643
Depreciation, depletion and amortisation
0
0
Change in trade and other receivables
54
-43
Change in trade and other payables
30,294
-41,256
Interest revenue and finance gain received
0
9,309
Interest expenses and other finance cost
-2,479
-1,410
Income taxes
0
0
Net cash flow provided by operating activities
26,359
-35,044
Investing activities
Capital expenditure
0
0
Net cash used in investing activities
0
0
Financing activities
Change in intercompany accounts
10,578
-1,935
Change in short term debt
0
0
Change in long term debt
-38,050
38,050
Net cash flow provided from financing activities
-27,471
36,115
Change in cash and cash equivalents
-1,113
1,071
Cash and cash equivalents at the beginning of the
period
1,136
65
Cash and cash equivalents at the end of the period
23
1,136
PARENT COMPANY NOTES TO THE ACCOUNTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 59/67
PARENT COMPANY NOTES TO THE
ACCOUNTS
1 Corporate information
The financial statements for the Company P/F Atlantic Petroleum for the year ended 31
st
December 2024,
according to the requirement in the Faroese Company Accounts Act, were authorised for issue in accordance
with a resolution of the directors on 30
th
April 2025.
P/F Atlantic Petroleum is a public limited company incorporated and domiciled in the Faroe Islands and listed
on the exchange NASDAQ OMX Copenhagen. The principal activities of the Company are Oil & Gas
exploration, and appraisal in the Faroe Islands.
2 Auditors’ remuneration
DKK 1,000
2024
2023
Audit services:
Statutory and Group audit, parent company auditor
137
134
Review of interim Financial Statements
0
0
137
134
PARENT COMPANY NOTES TO THE ACCOUNTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 60/67
3 Employee cost
DKK 1,000
2024
2023
Staff costs, including executive directors:
Wages and salaries
Board of directors
175
210
Managing Director – CEO***
225
175
Administration, technical staff and other emplyees
400
385
Share based payment – LTIP accounting charge****:
Managing Director – CEO
0
0
Administration, technical staff and other employees
0
0
0
0
Pension costs:
Managing Director – CEO
23
16
Board of Directors
18
22
Administration, technical staff and other employees
0
0
40
38
Social security costs
19
21
Other staff costs
0
0
19
21
Total employee costs
459
444
2024
2023
Average number of employees during the year:
Technical and operations
0
0
Management and administration
1
1
1
1
* The Board of Directors' remuneration by person and the CEO's remuneration is disclosed in the Director's
Report - Directors' Interests and Remuneration and in Management's Interests and Remuneration.
** Staff numbers include Managers.
*** See also note Share based payments below.
The notice of termination for the CEO is one month.
PARENT COMPANY NOTES TO THE ACCOUNTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 61/67
4 Share based payments
2024
2023
Number of options
1
st
January
0
0
Lapsed during the period
0
0
Expired during the period
0
0
At 31
st
December
0
0
Weighted average exercise price DKK
1
st
January
0
0
Lapsed during the period
0
0
Expired during the period
0
0
At 31
st
December
0
0
5 Other operating income
DKK 1,000
2024
2023
Service rendering to subsidiaries
0
0
0
0
6 Depreciation
DKK 1,000
2024
2023
Depreciations included in general and administration costs
0
0
0
0
7 Interest revenue and expenses & finance gain and cost
DKK 1,000
2024
2023
Interest income and finance gain:
Short term deposits
0
0
Intercompany Provisions reversed
0
8,418
Exchange differences
0
891
0
9,309
Interest expense and other finance cost:
Bank loan and overdrafts
8
8
Intercompany Provisions
89
Impairment subsiduary
0
20,101
Others
1
6
Creditors
25
0
Exchange differences
2,356
1,396
2,479
21,511
PARENT COMPANY NOTES TO THE ACCOUNTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 62/67
8 Dividend
No interim dividend is proposed. (2023: DKK Nil)
9 Investment in subsidiaries
DKK 1,000
2024
2023
Costs
At 1
st
January
0
20,101
Impairment
0
-20,101
At end of period
0
0
Priscipal subsidiary undertakings of the Parent Company, all of which are 100 percent owned, are as follow:
Name of Company
Business and area of operation
Country of registration
Atlantic Petroleum UK Limited
Exploration, developmend and production, UK
England and Wales
Atlantic Petroleum (Ireland) Limited*
Exploration, developmend and production, Ireland
Republic of Ireland
Atlantic Petroleum North Sea Limited*
Exploration, developmend and production, UK
England and Wales
*Held through subsidiary undertaking
In connection with the debt facility, P/F Atlantic Petroleum has pledged as security to the lenders the shares
in the wholly owned subsidiary Atlantic Petroleum UK Limited. See note regarding capital commitments and
guarantees.
10 Intangible assets
DKK 1,000
2024
2023
Costs
At 1
st
January
1,467
1,467
Additions/Adjustments
0
0
At end of period
1,467
1,467
Amortisation and depreciation
At 1
st
January
1,467
1,467
Charge this period
0
0
At end of period
1,467
1,467
Net book value at end of period
0
0
PARENT COMPANY NOTES TO THE ACCOUNTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 63/67
11 Property, plant and equipment
DKK 1,000
2024
2023
Costs
At 1
st
January
0
0
Additions
0
0
At end of period
0
0
Amortisation and depreciation
At 1
st
January
0
0
Charge this period
0
0
At end of period
0
0
Net book value at end of period
0
0
12 Trade and other receivables
DKK 1,000
2024
2023
Trade receivables
0
0
Other taxes and VAT receivable
7
62
Reveivables from subsiduary
0
6,784
Net assets
7
6,845
All trade and other receivables are due within one year.
The carrying values of the trade and other receivables are equal to their fair value as at the balance sheet
date.
The amount due from subsidiary undertakings relates to balances, which bears no interest and are payable
upon request. In connection with the Company´s debt facility, P/F Atlantic Petroleum has pledged as security
the intra-company receivables from Atlantic Petroleum UK Limited. See note regarding capital commitments
and guarantees.
13 Trade and other payables
DKK 1,000
2024
2023
Trade payables*
41,196
10,902
Accrued expenses
196
196
Other payables
0
0
41,392
11,098
All trade and other payables are due within one year.
The carrying values of the trade and other payables are equal to their fair value as at the balance sheet date.
PARENT COMPANY NOTES TO THE ACCOUNTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 64/67
14 Cash, short and long-term debt
DKK 1,000
2024
2023
Cash:
Cash at bank and in hand
23
1,136
Total cash
23
1,136
Short term debt:
Short term bank loans
2,617
2,617
Total short term borrowings
2,617
2,617
Long term debt:
Long term bank loans
0
0
Total long term borrowings
0
0
The borrowings are repayable as follows:
DKK 1,000
2024
2023
Bank loans analysed by maturity
Within one year
2,617
2,617
In one to five years
0
0
2,617
2,617
15 Financial instruments
The Group's activities expose it to financial risks of changes, primarily in oil and gas prices, but also foreign
currency exchange and interest rates.
Interest rate risk profile of financial liabilities
The interest rate profile of the financial liabilities of the Group as at 31st December was:
DKK 1,000
2024
2023
Floating rate
DKK
2,617
2,617
NOK
0
0
2,617
2,617
Total
2,617
2,617
The floating rate comprises bank borrowings bearing interest at rates set by reference to DKK CIBOR exposing
the Group to a cash flow interest rate risk.
A 1 per cent point change per annum in the interest would have a hypothetic effect of DKK 0,03MM (2023:
DKK 0,03MM) on the result and equity.
PARENT COMPANY NOTES TO THE ACCOUNTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 65/67
Interest rate risk profile of financial assets
The interest rate profile of the financial assets of the Group as at 31
st
December was:
DKK 1,000
2024
2023
Floating rate
Held in DKK
22
22
Held in GBP
0
0
Held in USD
1
1,114
Held in EUR
0
0
Held in NOK
0
0
23
1,136
Total
23
1,136
The floating rate cash and short-term deposits consists of cash held in interest-bearing current accounts by
reference to DKK CIBOR.
The fair values of the financial assets and financial liabilities are:
DKK 1,000
2024
2023
Carrying amount
Cash and short-term deposits
23
1,136
Bank loans and credit facility
-2,617
-2,617
Long-term bank loan
0
0
Fair value
Cash and short-term deposits
23
1,136
Bank loans and credit facility
-2,617
-2,617
Long-term bank loan
0
0
Fair value is the amount at which a financial instrument could be exchanged in an arm’s length transaction,
other than in a forced or liquidated sale. Where available, market values have been used to determine fair
values. The estimated fair values have been determined using market information and appropriate valuation
methodologies. Values recorded are indicative and will not necessarily be realised. Non-interest bearing
financial instruments, accounts receivable from customers, and accounts payable are recorded materially at
fair value reflecting their short-term maturity and are not shown in the above table.
Currency risk
No currency exposures were hedged during the year and thus there is a currency risk.
Please see risk management section for currency risk exposures.
CONTACTS
P/F Atlantic Petroleum Annual and Consolidated Report and Accounts 2024 Issued 30
th
April 2025 66/67
Contacts
P/F Atlantic Petroleum
P.O.Box 1228
Lucas Debesargøta 8
FO-110 Tórshavn
Faroe Islands
Telephone +298 59 16 01
E-mail: petroleum@petroleum.fo
www.petroleum.fo
VAT/Tax No. Faroes 475.653
Reg. No. Faroes 2695
Atlantic Petroleum UK Ltd / Atlantic
Petroleum North Sea Ltd
5 Strarford Place
London W1C 1AX
United Kingdom
Telephone +298 59 16 01
Atlantic Petroleum (Ireland) Ltd
Registered address
6th Floor
2 Grand Canal Square
Dublin 2
Ireland
Auditors Parent Company
JANUAR, State Authorised Public Accountants P/F
P.O.Box 30, Óðinshædd 13
FO-110 Tórshavn
Faroe Islands
Telephone +298 314 700
Fax +298 351 701
E-mail: januar@januar.fo
www.januar.fo
Auditors Subsidiaries
Atlantic Petroleum UK Ltd/
Atlantic Petroleum North Sea Ltd: Atlantic Petroleum (Ireland) Ltd:
Anderson Anderson & Brown LLP KPMG
Kingshill View Stokes Place
Kingswells Causeway St Stephens Green
Prime Four Business Park Dublin 2
Aberdeen AB15 8PU Ireland
United Kingdom
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