Atlantic Petroleum to make changes as funds fall short

Atlantic Petroleum to make changes as funds fall short

North West Europe focused E&P group Atlantic Petroleum has engaged Pareto Securities as a financial advisor with the purpose of exploring a range of strategic alternatives including the possibility of a sale, merger or a jv partnership.

Ben Arabo, CEO of Atlantic Petroleum, commented: “The initiation of a review of strategic alternatives will allow us to explore options that can accelerate the realization of value for the benefit of our shareholders.”

In a statement today, the company said there is no assurance that the review will result in the completion of any transaction, and continuing as an independent company as it is now is also included as part of the review.

In the event of no transaction being completed, Atlantic requires additional funds to continue with its current portfolio and activities, including the completion of the Orlando field development in the UK. It said it will consider different ways of strengthening its financial position including new equity financing, new debt financing, asset sales or a combination of all three.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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