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29-09-2017 13:57:55

Resignation of CEO

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Tórshavn, Faroe Islands, 2017-09-29 13:57 CEST (GLOBE NEWSWIRE) --

Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) announces that Ben Arabo has today tendered his resignation as CEO of Atlantic Petroleum and will leave the company to take up a Faroe Islands based post. Ben Arabo will remain in place as CEO until 1st December.

 

The Board will be announcing his replacement as CEO in the near future.

 

Birgir Durhuus, Chairman of the Board, said:

“We are sorry to part ways with Ben Arabo. I would like to thank him for his contribution over the years. The last three years have been very challenging in the industry and under Ben’s leadership Atlantic Petroleum has navigated through very difficult waters. The company is now refinanced with an expected revenue stream commencing in 2018. This is a good base to grow the company again and to acquire new assets, which will be one of the main tasks of the incoming CEO.”

 

Ben Arabo said:

“I wish the company all the best and I am confident that Board and Management will succeed in the endeavours to grow from the new base.”

Atlantic Petroleum in brief:

Atlantic Petroleum participates in oil and gas joint ventures with reputable, international partners. Atlantic Petroleum P/F is based in Tórshavn, Faroe Islands, and the Company has subsidiaries in the UK, Ireland and Norway and an office in London, UK. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 550100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.

 

On the website, it is also possible to sign up for the Company’s e-mail newsletter.

 

Announcement no.14/2017

Issued 29-09-2017

         P/F Atlantic Petroleum

         Yviri við Strond 4

         P.O. Box 1228

         FO-110 Tórshavn

         Faroe Islands

         

         Telephone +44 203 397 6353

         Website: www.petroleum.fo

         E-mail: petroleum@petroleum.fo

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