EnergyWatch

The Danish Business Authority issues orders to oil company

Copenhagen-listed Atlantic Petroleum has received several orders after suspending its continuing operations on payments determined as uncertain, so they have not been factored into the report.

Photo: Atlantic petroleum / PR

It would seem that making a calculation error should be difficult when annual revenue amounts to DKK 0. Nevertheless, Faroese oil company Atlantic Petroleum, listed on Nasdaq Copenhagen, has done precisely this, The Danish Business Authority (DBA) states that after monitoring the 2017 annual report and 2018 half year report, seven reprimands have been issued to the company, DBA announced in a ruling.

An ongoing criticism is centered on Atlantic Petroleum's years-long handling of its most promising asset, Orlando. The oil field located in the UK's North Sea territorial waters was sold off in May 2017 after several years of economic decline – and following a bankruptcy which delayed production for partner and field operator Iona Energy Ltd. However, across several points the Danish Business Authority found errors in connection with the sale and aftermath.

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