Atlantic Petroleum signs Head of Terms

A short-term credit facility of DKK 5 million will bridge the gap ahead of licensing payments from the Orlando field, the strained Faroese oil company states.

Photo: Atlantic petroleum / PR

Faroese oil company Atlantic Petroleum has signed a non-binding Head of Terms with one of its shareholders regarding a bridge loan of DKK 5 million (EUR 669,956), informs Atlantic Petroleum in a stock exchange notice Wednesday evening CET.

The bridge loan will enable Atlantic Petroleum to fund its operations until the company receives licensing payments from the Orlando field, which Atlantic previously divested. Afterwards, the company expects to create a more "sustainable capital structure", including a restructuring of the company's debt.

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