Atlantic Petroleum Posts Net Profit of DKK 1,4MM for 2024

Core Insights - Atlantic Petroleum reported a net profit of DKK 1.4 million for 2024, a significant recovery from a loss of DKK 20.7 million in 2023 [6] - The company reached an agreement with its main creditors to reduce total debt by at least DKK 90 million, although the restructuring is not yet finalized [3] - General and administration costs slightly increased to DKK 2.4 million in 2024 from DKK 2.3 million in 2023 [2][6] Financial Performance - The gross profit for 2024 was DKK 0 million, consistent with 2023 [6] - Exploration expenses remained at DKK 0.0 million for both 2024 and 2023 [6] - Loss before taxation improved to DKK 2.4 million in 2024 from a loss of DKK 20.7 million in 2023 [6] - Total shareholders' equity at the end of 2024 was DKK -112.8 million, an improvement from DKK -115.9 million in 2023 [6] - Net cash provided from operating activities decreased to DKK 0.5 million in 2024 from DKK 1.7 million in 2023 [6] - Cash and cash equivalents dropped to DKK 0.0 million at the end of 2024, down from DKK 1.1 million in 2023 [6] Company Overview - Atlantic Petroleum is involved in oil and gas joint ventures with international partners and is based in Tórshavn, Faroe Islands, with subsidiaries in the UK and Ireland [4] - The company's shares are listed on NASDAQ OMX Copenhagen [4]