Reykjavik (IFN) Faeroese oil company, Atlantic Petroleum's consolidated losses after taxes for the first half of 2006 amounted to DKK6,3 million compared to a loss of DKK579,382 for first half of 2005, the company announced on Wednesday.
Atlantic Petroleum is listed on the Iceland Stock Exchange (ICEX).
The consolidated losses after taxes in the second quarter amounted to DKK4,1 million, compared to a DKK532,814 loss in the same period in 2005.
The company's consolidated total assets amounted to DKK265 million at the end of fist half of 2006, compared to DKK110 million at the end of first half of 2005.
?The financial loss for the first six months of 2006 is slightly higher than anticipated. The reason is that the partnership decided not to carry on with the exploration on Faroese licence 001 when the licence period ended the 17 August 2006," said Wilhelm Petersen, P/F Atlantic Petroleum's chief executive.
?The goals for the first half year were reached, as we satisfactorily completed a public share offering, and passed a milestone in the development of the Ettrick Field with the UK Department of Trade and Industry's approval of the Field Development Plan."
?In order to broaden the company's shareholder base the Board of Directors has decided to dual list the company shares on OMX Copenhagen Stock Exchange," he added.
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