Atlantic Petroleum announced Monday that its management team has been authorized to put the company up for sale.
In an effort to “explore a broad range of strategic alternatives to further enhance shareholder value”, according to an Atlantic Petroleum statement, the company is considering a sale, merger or joint venture partnership. Based on its current portfolio and activities, including the completion of the Orlando field development in the UK, Atlantic Petroleum is not financed for its planned schedule in 2016.
Ben Arabo, chief executive officer of Atlantic Petroleum, commented in a company statement:
"The initiation of a review of strategic alternatives will allow us to explore options that can accelerate the realization of value for the benefit of our shareholders."
Despite the company’s strategic review, there is no guarantee that Atlantic Petroleum will complete any of the aforementioned transactions. If no transaction is completed, Atlantic has stated that it will “continue to execute on the company's strategy and operational plan as an independent company”.
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