The bridge loan facility will be used to finance Atlantic Petroleum's activities in terms of maturing the existing asset base, and the development of the Chestnut and Ettrick Fields. The bridge loan facility shall be paid back at the end of 1 Q 2009.
First production is anticipated from the Chestnut field in 4Q 2007 and from the Ettrick field in mid 2008.
Commenting on the bridge loan facility Wilhelm Petersen, Managing Director of P/F Atlantic Petroleum said:
"This bridge loan facility increases our financial flexibility until our first two development assets are on stream and enables Atlantic Petroleum to pursue the expanding strategy if some attractive opportunities are offered to the Company."
Commenting on the bridge loan facility Marner Jacobsen, Managing Director of P/F Eik Banki said:
"We are very pleased to provide this loan facility to Atlantic Petroleum, as this is in accordance with our strategy to become more active in new business areas and new activities outside the Faroes"
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