Faroese oil firm Atlantic Petroleum is seeking buyers for all or parts of the company, it said on Monday, adding that it would otherwise have to raise cash to continue its current operations.
The firm, headquartered in the Faroe Islands and listed in Copenhagen and Oslo, said in a statement it had hired bankers Pareto Securities to explore potential deals that could include a sale or merger of the firm or selling its British and Norwegian assets.
Atlantic currently has oil and gas licenses on the UK, Norwegian and Irish continental shelves.
“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 activities in 2016,” it said, adding it would consider raising new equity or debt if a buyer for the firm is not found.
On Friday Atlantic Petroleum said it had sold its 10 percent share in the U.K. Pegasus discovery to Third Energy for up to 16.5 million pounds ($25.77 million).
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