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Atlantic Petroleum seriously squeezed by low oil price

If the anticipated improvement in the oil price does not exceed 75 dollars within the next 12 months, the company will have additional financing needs, writes the small Faroese oil company in an interim report.

The great decline in the oil price that took place during 2014 has wreaked havoc in the oil industry - and Atlantic Petroleum has been no exception.

The small Faroese oil company experienced a financially wretched first quarter and is forced to lower its expectations for 2015. A more serious matter is that the company is taking precautions for its future status and closing an office.

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