Atlantic Petroleum unable to pay planned loan installment

Faroe Islands-based oil unit Atlantic Petroleum has been unable to pay a planned loan installment to Eik Bank.

Atlantic Petroleum has been unable to pay a planned USD 2.8 million installment on a combined loan of USD 8.5 million from Eik bank - an installment that was set to be paid in December.

As such, a solution has yet to be found for the trouble in which Atlantic Petroleum finds itself after the development of a major North Sea oil field has stalled.

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