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Atlantic Petroleum considers dual listing in Copenhagen.

NORDIC BUSINESS REPORT-25 July 2006-Atlantic Petroleum considers dual listing in Copenhagen(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com

Icelandic-listed, Faeroese oil company Atlantic Petroleum is considering a dual listing on the Copenhagen Stock Exchange (CSE), chief executive Wilhelm Petersen told Icelandic Financial News (IFN) on Wednesday (26 July).

Petersen said that the reason for the dual listing is that the company needs to gain more exposure and a broader investor base. He added that Atlantic Petroleum will stay listed at the Icelandic Stock Exchange (ICEX).

Peterson said that the company had raised DKK120m (EUR16m) in equity from Danish and Faroese investors and that the share issue closed four times oversubscribed.

Atlantic Petroleum made an attempt to raise DKK200m (EUR26.8m) from the Icelandic stock market earlier this month, but only managed to raise DKK121m (EUR16.2m) from investors.

Local analysts said that the company could have been more successful last year or even earlier this year, but that unfavourable market conditions in Iceland contributed to the lack of interest.

Petersen said that he was still satisfied with the company's listing on the ICEX, but added that Icelandic investors' limited knowledge of the oil industry has resulted less than expected interest in Atlantic Petroleum by local investors.

One Danish krone (DKK) is worth approximately 0.09 British pounds (GBP).

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Publication:Nordic Business Report
Article Type:Brief article
Geographic Code:1USA
Date:Jul 25, 2006
Words:232
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