Atlantic Petroleum Confirms Permanent Cessation of Orlando Field Production

P/F Atlantic Petroleum has confirmed that production at the Orlando Field has permanently ceased, following a failure of the Electrical Submersible Pump in May 2026 as reported by Serica Energy plc. Due to the field's impending closure and associated costs for remedial activities, the company deems further production economically unfeasible.

As a result, Atlantic Petroleum expects to recognize a significant impairment on its Orlando-related assets, reducing their carrying value near zero. The company holds an economic interest through arrangements tied to its 2017 divestment of the field, and the cessation marks an earlier end to the field's economic life than previously anticipated. This development may impact the company’s overall financial health as it reassesses the accounting implications.