Vague plans were converted into action as the Faeroese oil company, Atlantic Petroleum, secured a listing on Copenhagen's Stock Exchange.
The company, which is already on the Icelandic stock exchange, will be the fifth to make a debut onto the stock exchange list this year. On the stock market in Reyjkavik, Atlantic Petroleum is among the leading Icex-15 and its stock value has doubled in recent years.
'Identical rules on the stock markets in Reykjavik and Copenhagen have had a big influence on our decision to choose the Copenhagen Stock Exchange for our dual listing,' said Wilhelm Petersen, chief executive of Atlantic Petroleum.
Atlantic Petroleum has just wrapped up a capital increase which brought in some DKK 120 million on the Icelandic stock market. The earnings will be used for acquisitions. With a solid financial foundation and oil production to begin in Ettrik, Scotland in 2008, expectations are high for the refined oil stocks, reported daily financial journal Børsen.
Petersen said the company is being listed partially because of increased interest in energy and oil that resulted after Dong Energy's announcement to go public on the stock market in the coming years.
'We are going for a broader investor base than we currently have as a result of being established on the Faeroe Islands. Straight away we have the capital to make investments with at few hundred million kroner. And if there are new options, additional equity issues could be come a reality,' said Petersen.
Petersen is confident that the listing will happen later this year, although he was unable to name a specific date, as he said the debut date is up to the stock exchange.
The company currently holds part of four licenses on the Faeroe Islands, with a 40 percent share, as well as six in British waters. At the most important location in Ettrick, Atlantic Petroleum own some eight percent of the project, while the British operator Nexen owns just under 80 percent.