The Atlantic Petroleum Group comprises the parent P/F Atlantic Petroleum, which has a 100% owned subsidiary Atlantic Petroleum UK Limited, registered in England and Wales and a 100% owned subsidiary Atlantic Petroleum Norge AS. The UK subsidiary functions as parent company for the 100% owned UK subsidiary Volantis Exploration Ltd, and Atlantic Petroleum (Ireland) Limited registered in Ireland. Furthermore, Volantis Exploration Ltd has a subsidiary in Netherlands, Volantis Netherlands BV. In relation to the UK authorities, all obligations and commitments of the UK subsidiary are guaranteed by the Faroese parent company.
Atlantic Petroleum is a small network organisation with a team of around 30 full-time employees. The organisation comprises relevant core competencies e.g. geological, geophysical and reservoir engineering expertise as well as commercial insight, which are considered key success factors in the oil and gas industry. In addition, Atlantic Petroleum uses external advisers and has collaborations and long standing relationships with trusted technical consultants and advisors. This expertise, associated with access to seismic and geological data which are critical for the Company’s understanding of petroleum systems, is fundamental to the business and also substantiates any evaluation of new opportunities.
The Supervisory Board has the overall responsibility for the management of the Company and supervises the Management. The Supervisory Board determines the Company’s policies with regards to business strategy, organisation, accounting and finance and appoints the Company’s Management.
The Supervisory Board has five members. There are no employee-elected members. The Company’s ordinary general meeting elects the Supervisory Board, and the members are elected for two years at a time, two members every second year, and three members every other second year.