Atlantic Petroleum cuts exploration expenditure by 75%

Atlantic Petroleum said it has reduced its capital expenditure for exploration next year by 75% on the back of lower oil prices. The company has budgeted up to DKK 30million for its near-term exploration activities. It expects operating expenditures of around DKK 175million for the full year 2015. Chief executive, Ben Arabo, said: “We are adapting to the market situation and are cutting costs in 2015 where we can.