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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Amati Vct | ATI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 96.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 96.75 | 96.75 |
| Top Posts |
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Posted at 04/12/2007 10:31 by buffin ATI OIL PLC ("ATI" OR "THE COMPANY")REQUEST FOR SUSPENSION OF TRADING IN ATI OIL PLC SHARES The Directors of ATI Oil Plc have requested that trading in the Company's shares be suspended pending an announcement in respect of the results of a professional engineering report on the Rovesti oil discovery. |
Posted at 07/11/2007 18:18 by herbertboy spacer ATI Oil plc News ATI Oil plc - Final Results ATI Oil Plc Martin House 5 Martin Lane London EC4R 0DP Tel: +44 (0)20 7469 2940 Fax: +44 (0)20 7469 2901 Email: info@ati-oil.com Website: www.ati-oil.com ATI OIL PLC ("ATI" OR "THE COMPANY") FINAL RESULTS FOR THE YEAR ENDED 30 APRIL 2007 HIGHLIGHTS - OPERATIONAL * 9.83 MILLION BARRELS OF P2 RESERVES AT GIOVE ATTRIBUTABLE TO ATI ASSESSED BY INDEPENDENT PETROLEUM ENGINEERS, WITH NPV10 VALUE OF US$130 MILLION AT US$70 BRENT, EQUIVALENT TO 66P PER SHARE * EXAMINATION OF ROVESTI DISCOVERY UNDERWAY AND INDEPENDENT PETROLEUM ENGINEERING REPORT EXPECTED IMMINENTLY * FARM OUT OF SAVIO AND LONGASTRINO LICENCES (BOTH TARGETING 150 BCF GAS IN PLACE) * SEISMIC SURVEY OFFSHORE SICILY COMPLETED AND FARMOUTS UNDER DISCUSSION HIGHLIGHTS - FINANCIAL * FINANCE FACILITY INCREASED TO GBP2,000,000 AND REPAYMENT DATE EXTENDED * CASH IN HAND OF GBP403,310 (2006: GBP381,961) * LOSS FOR THE YEAR OF GBP295,062 (2006 RESTATED: GBP347,467) * ANALYSTS VALUE ATI AT UP TO 74P PER SHARE AS THE COMPANY FIRMS UP CONCRETE VALUE VIA INDEPENDENT REPORTS AND FARM OUT DEALS CHAIRMAN'S STATEMENT During the year we have progressed from the building of our large licence position in Italy, over 13,000 km 2 in which we have one half of the commercial interest, towards a more active operational mode of geophysical and drilling works with the recording of 1,500 km of offshore seismic and preparation for drilling our first well on the Savio licence with one on Longastrino to follow. Stratic Energy Corporation ("Stratic") have a drilling option over these wells which on exercise would cover our budgeted exploration drilling and testing in return for the assignment of half of our interests. The full or preliminary award of four, and an anticipated fifth, licence in the southern Adriatic Sea has established a new core area of 3,681km 2 in the highly prospective Durres Basin which stretches from southern Italy to Albania. The licences contain the Giove, Rovesti and Medusa oil discoveries which provide a potential leap to the field development phase. A recent independent petroleum engineering report has attributed 19.67 million barrels of economically recoverable "Probable" ("P2") reserves to Giove, (50% ATI), with NPV10 values for the oil field of US$261 million at US$70 Brent and US$177 million at US$60 Brent. At US$70 Brent this gives a value to ATI of about GBP63 million at current exchange rates. A similar report on the Rovesti oil discovery is expected shortly. These events have achieved a high added asset value at a low cost in line with our corporate strategy during a period in which a loss of GBP0.295 million was reported. Activities during the period were undertaken with the benefits of financing through partial drawdown of GBP1.75 million loan facility provided by Northern Petroleum Plc ("Northern"). The facility has subsequently been increased by GBP250,000 and the repayment date extended until 31 May 2008. Your board has taken this step, with the support of 37% shareholder Northern, to enable further time for the completion of efforts for the realisation of the value of certain assets to provide further funding for the projected increase in operational activities. The immediate strategy is to drill two substantial gas prospects on the Savio and Longastrino licences in the eastern Po Valley. Stratic holds a drilling option on both wells to pay up to EUR7.05 million and EUR1 million drilling and testing costs respectively to earn half of each of ATI's and Northern's interests in each licence. Stratic recently acquired Grove Energy which in 2005 discovered the Abbadesse gas field in the San Marco licence which lies immediately between the Savio and Longastrino licences in the same target formation. The prospects have been assessed to have the potential of 150 bcf gas in place at Savio, with a prospect in Longastrino being similar in size, and a high recovery factor can be anticipated. With the receipt of the petroleum engineering report for Giove and the Rovesti report expected shortly, we are reviewing appraisal drilling and development options with the Operator with an emphasis upon their early initiation. Discussions with owners of drilling and FPSO vessels are currently active. The November 2006 1,500 km 2D seismic survey was followed by a successful interpretation and mapping exercise and has progressed to a `farmout' process to contract with a third party to drill and conduct other operations on the licences at no cost to ATI in return for acquiring a part of the licences. This activity is ongoing. Last year I asked shareholders to appreciate the sheer scale of this joint endeavour with Northern. We have a 50% interest in an area of more than 60 North Sea size blocks. We have now made good progress where our operational activities have been undertaken and we are now seeking to realise the value of the Giove and Rovesti oil when the oil price has very substantially risen from the times of original discovery and our licensing application decision. It has been a good year of progress with yet greater progress expected. D R MUSGROVE Chairman 31 October 2007 |
Posted at 01/7/2007 17:19 by henry_africa Soul, Interesting, looks like they hold some serious licences. I have been in and out of NOP for a year or two and like their business (if not their speed!) Whats your take on ATI? |
Posted at 18/3/2007 20:43 by sagem ATI Oil Plc is a UK registered oil and gas exploration company which holds a 50% beneficial interest in 21 oil and gas permits and applications at various stages of progress in both offshore and onshore Italy, covering an area in excess of 11,000 square kilometres. ATI's partner in Italy is Northern Petroleum Plc, the operator owner of the remaining 50% interest in the licences. The key licences are those located in the highly productive Po Basin gas and oil province in northern Italy, where there are seven gas prospects and leads, together with the three offshore licences considered to have the highest upside oil potential in the southern Adriatic Sea. In the last 12 months, the company has continued to make steady progress in assembling an attractive portfolio of Italian exploration assets while guarding its cash reserves very closely.In August 2006, ATI concluded its first farmout agreement with Stratic Energy covering the Savio and Longastrino licences in the eastern Po basin, flanked by the recently developed Abbadesse gas field. Under the terms of the agreement, Stratic has committed to fund the acquisition of seismic data together with related technical interpretation work up to a maximum of 1 million euros in exchange for the options to drill a single well on each permit to earn a 50% working interest in both permits. If the options are exercised, Stratic's total commitment on both permits is 9.5 million euros, and both Northern Petroleum and ATI Oil, who currently hold each 50% of the licences, will have their interest decreased by 25% respectively, with Northern Petroleum (UK) Ltd retaining operatorship. More recently, ATI announced on 26th February, the issue of the final decree of three offshore licences by the Italian authorities. The licences decreed, adjacent to the company's existing west of Sicily acreage, are also located in the Apennine-Maghreb thrust belt offshore in Italian waters west of Sicily and adjacent to the Tunisian boundary. The enlarged area, now comprising 4,370 square kilometres, is believed to have the requisite factors to be a significant petroleum province. The decree of these licences enables the company to progress its exploration efforts over an expanded area. The interpretation of results of the company's seismic survey completed in November 2006 on the three existing thrust belt licences, shows the potential for many prospects that individually could contain reserves of a billion barrels of oil. ATI does not have the resources to mount a major drilling programme on its own - it must farm out some of its acreage to larger and more powerful partners. ATI and Northern will be further presenting the now expanded licensed areas to potential farm-in partners in March on completion of the processing and mapping of the seismic data acquired last year. The company reported a net loss of 56,418 pounds (2005: loss of 112,212 pounds), for the six months to 31st October 2006 with net cash of 280,277 pounds and net assets of 383,915 pounds (2005: 508,469 pounds) at the period end. ATI Oil is effectively run by Derek Musgrove and Chris Foss of AIM listed Northern Petroleum and by sharing many overheads with Northern it has a minimal burn rate. We believe that its monthly cashburn is less than 10,000 pounds and thus even today it should have cash of at least 250,000 pounds. At 17.25p, ATI is valued at 15.92 million pounds. GE&CR initiated coverage on 29th November 2004, valuing ATI's acreage on a heavily risk weighted basis at 14.5 million pounds or 16.5p a share. Since then the oil price has risen and ATI has firmed up on its portfolio of licenses and thus there is no reason to reduce our valuation. However, with further farm-out agreements and the growing need for gas supplies in Western Europe could see the stock trading at a significant premium to that asset value, if it can achieve any success in accelerating a drilling programme. Thus we would expect further farm-in deal to prompt a significant re-rating. As the moment, our stance is 'hold'. |
Posted at 27/1/2006 20:25 by tonyx Have accumulated 70K of these since RNS on 24/1Upbeat update, directors buys....looking good. |
Posted at 20/1/2006 22:33 by sagem The December Monthly View18 January 2005 Italian oil explorer ATI has made just two announcements since we initiated coverage on 29th November. The Italian Government has issued a final decree confirming ownership of the Cerasa block in the Po Valley and of block CR.147.NP offshore Sicily. In both cases ATI has a 50% stake with Northern Petroleum having the other 50%. The company has also announced the appointment of City veteran Ian Livingstone as a non-executive director. The reprocessing of oil 2D and 3D seismic is underway with a view to identifying key exploration targets for drilling later this year. We continue to value ATI at 14.5 million pounds on a heavily risk weighted DCF basis and thus at 9.25p the shares remain a speculative buy. |
Posted at 04/11/2005 10:31 by drago recent news , directors wives have been buying ati shares. |
Posted at 08/3/2005 00:21 by crystalclear Stevie Blunder This is what I found on the OFEX site. I don't think it is what you intended. If you could provide a direct link I'd be grateful. ATI OIL PLC NEWSTRACK OFEX PROFILE 29/11/2004 ATI Oil Plc ("ATI") is a UK registered oil and gas exploration company with its head office in London and a project office in Rome, Italy. ATI holds a 50% interest in 16 licences and applications ("the Licences") in both onshore and offshore Italy, Europe's third largest producer of oil and gas. As an indication of the scale of this tremendous position, the Licences cover a prospective area of approximately 8450 sq km, the size of over 40 North Sea blocks. ATI's partner in Italy is Northern Petroleum (UK) Limited, a wholly owned subsidiary of AIM listed Northern Petroleum Plc ("Northern"), which is the operator of, and owns the remaining 50% interest in, the Licences. ATI and Northern now hold the largest area of exploration acreage of any UK companies operating in Italy. The key licences on which ATI and Northern will initially focus will be those in the highly productive Po Basin on which there are 7 gas prospects and leads, together with the 3 offshore licences considered to have the highest upside potential. Source: The Company |
Posted at 09/12/2004 12:01 by sagem ON THE OFEX MARKETNew OFEX Company ATI Oil Eyes Neglected Italian Oil And Gas Riches ATI Oil, which was spun out of AIM-quoted Northern Petroleum and offers investors exposure to Italy's oil and gas sector, has joined London's OFEX market buoyed by the proceeds of a private placing. The £500,000 fundraising, completed prior to the float, will be used to fund the start-up's costs over the next 18 months. Northern decided to spin off its Italian assets after it received approaches from a number of European investors keen to secure a foothold in Italy, which is Europe's third largest producer of oil and gas. Northern, an onshore UK player now gearing up for a two-well drilling programme on the Isle of Wight, saw the opportunity to create a separate company specifically holding its Italian interests. Northern will hold 38.72 per cent of ATI's enlarged ordinary share capital and the new company's board includes chairman Derek Musgrove, managing director of Northern, finance director Christopher Foss, currently financial controller and company secretary of Northern, plus technical director Barry Lonsdale, who has worked as an exploration geologist for 34 years and since 1987 has been a principal partner in Italmin Petroli S.r.L in Italy. Northern has spent many years battling slow-moving Italian bureaucracy to secure its acreage position in Italy, which comprises some 8,450 sq km, equivalent to the size of 40 North Sea blocks. As a result of Northern's tenacity, ATI now holds a 50 per cent interest in 16 licences and applications both onshore and offshore Italy. The offshore areas could hold a billion barrel resource base yet have not been explored since the 1980s. And the onshore Po Valley acreage promises quick returns on investment: the company has identified seven prospects, each in the order of 60 to 100 billion cubic feet of gas, in a highly industrialised area with an existing network of pipelines. "The activity for the immediate future will be to fast-track seven Po Valley gas prospects to the point of drilling and to undertake sufficient seismic reprocessing to fully establish the prospectivity of the three offshore licences with the highest upside potential," Musgrove told oilbarrel.com last month. Musgrove believes these opportunities to be "greatly superior to most of those now being chased in the highly competitive North Sea environment". In the meantime, Northern Petroleum has started site preparation on the Isle of Wight off the southern coast of England ahead of drilling the Sandhills-2 and Bouldnor Copse-1 wells. Both wells are targeting the Great Oolite formation, in which oil was discovered in 1982 by the BG-operated Sandhills-1 well. BG didn't test the well, however, because at that time the Oolite was not considered to be a viable reservoir in the area. Northern has developed a new interpretation of the Oolite, which has been verified by consultants, and reckons the Great Oolite in Bouldnor Copse will be a western extension of the structure at Sandhills. Bouldnor Copse-1 will also target the deeper Sherwood Sandstone formation, which hosts the prolific oil producing reservoir at BP's Wytch Farm complex on the mainland. In the Bouldnor Copse-1 well, the Great Oolite formation could hold up to 15 million barrels of oil and the Sherwood Sandstone between 30 and 120 million barrels. < back |
Posted at 03/12/2004 03:14 by crystalclear Just thought I'd start a thread for it.I'll edit this later. If you are going to trade this, make sure you don't buy Automotive Precision Hldgs Plc (ATI) by mistake. It also has the symbol ATI ! You can appreciate the confusion if you put this one on your monitor and then click financials. Watch where it takes you! ATI OIL PLC ("ATI" OR "THE GROUP" OR "THE COMPANY") COMMENCEMENT OF TRADING ON OFEX The Directors of ATI Oil Plc are pleased to announce the commencement of dealings, under the symbol ATI, in the ordinary shares of the Company on the OFEX market at 8.00am this morning. The Company's principal activity is oil and gas exploration in both onshore and offshore Italy. Prior to submission of the application to join OFEX by way of an Introduction, the Company concluded a private placing that raised GBP500,000, conditional upon acceptance of the Company's application by OFEX. The Company therefore currently has working capital of approximately GBP470,000, sufficient to cover 18 months working capital requirements. Upon admission there are 90,446,000 ordinary shares outstanding. In addition there are 4,250,000 warrants over the Company's ordinary shares in issue at exercise prices ranging from 5p to 12.5p. On introduction, the Directors hold 53.54% of the total ordinary shares in issue, split as follows: -------------------- |Name |No. of Ordinary Shares of GBP0.0025 each|% shareholding| -------------------- | | | | |Derek Musgrove| NIL| 0.00%| -------------------- | | | | |Chris Foss | NIL| 0.00%| -------------------- | | | | |Barry Lonsdale| 48,008,000| 53.08%| -------------------- | | | | |Bruno Muller | 420,000| 0.46%| -------------------- The only other shareholder with more than 3% of the Company's ordinary shares is Northern Petroleum Plc ("Northern"), which at introduction has a direct interest in 33,032,000 ordinary shares, representing 36.52% of the total shares in issue. A further 1,986,000 ordinary shares are held by a Northern subsidiary - in total the Northern Group holds 35,018,000 ordinary shares in ATI, representing 38.72% of the shares in issue. LICENCE INTERESTS The Group holds a 50% interest in 16 licences and applications ("the Licences") in both onshore and offshore Italy, Europe's third largest producer of oil and gas. As an indication of the scale of this tremendous position, the Licences cover a prospective area of approximately 8450 sq km, the size of over 40 North Sea blocks. ATI's partner in Italy is Northern Petroleum (UK) Limited, a wholly owned subsidiary of Northern Petroleum Plc, which is the operator of, and owns the remaining 50% interest in, the Licences. ATI and Northern now hold the largest area of exploration acreage of any UK companies operating in Italy. The offshore areas, with perhaps a billion barrel prospectivity, are attractive and being explored for the first time since the 1980's, but now with access to modern deeper water technology. ATI and Northern are also taking advantage of the de-monopolisation of the Po Valley Basin and deregulation of the Italian markets at a time when computer advances offer much greater abilities to handle and interpret seismic data. There ATI is looking at seven prospects each in the order of 60 to 100 bcf of gas underlying the highly industrialised northern part of Italy with an existing network of pipelines. The co-venturers have made no significant financial commitments as part of the original Licence applications. A list of the Company's licence interests is available on its website, www.ati-oil.com. The Directors consider these opportunities greatly superior to most of those now being chased in the highly competitive North Sea environment and look forward to the future with confidence arising out of the quality of the Company's holdings. OPERATIONS UPDATE Since submission of ATI's application to join OFEX, its co-venturer Northern has announced that its wholly owned subsidiary, Northern Petroleum (UK) Limited ("NPUK"), has been advised that two offshore licences in which the Group holds a 50% interest have been decreed following acceptance of the environmental impact studies submitted by NPUK. The licences awarded have been renamed E.R51- NP (formerly d92ER.-NP), which is located in the offshore Tiber Delta, and C.R146.NP (formerly d344CR.-NP), located in the productive southeast Sicily oil province up against the Italian - Maltese boundary. STRATEGY Italy is an attractive country in which to conduct an oil and gas exploration and production enterprise. It is Europe's third largest producer of oil and gas (after the UK and Norway), but significantly production is from a wide range of geological settings. There are five major hydrocarbon producing basins, of which the Po Basin and Adriatic Sea have well developed gas pipeline infrastructures. Elsewhere, major oil and gas fields are located on and offshore Sicily and in the southern Apennines. The Company considers there to be prospectivity for the discovery of oil fields in the 100 - 500 million barrel size range and gas fields up to 1 Tcf. The Company believes that, since the oil discoveries made in the late 1980s, there has been an excessive concentration on the Southern Apennine thrust area and a virtual hiatus of effort in the southern offshore zones. Also, the recent termination of the ENI monopoly over the Po Basin together with the opening up of the Italian electricity generating market, presents an unusual opportunity for the Company to benefit from reworking of the existing seismic data. Use can now be made of powerful modern computer processing to speedily reconstruct and map prospects. In some areas the shooting of modern offshore 2D or 3D data is expected to confirm and to upgrade the prospects. In other areas more recently developed drilling and completion technology could be utilised to advantage in returning to old oil discoveries and plays. The fiscal and licensing terms in Italy are also considered to be very favourable within ATI's business model as a small oil and gas exploration company. o Annual rentals are only 5 euros per sq km; o Licences can be applied for in an open area and as large as 750 sq km; o Licences are awarded for an initial six year period, and it can be five years before a firm obligation to drill is required; o The existing offshore seismic data is available; o There is a production royalty rising to only a maximum of 7%, (4% for offshore oil) however no royalties are due on the first annual 20 million cubic metres of gas and 20 million tons of oil; o Italian source income is subject to both regional taxes and taxation on corporate profits at rates of up to 35%. The activity for the immediate future will be to fast-track seven Po Valley gas prospects and leads estimated in total at over 500 billion cubic feet of gas potential to the point of drilling, and to undertake sufficient seismic reprocessing to fully establish the prospectivity of the three offshore licences which have the highest upside potential. Further licence applications, both onshore and offshore, can be expected. It is also anticipated that the next twelve months will see a number of wells drilled by other joint ventures in licenced areas adjacent to ATI's existing acreage. Once the Company has progressed a number of its prospects to the point of drilling, it intends to seek further funds to allow it to participate, without dilution of its licence interests, in a multi-well drilling programme. RISK FACTORS The Group's oil and gas activities are subject to a range of risk factors, such as liquidity and interest rate risk, currency risk and operational risks including equipment failure, well blowouts, pollution, fire and the consequences of bad weather. The Group's insurance policies will contain overall limits and deductibles, which will be reviewed each year prior to policy renewal. ACCOUNTS The Company's audited interim accounts to 30 June 2004, and audited balance sheet to 15 October 2004 will be immediately available on the ATI Report and Accounts section of the OFEX website, and in the investors section of the ATI website. The Company has subsequently changed its year end to 30 April, so its next Annual Report to shareholders will be for the period ended 30 April 2005. DIRECTORS DEREK RAYMOND MUSGROVE - CHAIRMAN Derek Musgrove is currently the Managing Director of AIM listed Northern Petroleum Plc, a position he has held for the last five years. He has previously held senior managerial or board positions with RTZ Oil & Gas Limited, Candecca Resources Plc, Plascom Plc, Anglo Scandinavian Petroleum Plc and Bass Resources Limited. He has also acted as a consultant to a number of oil and gas companies particularly in the areas of new projects and trading of oil and gas properties, as well as pursuing personal interests in the natural resources sector. CHRISTOPHER JOHN FOSS - FINANCE DIRECTOR Chris Foss is currently the Group Financial Controller and Company Secretary of AIM listed Northern Petroleum Plc, positions he has held for the last two years. He is a member of the Institute of Chartered Accountants in England and Wales. Between 1998 and his joining Northern, Chris held various finance positions with, and acted as a consultant to, energy related subsidiaries of GE Capital, Bechtel Enterprises, United Techologies and Centrica Plc. BARRY JAMES LONSDALE - TECHNICAL DIRECTOR Barry Lonsdale has worked as an exploration geologist for thirty four years, being on the well site for Conoco's Hutton and Murchison discoveries, and also acted for Conoco as assistant manager in Italy and assistant vice president in Gabon. After a subsequent period with BHP in London he has since 1987 been a principal partner in a company with oil and gas interests in Italy,, while also pursuing personal interests in the oil and gas sector. In addition he currently acts as a geological consultant to Northern. BRUNO JOSEF MUELLER - NON-EXECUTIVE DIRECTOR Bruno Mueller has been involved in international banking for over thirty years. He has held senior managerial or board positions with Banca del Gottardo, Singer & Friedlander, Enzian Shipping, PBS Private Bank Switzerland and Bordier & Cie. He also acted as a consultant to a number of shipping companies particularly in the areas of new projects, finance and stock market flotations. He is currently also involved with the European expansion of an international financial group. The Company's Corporate Adviser is St.Helen's Capital Plc. Further information on the Company is available on its and website, www.ati-oil.com. |
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