ATI Oil Plc

June 23, 2009 07:30 ET

Court Sanctions Scheme of Arrangement

                                                                       ISIN: GB00B04BP253/GBP/PLUS-exn
                                              ATI Oil Plc
                                             Martin House
                                             5 Martin Lane
                                               EC4R 0DP
                                       Tel: +44 (0)20 7469 2940
                                       Fax: +44 (0)20 7469 2901

                                              ATI Oil Plc
                                        ("ATI" or "the Company")
                 Recommended Offer for ATI Oil - Court Sanctions Scheme of Arrangement

Further  to  the  announcement released by ATI on 28 May 2009, the Independent ATI Directors  and  the
Independent  Northern  Directors  are pleased to announce that at today's  Court  hearing,  the  Court
sanctioned the Scheme and confirmed the Capital Reduction.

The Scheme will become effective immediately upon a copy of the Court order sanctioning the Scheme and
confirming the Capital Reduction and a copy of the minute in relation thereto having been delivered to
the  Registrar of Companies and registered by the Registrar. This is expected to take place on 24 June

Therefore,  ATI Oil Plc will be withdrawn from the PLUS-quoted market at the close of business  on  24
June 2009.

Expected Timetable of Principal Events

The following times and dates are indicative only:

Effective Date                                                  24 June 2009
Cancellation of trading of ATI Shares                           16:30pm. on 24 June 2009
Latest date for despatch of New Northern Share certificates     8 July 2009
and crediting of CREST accounts under the Scheme

The New Northern Shares will now, for administrative reasons, be admitted to trading on AIM on 25 June
2009 as opposed to 24 June 2009.

Any changes to the above timetable will be announced and made available on the Company's website.

Terms  and  expressions used in this announcement shall have the same meanings given to  them  in  the
announcements released by Northern on 3 April 2009 and 29 April 2009.

The Directors of the Issuer accept responsibility for this announcement.

For further information please contact:

ATI Oil plc                                                            Tel: +44 (0) 20 7469 2940
Per Gunnar Loge, Chief Executive Officer                        
Chris Foss, Finance Director
KBR (Financial adviser to ATI)                                         Tel: +44 (0) 20 3100 8300
Hugh Oram                                                       
Northern Petroleum Plc                                                 Tel: +44 (0) 20 7469 2900
Richard Latham, Chairman                                                                        
Graham Heard, Exploration & Technical Director                                                  
Investec (NOMAD and Financial Adviser)                                 Tel: +44 (0) 20 7597 5000
Michael Ansell / Patrick Robb / Avital Lobel                                                    

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