ATI Oil Plc

December 19, 2008 10:03 ET

Result of AGM and AGM Statement

                                                                                                 19 December 2008
                                                   ATI Oil Plc
                                             ("ATI" or "the Company")
                                         Result of AGM and AGM Statement
At the Annual General Meeting ("AGM" or "the meeting") of the Company held today at 1400 hours all resolutions as
put to the meeting were passed.

At the meeting the Chairman, Derek Musgrove, also made the following statement:

"The  last two months have seen substantial partners join in nine of the Italian licences operated by our partner
Northern  Petroleum.  I see these farmouts, and the ongoing industry interest in joining the  other  ventures  in
which  we have a commercial interest, as clear demonstration of the potential of our assets. I am confident  that
the continuing efforts will see further deals completed in 2009.

The  Southern  Adriatic  area  remains a key building block to our future as it has significant  development  and
exploration  potential.  So far there are six drilling prospects having been independently  assessed  to  have  a
combined potential net to ATI of 1.14 billion barrels of oil in place at a P50 probability, rising to a potential
of 3.01 billion barrels at a P10 probability.

I expect in the year ahead that further deals will be made and welcome involvement in ATI's first Italian well in
the onshore Savio licence in the Eastern Po Basin."

The Directors of the Issuer accept responsibility for this announcement.

Contact Details:

ATI Oil Plc
Derek Musgrove - Chairman
Per Gunnar Løge - Chief Executive
Chris Foss - Finance Director
Tel: 020 7469 2940

St.Helen's Capital Plc
Barry Hocken/Duncan Vasey
Tel: 020 7628 5582

Hansard Communications
Chris Roberts
Tel: 020 7245 1100

For further information on ATI's Italian assets please see our web site,

Contact Information

  • ATI Oil plc