ATI Oil Plc

May 07, 2009 04:03 ET

Savio 1x Update

                                                                                            7 May 2009
                                                                       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")
                                            Savio 1x Update
ATI is pleased to advise shareholders that Northern Petroleum Plc announced earlier today an update on
the Savio 1x well in which ATI has a beneficial interest.

The full text of the Northern release is as follows:
"Northern  Petroleum Plc announces that its wholly owned subsidiary, Northern Petroleum  (UK)  Limited
("Northern")  which is undertaking a three exploration drilling programme in the Po Valley  region  of
Italy, has this morning suspended drilling operations in Italy on the Savio 1x site. The well, located
in  the  prolific  gas  producing  area of Emilia Romagna in the Po Basin,  encountered  thicker  than
expected sandstone formations but examination of the electric logs suggests that the gas contained  in
them is insufficient to warrant testing.

The  Savio 1x well was Northern's first well drilled in Italy as Operator. The drilling operations are
expected  to have been performed at less than the budgeted costs even though the well was  drilled  an
extra  280  meters (919 feet) deeper than planned. Planning of the lower risk wells on the Cerasa  and
Longastrino licences is in progress.

As  announced  on  24  October 2008, Northern reduced its business risks and the call  upon  its  cash
balances  through a farmout agreement with Avobone Italy S.r.l. ("Avobone"), a member of  the  Indofin
Group. Avobone paid 40% of the well costs, with the licence interests held as follows:

Northern                  80%
Avobone                   20%

A  subsidiary  of  ATI  Oil Plc ("ATI") currently has a commercial interest  equal  to  half  that  of
Northern. ATI is the subject of an Offer by Northern Petroleum Plc announced on 3 April 2009.

Derek Musgrove, Managing Director, stated:

"The  Savio  well  was the first of Northern's three well programmes in the Po Valley.  Wells  on  the
Cerasa  and Longastrino licences are at the planning design stage. Drilling is also currently underway
at Nieuwendijk, which together with Tiendeveen, forms a two well exploration drilling programme in the
Netherlands quite separate to our six oil and gas field development projects. We must now look forward
to short term success in those wells".

Herein directors mean those of Northern Petroleum Plc.

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

Keith, Bayley, Rogers and Co. Limited (Financial Adviser)
Hugh Oram / Priscilla Ross
Tel: 020 3100 8300

St.Helen's Capital Plc (Corporate Adviser)
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,

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