31 May 2007
ATI Oil - Speculative Buy at 26.5p: Target 74p
ATI Oil has demonstrated over the last twelve months, its ability to make steady progress in assembling an attractive portfolio of Italian exploration assets while guarding its cash reserves very closely.
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23 April 2007
Northern Petroleum*
Dutch Deal Underpins Base Case 216p a share valuation
Northern Petroleum has today announced
the sale of 25% of the majority of its Dutch
licenses in a transaction which we value at
40 million Euro. This underpins the valuation of
Northern Petroleum’s Dutch operations,
alone, at 127 million Euro (£86.2 million). Since
the value of the company’s Italian interests is
underpinned by its listed subsidiary ATI* and
since Northern has net cash of £35 million a
base case valuation of £152 million (216p per
share) cannot, in the light of today’s Dutch
transaction, be viewed as controversial. Any
exploration activity – and there will be
activity this year in Holland, Italy, Surinam,
Spain and in the UK - could add materially to
that base case valuation and that makes the
shares, at 123.5p, a very attractive play
within the oil and gas exploration sector.
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21 December 2006
ATI has announced the completion of 1500 km 2D offshore seismic survey over five Italian offshore licences in which it has a 50% beneficial interest. AIM traded Northern Petroleum Plc, the AIM traded oil and gas company, has completed a 1500km 2D seismic program across the offshore Sicily blocks C.R146.NP, C.R147.NP, G.R17.NP, G.R18.NP and G.R19.NP. This survey was acquired on behalf of Northern by Seabird Exploration, a Norwegian based company.
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8 May 2006
Ofex listed ATI is the largest independent holder of exploration acreage in Italy - Europe's fourth largest hydrocarbon producer. ATI believes that its 21 licenses could hold up to 500 million barrels of oil and 1 TCF of gas. But drilling is needed to prove this up. ATI is in discussions with a number of potential partners about farm-in deals on various of its assets. However there has been no final deal agreed and such a deal is needed to rekindle investor interest and to prompt a re-rating. With net cash of 360,000 pounds and minimal overheads, ATI can afford to hold out for the most attractive deals to maximise value, however frustrating this may be - in the short term - for investors.
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12 March 2006
Ofex listed ATI is the largest
independent holder of exploration
acreage in Italy - Europe's fourth
largest hydrocarbon producer. ATI
believes that its 21 licenses could
hold up to 500 million barrels of oil
and 1 TCF of gas. But drilling is
needed to prove this up. ATI is in
discussions with a number of
potential partners about farm-in
deals on various of its assets.
However there has been no final
deal agreed and such a deal is
needed to rekindle investor
interest and to prompt a re-rating.
With net cash of 360,000 pounds
and minimal overheads, ATI can
afford to hold out for the most
attractive deals to maximise value,
however frustrating this may be -
in the short term - for investors...
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24 January 2006
ATI Oil, the Ofex listed explorer for oil and
gas in Italy, has today announced its results
for the six months to 31st October 2005.
There are no shocks at a financial level,
there is encouragement at the preexploration
level and strong hints that the
corporate farm in deal which - we believe -
will trigger a re-rating is on the offing. When
we initiated our coverage of ATI in
November 2004 we value its assets at
£14.5 million pounds(16.5p). Today's
confirmation that further progress has been
made in firming up and developing its
portfolio of licenses suggests that our
valuation will need to be increased. This is
likely to happen in a more detailed note to
be published shortly. However, with the
stock at 10.125p, our stance remains
"speculative buy."...
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11 December 2005
Ofex listed ATI is the largest independent holder of exploration acreage in Italy - Europe's fourth largest hydrocarbon producer. On November 10th at its AGM it re-stated its belief that its 50% stake in more than 20 Italian licenses had real value...
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29 September 2005
 ATI Speculative Buy at 6.875p on Full Year Results
Results for the sixteen months to
April 30th from ATI Oil showed that
the company continues to make
steady progress in assembling an
attractive portfolio of Italian exploration
assets while husbanding its
cash very closely indeed. During
the next six months we expect ATI
to announce at least one significant
farm-out deal and to begin its drilling
programme.
Read the full report (PDF, 53K)
15 August 2005
...The company has spent the past nine months reprocessing old seismic data on the area in deciding which of its targets should be the site of its first well. A plausible contender is the Nibbia prospect where Northern believes that there are shallow gas plays and a deeper oil play and which is adjacent to a block where BG and ENI have enjoyed recent success....
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13 June 2005
On May 17th ATI announced it had received final confirmation of two more of its licenses: Nibbia in the Po Valley just north of where BG and ENI are preparing to drill a well this summer, and G.R17.NP offshore Sicily close to the Tunisian maritime border. We believe that more significant developments are afoot...
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10 April 2005
Over the last month, ATI published a special report on its licences in Italy and interim results to December 2004. The detailed report set out the nature of all its licences and the existing potential and recoverable reserves. A risk weighted valuation post expenses leads the company to suggest that the licences in Italy could be valued as high as 84 million pounds.
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2 March 2005
Oil explorer ATI listed on Ofex in November as the holding company for a 50% interest in all the exploration blocks in Italy formerly controlled by AIM listed Northern Petroleum. Northern provides the management for ATI (which reduces overheads) and still owns the other 50% of the ATI blocks.
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18 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.
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29 November 2004
ATI Oil is a Speculative Buy at 9.375p
ATI listed on Ofex today having raised 500,000 in a private placing in early November 2004. The company owns 50% of the 16 Italian licenses and applications for licenses formerly held by AIM listed Northern Petroleum and its local partner.
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