Regulatory News:
ATI Petroleum (NYSE Euronext: MLATP), the petroleum exploration management and operations company, has released UBS's Indicative Valuation report of ATI Petroleum's (?ATIP?) 10% interest in oil and gas Blocks 102 and 106, located in offshore Vietnam. UBS values these assets at $309 million assuming a 12% capital expenditure discount rate. These blocks are at present non-producing assets.
According to the analysis, ATIP's production should peak around 2013 based on forecasted data. Testing places reserves in these blocks at a confirmed 217 million barrels of oil and 1.6 trillion cubic feet of natural gas.
?We were thrilled to learn that UBS found ATIP's assets substantially more valuable than we had anticipated. We expect this positive affirmation to create even greater shareholder value,? said Dr. Huu Duc Dinh, CEO and founder of ATI Petroleum's parent company, American Technologies, Inc.
Fig. 1: UBS's valuation at varying discount rates
Management Price Deck | ||||||||||||||||||||||||||||
Oil | Gas | Total | ||||||||||||||||||||||||||
| ($mm) | $/boe | ($mm) | $/bcf | ($mm) | $/boe | ||||||||||||||||||||||
Discount Rate | 10% | 288.20 | 10.63 | 75.80 | 0.47 | 364.00 | 6.77 | |||||||||||||||||||||
11% | 265.70 | 9.80 | 69.60 | 0.43 | 335.00 | 6.25 | ||||||||||||||||||||||
12% | 245.50 | 9.06 | 63.90 | 0.40 | 309.00 | 5.76 | ||||||||||||||||||||||
13% | 227.40 | 8.39 | 58.70 | 0.37 | 286.20 | 5.32 | ||||||||||||||||||||||
14% | 211.10 | 7.79 | 54.00 | 0.34 | 265.10 | 4.93 | ||||||||||||||||||||||
About ATI Petroleum
ATI Petroleum is an exploration
management and operations company engaged in negotiating and managing
production sharing contracts for petroleum and other natural resources.
The company evaluates, performs, and/or purchases geological and
geophysical data regarding exploration sites throughout South East Asia
and Africa, including offshore and onshore prospects. ATI Petroleum
holds production sharing contracts for oil and gas exploration, as well
as mining of precious minerals such as uranium and titanium, in
locations including Vietnam, Niger, Tunisia, and the Ivory Coast. The
company is a member of ATI Group and is listed on the French Stock
Exchange, Euronext Paris.
Forward-Looking Statements
Certain statements contained in
this press release may constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements provide current expectations of future events
based on certain assumptions and include any statement that does not
directly relate to any historical or current fact. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: risks
related to the integration of acquisitions and the ability to market
successfully acquired technologies and products; the ability of the
Company to effectively compete; the inability to adequately protect
Company intellectual property and the potential for infringement or
breach of license claims of or relating to third party intellectual
property; risks related to data and information security
vulnerabilities; ineffective management of, and control over, the
Company's growth and international operations; adverse results in
litigation; and changes in and a dependence on key personnel, as well as
other factors. In addition to these factors, actual future performance,
outcomes, and results may differ materially because of more general
factors including (without limitation) general industry and market
conditions and growth rates, economic conditions, and governmental and
public policy changes. The forward-looking statements included in this
press release represent the Company's views as of the date of this press
release and these views could change. However, while the Company may
elect to update these forward-looking statements at some point in the
future, the Company specifically disclaims any obligation to do so.
These forward-looking statements should not be relied upon as
representing the Company's views as of any date subsequent to the date
of the press release.
North America, Asia-Pacific:
Dan Brown or Jessica Gomez
Mulberry
Marketing Communications ? San Francisco
+1 415/439-8357, +1
415/420-7880 (Brown mobile), or +1 415/889-7444 (Gomez mobile)
dbrown@mulberrymc.com
or jgomez@mulberrymc.com
or
United
Kingdom:
Bryce Keane
Mulberry Marketing Communications ?
London
+44 (0)207 928 7676
bkeane@mulberrymc.com
or
France:
Caroline
Baylon
Mulberry Marketing Communications ? Paris
+33 970461026
cbaylon@mulberrymc.com