ATI Wins Tunisian Exploration Permit
ATI Petroleum has been awarded Ayacha and Ksar Ghilane oil and gas blocks in Tunisia for exploration and development. ETAP, Tunisia's national oil and gas company has assigned Block RA8 Ayacha and Block RA9 Ksar Ghilane to ATIP.
Oil-rich neighbors like Libya and Algeria surround Tunisia. Many discoveries have revealed the great potential for oil reserves in the area and numerous oil giants, like Exxon, are already exploring there.
Significant rise in ATIP's potential reserve capacity
With this acquisition, potential total reserves now in place for ATIP have reached 1 billion barrels of oil, an increase of five times over previous ATIP reserve capacity. The technical information obtained for these blocks is based on Exxon/Mobil data that have already done extensive work in the area.
This estimation offers ATIP a good opportunity to explore for and produce oil and gas. The presence of well-developed reservoirs, prolific source rocks, super scals of paleozoic ages, and a well- defined prospectus give this block a unique position for what is considered a high exploration venture.
ATIP's team of petroleum geologists is working on an analysis of the blocks at present and will issue its calculation for the estimated potential reserve in 60 days.
Tunisian Exploration & Development Program
In the same area as ATIP's recently acquired blocks, ETAP, from January to October 2006, drilled seven exploration wells, one well spudded in 2005 and six wells spudded in 2006. Four out of seven exploration wells drilled tested successful and six out of seven development wells are working.
ATIP business strategy is to acquire critical energy resource properties on advantageous terms, and to hold, explore, develop, operate and manage those properties through partnerships, joint ventures and strategic relationships with other development companies."
ATIP is listed on the Euronext Stock Exchange under the trading symbol, MLATP. The Company is preparing a new valuation of its reserves for submission to Euronext mid-September and intends to increase significantly its free float on the market.
ATIP is an energy exploration company that holds, explores, develops, operates and manages petroleum and uranium properties. ATIP's sister company, American Technologies, Inc. (ATI), a 17- year old energy consulting firm based in Oak Ridge, Tennessee, U.S.A., provides energy, engineering and environmental remediation services to governments in developing countries.
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Company: ATI Petroleum more info
- ATI Wins Tunisian Exploration Permit (Sep 10)