US oil firm to sell shares for Vietnam gas project http://today.reuters.com/news/articleinvesting.aspx?type=newIssuesNews&storyID=2007-01-28T070746Z_01_HAN225114_RTRIDST_0_VIETNAM-ENERGY-GAS.XML
Sun Jan 28, 2007
HANOI, Jan 28 (Reuters) - American Technologies Inc. (ATI) said on Sunday it would list 20 percent of its oil and gas unit ATI Petroleum's shares on the Euronext stock exchange to raise around $200 million for a natural gas project in Vietnam.
"We expect a price of at least $8 per share at the initial public offering on Euronext on February 27," ATInc Deputy General Director Cao Van The told Reuters in Hanoi on Sunday.
ATI officials also said the company would list Nevada-based ATI Petroleum on the Vietnam stock exchange to raise funds for more projects in Vietnam but declined to provide further details.
ATI President Dinh Duc Huu told Reuters ATI Petroleum had made a gas discovery at the Yen Tu field off Vietnam's north coast.
The gas block, called Thai Binh and located 70 km (44 miles) off the port city of Hai Phong, has estimated reserves of 1 trillion cubic feet of gas. Tests at the block showed a gas flow of 47 million feet per day, company officials said.
"If all goes well we hope to put the gas field into commercial production by 2009," Huu said.
He also said the company plans to build a pipeline with state oil monopoly Petrovietnam to deliver the gas from the field to power plants in northern Vietnam.
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