Attis Oil and Gas Ltd Extension for Financial Reporting Deadline (9567P)
15 Giugno 2020 - 10:47AM
UK Regulatory
TIDMAOGL
RNS Number : 9567P
Attis Oil and Gas Ltd
15 June 2020
Attis Oil & Gas Ltd / Index: AIM / Epic: AOGL/ ISIN:
VGG6622A1057 / Sector: Oil and Gas
15 June 2020
Attis Oil & Gas Ltd ('the Company')
Extension for Financial Reporting Deadline
Attis Oil & Gas Limited announces that, further to the
guidance provided by AIM Regulation in "Inside Aim" on 26 March
2020, the Company has been granted an extension of up to three
months for the reporting and filing of its financial results for
the year ended 31 December 2019, such that it will publish these
results as soon as possible, but by no later than 30 September
2020.
Due to the restrictions imposed by the Government of the USA in
respect of Covid-19, there has been a delay in the Group's auditors
receiving the relevant information to complete the audit process as
the Coronavirus has had an effect on staff availability and
external accounting resources in the US.
Trading Update
As announced on 28 May 2020, the Company recently concluded a
placing of new shares which raised gross proceeds of GBP600,000 for
the Company ("the Placing"). Additionally, holders of GBP370,543.14
(principal plus accrued interest) of the Bridge Loan elected to
convert their loan into ordinary shares ("debt conversion") with
the remaining Bridge Loan Holders holding GBP74,846.51 in principal
and accrued interest repaid from the proceeds of the Placing, and
certain creditors amounting to US$76,316 elected to be paid in
shares rather than cash.
The Company has been conducting an asset sale programme over the
course of the last few months. The Company's remaining wholly owned
and operated asset, the Austin Field, is currently shut in pending
an improvement in oil prices which will result in either a
resumption of cashflow from that field or a sale of the asset. The
Company announced the sale of its Bivins Ranch lease on 11 February
2020 for $50,000, the sale of its Zink Ranch assets on 12 May 2020
for $250,000 and the disposal of its Fort Worth Assets for a
nominal sum. Following the Placing, debt conversion and these
disposals, the Company as at 11 June 2020 had cash or cash
equivalents of approximately GBP526,000 and liabilities of
approximately GBP237,000 with a further $160,000 in cash due from
the sale of the Zink Ranch assets.
The Company is actively seeking opportunities to rebuild value
for shareholders. The recapitalisation of the Company through the
debt conversion and the Placing puts the Company in the position to
enable the Board to find and attract new investment
opportunities.
**ENDS**
For further information visit www.attisog.com or contact the
following:
Paolo Amoruso Attis Oil & Gas Ltd + 1 713 869 1544
Roland Cornish Beaumont Cornish Ltd +44 20 7628 3396
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James Biddle Beaumont Cornish Ltd +44 20 7628 3396
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Duncan Vasey
Peter Greensmith Peterhouse Capital Limited +44 20 7220 9792
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END
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June 15, 2020 04:47 ET (08:47 GMT)
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