Attis Oil and Gas Ltd (AIM: AOGL), the AIM listed oil and gas company, is holding its annual general meeting (“AGM”) at 11.00 am today at the offices of Hill Dickinson LLP. At the meeting Paolo Amoruso, the Company’s Chairman, will make the following statement:
“We have implemented multiple changes in the past months and now have a platform focussed on operating, acquiring and developing oil and gas production assets in the United States, that we intend to leverage to expand the business. With our strategic acquisition of Attis Oil and Gas, we gained both further acreage in our portfolio and importantly a proven operating division and team with a track record in optimising the performance of onshore oil and gas assets, which has already been successfully utilised on our existing portfolio.
“With this in mind, I am pleased to provide a 100-day production summary on operations across our three oil and gas fields: Austin, Zink Ranch and Fort Worth.
“It has been a transformational 100-day period for the Company. From a standing start of less than three barrels of oil net at the beginning of April, we can report total production net to Attis for the period was 4,663 barrels of oil and 27.21 MMCF of gas totalling 9,354 barrels of oil equivalent. The average net daily production rate was 93.54 barrels of oil equivalent (“BOE”) with the highest net daily production in the last 30 days being 104.39 BOE demonstrating the consistency of current production
“To unlock maximum value on our existing assets, be it to sell, farm-out or in order to obtain reserve- based lending, we commissioned subsurface studies to be incorporated within a Competent Person Report (‘CPR’). These have been undertaken by independent third parties and we expect to be in a position to publish these for the Austin and Zink Ranch Fields before month end, and for the Fort Worth Field shortly thereafter.
“I would like to emphasise that we believe this is only the beginning for Attis. With our Borger operational base near Amarillo, Texas, we are leveraging our growing regional reputation and we are working closely with mineral owners and technically appraising lease acreage. Importantly, the service division is proving to be a further source of revenue for the wider group. The team is actively working on closing a third-party contract for services that will further contribute to our cash flow and improve the overall financial performance of the Company.
“In summary, our aim is to continue to employ our experience and resources to optimise the value of the existing asset portfolio. Further, we are appraising new acreage for production development and progressing the operatorship division to provide additional revenue. We believe we are demonstrating our new strategy and structure and that we have a platform that will facilitate significant growth.
“Finally, I would like to take this opportunity to thank shareholders for their continued support in the Company and I look forward to updating the market as material developments arise.”