2nd Dec 2019 16:28
(Alliance News) - Attis Oil & Gas Ltd said Monday the memorandum of understanding announced in October to conduct due diligence over 25,000 additional leasehold acres in the Texas Panhandle has expired.
This was after the accord was first extended in early November to December 1 to allow the oil & gas firm to conduct due diligence over the acreage and determine its feasibility, for a potential transaction.
Attis is now in other talks for a deal that would further expand its position in the Red Cave formation, ahead of a drilling programme set to begin in the first quarter of 2020.
Also in October, Attis said it had secured the Bivins 115 lease in the Panhandle that holds 17 potential drilling locations.
The Bivins 115 lease is the company's first acreage acquired in the Red Cave formation on the Texas Panhandle, sized at 115 acres and with a present value of USD8.2 million.
A recent study on the lease had assumed 945,585 barrels of oil produced over a 20 year well life.
Shares in Attis Oil & Gas - which is headquartered in London - were down 1.8% at 0.054 pence late on Monday.
By Dayo Laniyan; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
AOGL.L