11th Jul 2019 14:44
(Alliance News) - Attis Oil & Gas Ltd on Thursday said oil production has accelerated over the past 100 days following its April acquisition.
Shares in Attis were down 3.9% at 0.12 pence in afternoon trade.
Attis, formerly known at Mayan Energy Ltd, acquired US company Attis Oil & Gas Inc, which owns a 50% stake in the Fort Worth field in Texas, at the end of April for GBP1.3 million.
Speaking at Attis's annual general meeting, Chair Paolo Amoruso, said production had climbed "from a standing start of less than 3 barrels of oil net" at the start of April to total production net to Attis of 4,663 barrels of oil and 277.21 million cubic feet of gas or 9,354 barrels of oil equivalent for the past 100 days from its Austein, Zinc Ranch, and Fort Worth fields.
"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," said Amoruso.
Before the end of July, Attis expects to publish subsurface study results for its three fields, which will be included in its competent person report.
Attis also owns the Borger operational base near Amarillo, Texas, where it is working with mineral owners and "technically appraising lease acreage". The company's service division has also been providing revenue and there are third-party service contracts under negotiation.
The Chair said: "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."
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