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Interim Results

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RNS Number : 8798N
Attis Oil and Gas Ltd
27 September 2019
 

 

Attis Oil & Gas Ltd / Index: AIM / Epic: AOGL/ ISIN: VGG6622A1057 / Sector: Oil and Gas

27 September 2019

Attis Oil & Gas ("Attis" or "the Company")

Interim Results

 

Attis (AIM: AOGL) is pleased to announce its unaudited interim financial results for the six months ended 30 June 2019.

 

Chairman and Chief Executive's Statement

 

Following a committed period of assessment of the corporate structure of the business, its operational practices, and its existing oil and gas assets during the fourth quarter of 2018, we emerged with a strategy centred on allocating our limited financial resources in a disciplined manner to the projects that had the best potential to maximize the Company's returns.  We acted swiftly on the results of this review and began the process of working over our seven Austin Field wells covering 1,368 acres in Texas and resolving our dispute with our then operator of Zink Ranch in Oklahoma in order to regain control of our assets.  The workover programme and stimulus initiatives proved successful and post period end we were pleased to report an average daily production rate of 110 barrels of oil equivalent per day ("boepd").  

 

Based on our observation of the strong operational capabilities of our contract operator, Attis Oil and Gas Ltd ('Attis') during that same period, their onshore assets and field services division, we approached their management and agreed to a consolidation.  This transaction (the 'Acquisition'), enhanced our operating capabilities, added a new revenue stream in the form of an established oil services division and brought on Thom Board as Chief Operating Officer and his US operational team as well as Russell Lamming as a Non- Executive Director.

 

Acquiring Attis was undoubtedly a pivotal moment for the Company, not only in the period under review, but in its lifetime.  The Acquisition increased the Company's production base and its total acreage to 8,841 acres.  In the period, and post period end, we have been leveraging off Attis' growing reputation as a value add third party oilfield service provider and have subsequently won several key contracts bringing the total number of wells covered by the services division to c.1,800 in a relatively short period of time.  This has provided a valuable, additional source of revenue for the Company that is insulated from fluctuations in the oil and natural gas price, as well as providing exposure to a wide range of assets that may be of potential interest to the Company as acquisition targets.

 

Regarding our existing interests, in February, the Company increased its Net Revenue Interest at Austin Field by transferring Smart Bit's interest to an overriding royalty. We took control of operatorship in Zink Ranch in April and began the formal process with the Osage Nation at the same time.  We expect formal transfer to occur by the end of 2019.  These moves have proven to be commercially sound considering the recent operational performance of the assets.  Our Borger office, near Amarillo, Texas has proven to be extremely capable and efficient at optimising the performance of our existing oil and gas assets, but the distances between our fields creates challenges that can stretch our resources and we continue to assess field and company optimisation strategies. The Reserve Reports that we commissioned are nearing completion which will allow us to effectively plan how best to attain future value, be it to sell, farmout, or obtain reserve lending.  Our growing regional reputation in the Texas Panhandle as well as Thom and his team's deep understanding of the local area and its geology provides us with opportunities not readily available to other players and we are appraising new acreage for production development, engaging in joint venture possibilities, and progressing the operatorship division. 

 

We have maintained our interest in TSX listed Petroteq Energy, Inc. that consists of 1,035,233 shares with an associated 1,035,233 3-year warrants at USD $0.90.   Petroteq is a fully integrated oil and gas company focused on expanding production capacity at its Asphalt Ridge heavy oil extraction and processing facility in Utah.   Petroteq has continued to make excellent progress in the period including increasing its acreage by 8,480 gross acres through the acquisition of 50% of the operating rights and interests relating to oil sands previously held under U.S. federal oil and gas leases in Utah.  The completion of the first maintenance turnaround at Petroteq's oil sands processing facility resulted in the recommencement of oil production.

 

We have been delighted to welcome Russell Lamming and Thom Board to the Board of Directors and I believe that the Company has already benefited from their public company and capital markets experience and extensive technical expertise.  The Board's mandate is straightforward - to ensure effective operations and provide strategic direction to create value for the Company's shareholders.  This remains a responsibility that we take seriously, and we are encouraged by the notably improved revenue performance and reduced debt position recorded during the six months, particularly when set against the backdrop of relatively weak oil and gas prices seen in the period, and slower ramp up in oil production than initially anticipated.  The direction of travel is clear.

 

We are executing on the strategy we laid out last year and are demonstrating that our new team and focused execution provide the platform that will generate significant growth. In less than a year, we refocused the Company, settled legacy portfolio issues, increased production from our existing assets and opened up additional revenue streams, in particular through the establishment of the services division which today has a well count of c.1,800.     The oilfield services division moved quickly to positive cashflow with September turnover at c. $20,000.  We expect to double monthly turnover utilising the same resources in H1 2020 as the testing regime ramps up across the well portfolio.  We will continue to grow the business through further well compliance contracts and expanding testing & diagnostic services.

 

It hasn't been without its challenges, but we are confident that we have turned the corner.  We are optimistic that in the upcoming months we will look to continue to optimise operations across our core portfolio, leverage the strong regional reputation and capabilities of the Attis team, evaluate consolidation and growth opportunities and increase the long term value of the company.  Shareholder value shall remain at the forefront of our mind, and I wish to take the opportunity to thank investors for their support as well as our staff and advisors for their continued hard work. 

 

 

Paolo G. Amoruso

Charlie Wood

 

Executive Chairman

Chief Executive Officer

27 September 2019

27 September 2019

 

 

 

 

Special note concerning the Market Abuse Regulation

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").

 

**ENDS**

 

A copy of this announcement and the Interim Results will be available on the Company's web site. For further information visit www.attisog.com or contact the following:

 

Charlie Wood

Attis Oil & Gas Ltd

+44 20 7236 1177

Thom Board

Roland Cornish

Attis Oil & Gas Ltd

Beaumont Cornish Ltd

+44 20 7236 1177

+44 20 7628 3396

James Biddle

Beaumont Cornish Ltd

+44 20 7628 3396

Frank Buhagiar

St Brides Partners Limited

+44 20 7236 1177

Gaby Jenner

St Brides Partners Limited

+44 20 7236 1177

Colin Rowbury

Novum Securities Limited

+44 20 7399 9400

 

 

 

Notes:

Attis Oil & Gas Ltd is an AIM listed (London Stock Exchange) oil and gas energy Company pursuing a strategy focused on drilling, re-stimulating, and operating wells within mature producing basins in the United States that generate immediate cash flow from projects that are shallow, low risk, with low levels of capex and infrastructure already in place.  Attis also provides field and well operating services to third parties through its operating entity based out of Borger, Texas.

  

 

ATTIS OIL & GAS LTD CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Attis Oil & Gas Ltd Consolidated Statement of Comprehensive Income

for the Interim six months period ended 30 June 2019

 

 

Six Months to

Six Months to

Year Ended

 

 

30 June

30 June

31-Dec

 

Note

2019

2018

2018

 

 

(Unaudited)

(Unaudited)

(Audited)

 

 

US$ 000's

US$ 000's

US$ 000's

 

 

 

 

 

Continuing operations

 

 

 

 

Revenue

 

134

20

104

Cost of Sales

 

(171)

(7)

(403)

Gross profit/ (Loss)

 

(37)

13

(299)

 

 

 

 

 

Administrative expenses

 

 

 

 

     Impairment of financial assets at fair value through profit or loss

 

-

-

(1,126)

     Loss on sale of financial assets at fair value through profit or loss

-

-

(129)

Other administrative expenses

 

(1,073)

(850)

(1,659)

Total administrative expenses

 

(1,073)

(850)

(2,914)

 

 

 

 

 

Operating (loss)

 

(1,110)

(837)

(3,213)

 

 

 

 

 

Other income

 

44

-

19

Finance income

 

-

-

-

Finance costs

 

(6)

(8)

(17)

Profit/ (loss) before income tax

 

(1,072)

-

(3,211)

 

 

 

 

 

Income tax expense

 

-

-

-

Profit/ (loss) for the period from continuing operations

 

(1,072)

(845)

(3,211)

 

 

 

 

 

Other comprehensive income:

 

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

Currency translation differences

 

-

-

(12)

Total comprehensive income/ (loss)

 

(1,072)

(845)

(3,223)

 

 

 

 

 

 

 

 

 

 

Owners of the parent

 

(1,072)

(845)

(3,223)

Non-controlling interest

 

-

-

-

Profit/ (loss) for the period from continuing operations

 

(1,072)

(845)

(3,223)

 

 

 

 

 

 

 

 

 

 

There are no discontinued activities

 

 

 

 

 

 

 

 

 

Earnings per share from continuing and discontinued operations

 

US cents per share

US cents per share

US cents per share

attributable to the owners of the parent during the period

 

 

 

 

 

 

 

 

 

- Basic & diluted (US cents per share)

3

(0.04)

(0.07)

(0.24)

 

 

Attis Oil & Gas Ltd Consolidated Statement of Financial Position

As at 30 June 2019

 

 

Six Months to

Six Months to

Year to

 

 

30 June

30 June

31 Dec

 

Note

2019

2018

2018

 

 

(Unaudited)

(Unaudited)

Audited

 

 

US$ 000's

US$ 000's

US$ 000's

ASSETS

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

3,715

1,199

1,522

 

 

 

 

 

Total non-current assets

 

3,715

1,199

1,522

 

 

 

 

 

Current assets

 

 

 

 

Inventories

 

-

-

-

Trade and other receivables

 

474

1,156

43

Financial assets at fair value through profit or loss

 

419

1,950

419

Available for sale financial investments

 

-

-

-

Cash and cash equivalents

 

465

59

143

 

 

 

 

 

Total current assets

 

1,358

3,165

605

 

 

 

 

 

TOTAL ASSETS

 

5,073

4,364

2,127

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

Non-Current Liabilities

 

 

 

 

Provisions

 

(365)

(663)

(563)

 

 

 

 

 

Total non-current liabilities

 

(365)

(663)

(563)

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

(857)

(732)

(767)

Joint venture liabilities

 

(79)

-

-

Provisions

 

(284)

(475)

(284)

 

 

 

 

 

Total current liabilities

 

(1,220)

(1,207)

(1,051)

 

 

 

 

 

TOTAL LIABILITIES

 

(1,585)

(1,870)

(1,614)

 

 

 

 

 

NET ASSETS

 

3,488

2,494

513

 

 

 

 

 

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT

 

 

 

 

Share Capital

4

-

-

-

Share premium

 

44,694

40,631

40,789

Foreign exchange reserve

 

(77)

(59)

(125)

Reverse acquisition reserve

 

(8,202)

(8,202)

(8,202)

Retained earnings

 

(32,927)

(29,876)

(31,949)

 

 

 

 

 

Total Equity attributable to the equity owners of the parent

 

3,488

2,494

513

 

 

 

 

 

Non-controlling interest

 

-

-

-

TOTAL EQUITY

 

3,488

2,494

513

 

 

Attis Oil & Gas Ltd Consolidated Statement of Changes in Equity

for the six months interim period ended 30 June 2019

 

Attributable to owners of the parent

 

 

 

Share capital

Share premium

Foreign exchange reserve

Reverse Acquisition Reserve

Retained earnings

Sub Total

Non-Controlling Interests

Total equity

 

US$ 000's

US$ 000's

US$ 000's

US$ 000's

US$ 000's

US$ 000's

US$ 000's

US$ 000's

Balance as at 1 January 2018 (audited)

-

38,946

(113)

(8,202)

(29,036)

1,595

-

1,595

Loss for the period

-

-

54

-

(845)

(791)

-

(791)

Items that may be reclassified subsequently to profit or loss

 

 

 

 

 

 

 

-

Currency translation differences

-

-

-

-

-

 

-

-

Total comprehensive income for the period

-

-

54

-

(708)

(654)

-

(654)

Issue of Shares

-

1,426

-

-

-

1,426

-

1426

Exercise of warrants

-

259

-

-

-

259

-

259

Balance as at 30 June 2018 (unaudited)

-

40,631

(59)

(8,202)

(29,881)

2,489

-

2,489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as at 1 January 2019 (audited)

-

40,789

(125)

(8,202)

(31,949)

513

-

513

Loss for the period

-

-

48

-

(1,072)

(1,024)

-

(1,024)

Items that may be reclassified subsequently to profit or loss

 

 

 

 

 

 

 

-

Currency translation differences

-

-

-

-

-

 

-

-

Total comprehensive income for the period

-

-

48

-

(1,072)

(1,024)

-

(1,024)

Issue of Shares

-

4,031

-

-

-

4,031

-

4,031

Share issue costs

-

(32)

-

-

-

(32)

-

(32)

Cost of share issue - issue of share warrants

 

(94)

-

-

94

-

-

-

Balance as at 30 June 2019 (unaudited)

-

44,694

(77)

(8,202)

(32,927)

3,488

-

3,488

 

 

Attis Oil & Gas Ltd Consolidated Cash Flow Statement

for the six month interim period ended 30 June 2019

 

 

Six Months to

Six Months to

Year to

 

 

30 June

30 June

31 Dec

 

 

2019

2018

2018

 

 

(Unaudited)

(Unaudited)

Audited

 

 

US$ 000's

US$ 000's

US$ 000's

Cash flows from operating activities:

 

 

 

 

Profit/(Loss) for the period before taxation

 

(1,072)

(844)

(3,211)

 

 

 

 

 

Adjustments for:

 

 

 

 

Impairment

 

-

-

1,126

Finance cost

 

6

8

17

Finance income

 

-

-

-

Loss on sale of disposal of financial assets at fair value through profit or loss

 

-

-

129

Share based payments

 

125

-

125

Foreign Exchange

 

-

-

(36)

 

 

 

 

 

Change in working capital items:

 

 

 

 

(Increase)/decrease in inventories

 

-

-

-

(Increase)/decrease in trade and other receivables

 

(432)

5

(7)

Increase/(decrease) in trade and other payables

 

202

(98)

(60)

Net cash outflow used in operating activities

 

(1,171)

(929)

(1,917)

 

 

 

 

 

Cash flows used in investing activities

 

 

 

 

Purchase of Investments

 

-

-

-

Purchases of property, plant and equipment

 

(414)

(84)

(302)

Proceeds from disposal of financial assets at fair value through profit or loss

 

-

-

260

Exploration and evaluation -tangible assets

 

-

-

-

Net cash used in investing activities

 

(414)

(84)

(42)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Proceeds from issue of share capital

 

1,899

259

1,386

Share issue costs

 

(32)

-

(70)

Net finance cost

 

(6)

(8)

(17)

 

 

 

 

 

Net cash generated from financing activities

 

1,861

251

1,299

 

 

 

 

 

Net increase/(Decrease) in cash and cash equivalents

 

276

(757)

(660)

Cash and cash equivalents at beginning of period

 

143

803

803

Foreign exchange differences on translation

 

46

13

-

Cash and cash equivalents at end of period

 

465

59

143

 

 

Notes to Attis Oil & Gas Ltd Consolidated Financial Statements (unaudited)

for the six months ended 30 June 2019

1.    Basis of presentation

The condensed consolidated interim financial statements have been prepared under the historical cost convention and on a going concern basis and in accordance with International Financial Reporting Standards and IFRIC interpretations adopted for use in the European Union ("IFRS").

The condensed consolidated interim financial statements contained in this document do not constitute statutory accounts, for the current reporting period, or for earlier periods, but are derived from those accounts where applicable. In the opinion of the directors, the condensed consolidated interim financial statements fairly present the financial position, result of operations and cash flows for the period.

A copy of this Interim Financial Report is available on the Company's website: www.attisog.com and was approved by the Board of Directors on 26 September 2019.

Statement of compliance

The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing these interim condensed consolidated interim financial statements, which should be read in conjunction with the audited annual financial statements for the year ended 31 December 2018, which have been prepared in accordance with IFRS as adopted by the European Union.

Accounting policies

The condensed consolidated interim financial statements for the period ended 30 June 2019 has not been audited or reviewed in accordance with the International Standard on Review Engagements 2410 issued by the Auditing Practices Board. The figures were prepared using applicable accounting policies and practices consistent with those adopted in the audited annual financial statements for the year ended 31 December 2018. In addition, consideration has been given to IFRS 15 and IFRS 9 which both are effective since 1 January 2019.

2.    Financial risk management and financial instruments

Risks and uncertainties

The Board continually assesses and monitors the key risks of the business. The key risks that could affect Attis' medium term performance and the factors that mitigate those risks have not substantially changed from those set out in Attis' 2018 Annual Report and Financial Statements, a copy of which is available from Attis' website. The key financial risks are market risk (including oil price and currency risk), credit risk and liquidity.

Going concern

Attis has a track record of using a variety of mechanisms to fund its commitments, whether it is through new equity, farm-ins and disposals, debt or operational cash flow.  This flexibility gives the Directors discretion around when expenditure is incurred, but it is probable that further equity finance will be required at some point during the next 12 months.

 

The Board is confident however, that capital will be available to allow it to realise its strategic goals and that the Attis will have the necessary resources available to finance its future working capital and discretionary capital expenditures beyond the period of 12 months of the date of this report.  Accordingly these interim financial statements have been prepared on a going concern basis. 

 

3.    Significant changes

The financial position and performance of the Group was particularly affected by the acquisition of Attis UK Oil & Gas which completed during the six months to 30 June 2019.

For further discussion of the Group's performance and financial position refer to the Chairman and Chief Executive's Statement.

The Group's results are not materially impacted by seasonality.

 

4.    Joint Ventures and Profit Sharing Agreements

The Group is party to a joint venture when there is a contractual agreement that sets out the terms of the relationship over the relevant activities of the Group and at least on other party. Management has a legal degree of control over these joint venture arrangements through Joint Operating Agreements.

The Group classifies its interests in joint ventures as joint operations: where the Group has both the rights to assets and obligations for the liabilities of the joint venture. The Group accounts for its interests in joint ventures by recognising its share of assets, liabilities, revenues and expenses in accordance with its contractually conferred rights and obligations.

The Group accounts for its own assets, liabilities and cash flows measured in accordance with the terms of the Joint Operating Agreement and the accounting treatment reflects the agreement's commercial effect. The Group's revenue and cost of sales include revenues and operating costs associated with the Group's interest.

 

5.    Earnings per share

The calculation of earnings per share is based on the earnings attributable to equity holders divided by the weighted average number of shares on issue during the period.  

 

Six Months to

Six Months to

Year to

 

30 June

30 June

31 Dec

 

2019

2018

2018

 

(Unaudited)

(Unaudited)

(Audited)

 

US$ 000's

US$ 000's

US$ 000's

Net Profit (loss) after taxation

(1,072)

(708)

(3,211)

 

 

 

 

Weighted average number of ordinary shares in issue

2,694,384,624

1,183,841,446

1,312,110,098

 

 

 

 

Earnings per share (cents)

(0.04)

(0.07)

(0.24)

As referred to in Note 6 below, the Company has issued options.  However, based upon current share prices they presently have no value and accordingly would not be exercised, hence basic and diluted profit per share are the same.  Historically the Company has reported losses, in such a situation the inclusion of potential ordinary shares would have resulted in a decrease in the loss per share, and as such, their inclusion would be anti-dilutive.  Accordingly, a historic diluted loss per share has not been calculated or included. 

 

 

 

6.    Share capital

The authorised share capital of the Company and the called up and fully paid amounts at 30 June 2019 were as follows:

A) Authorised

 

 US$'000s

 

 US$'000s

Unlimited Ordinary shares of no par value

 

-

 

-

 

 

 

 

 

 

Six Months to 30 June 2019

(Unaudited)

As previously reported
 (as at 31 December 2018)
Audited

B) Called up, allotted, issued and fully paid

Number of shares

Nominal value

Number of shares

Nominal value

As at 1 January 2019

1,462,946,943

-

1,166,335,931

-

Additions:

 

 

 

 

21 January 2019

810,890,438

-

-

-

8 February 2019

20,000,000

-

-

-

30 April 2019

1,480,454,927

-

-

-

23 March 2018

-

-

4,166,666

-

10 May 2018

-

-

8,333,333

-

1 June 2018

-

-

44,100,000

-

19 June 2018

-

-

11,141,178

-

25 June 2018

-

-

160,449,535

-

26 July 2018

-

-

18,437,951

-

23 August 2018

-

-

25,274,725

-

17 October 2018

-

-

24,707,626

-

 

 

 

 

 

As at 30 June 2019

3,774,292,316

-

1,462,946,943

-

Shares issued on 21 January 2019 were issued at a price of 0.12 pence per share, for a cash consideration of £750,000 (before share issue costs), as well as £223,069 shares issued to creditors in settlement of third party creditor services and directors fees.  Shares issued on 8 February 2019 were issued at a price of 0.12 pence per share, to creditors for the settlement of £35,000 of third party creditor services.  Shares issued on 30 April 2019 were issued at a price of 0.14 pence per share, for a cash consideration of £700,000 (before share issue costs, £39,560 shares issued to creditors in settlement of third party creditor services and directors fees, and £1,333,076 shares to acquire 100% of Attis Oil & Gas Limited and its subsidiaries, affiliates and related entities (collectively referred to as "Attis"), a proven US oil & gas operator which holds a 50% interest in the Fort Worth Field, Texas and operates 98 wells across 5,100 acres in the Fort Worth Basin. 

7.      Share based payments

The following is a summary of the share options and warrants outstanding and exercisable as at 30 June 2019 and 31 December 2018.

Share based payment:-
Summary of Share Options and Warrants

6 Months to 30 June 2019
(Unaudited)

6 Months to 30 June 2018
(Unaudited)

Year to 31 December 2018
(Audited)

Number of options and warrants

Weighted Average Exercise price

Number of options and warrants

Weighted Average Exercise price

Number of options and warrants

Weighted Average Exercise price

(000's)

Pence

(000's)

Pence

(000's)

Pence

Outstanding and exercisable, beginning of year

225,422

0.01

87,092

0.05

87,092

0.05

Granted

79,625

0.13

116,634

0.11

199,884

0.01

Exercised

-

-

(56,600)

-

(56,600)

0.03

Expired

(4,061)

 

(554)

 

(554)

0.02

Cancelled

-

-

-

-

(4,400)

0.06

Outstanding and exercisable, end of year

300,986

0.09

146,572

0.09

225,422

0.01

 

The above is expressed in GB£ and not US$ cents due to the terms of the options and warrants

 

 

 

 

 

 

More details of the above events were released by RNS and are also available from the Company's website www.attisog.com

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
IR LQLLLKKFXBBX

Quick facts: Attis Oil & Gas

Price: 0.0635

Market: AIM
Market Cap: £2.46 m
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