Attis Oil & Gas Ltd / Index: AIM / Epic: AOGL/ ISIN: VGG6622A1057 / Sector: Oil and Gas
7 November 2019
Attis Oil & Gas Ltd ('the Company')
Extension of Memorandum of Understanding
Attis Oil and Gas Ltd (AIM: AOGL), the AIM listed oil and gas company, announces that, further to the Memorandum of Understanding ("MOU") announced on 22 October 2019, it has agreed to extend the MOU previously disclosed with an owner and operator of approx. 25,000 leasehold acres in the Texas Panhandle to 1 December 2019. The MOU allows the Company to conduct due diligence over the acreage, determine feasibility, and, if satisfactory, enter into good faith negotiations on structure, and mutually acceptable terms for a transaction, further expanding their joint position in the Red Cave formation.
The Company plans to use its tax efficient corporate structure in the United States and its Red Cave acreage as a platform to build a strategic position through joint ventures with local mineral and working interest owners, operators, and contractors in order to achieve scale in the Red Cave formation in order to provide positive cash flow in the near term.
Attis Oil & Gas Ltd is an AIM-traded (London Stock Exchange) North American-based energy company. It is actively pursuing a primary recovery oil strategy focused on re-stimulating wells within mature producing basins with immediate cash flow from projects that are shallow, low risk with low levels of capex and infrastructure already in place. Attis is also seeking to develop new drill opportunities within both existing & new acreage.
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