Attis Oil and Gas Ltd Extension for Financial Reporting Deadline (9567P)

TIDMAOGL

RNS Number : 9567P

Attis Oil and Gas Ltd

15 June 2020

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

15 June 2020

Attis Oil & Gas Ltd ('the Company')

Extension for Financial Reporting Deadline

Attis Oil & Gas Limited announces that, further to the guidance provided by AIM Regulation in "Inside Aim" on 26 March 2020, the Company has been granted an extension of up to three months for the reporting and filing of its financial results for the year ended 31 December 2019, such that it will publish these results as soon as possible, but by no later than 30 September 2020.

Due to the restrictions imposed by the Government of the USA in respect of Covid-19, there has been a delay in the Group's auditors receiving the relevant information to complete the audit process as the Coronavirus has had an effect on staff availability and external accounting resources in the US.

Trading Update

As announced on 28 May 2020, the Company recently concluded a placing of new shares which raised gross proceeds of GBP600,000 for the Company ("the Placing"). Additionally, holders of GBP370,543.14 (principal plus accrued interest) of the Bridge Loan elected to convert their loan into ordinary shares ("debt conversion") with the remaining Bridge Loan Holders holding GBP74,846.51 in principal and accrued interest repaid from the proceeds of the Placing, and certain creditors amounting to US$76,316 elected to be paid in shares rather than cash.

The Company has been conducting an asset sale programme over the course of the last few months. The Company's remaining wholly owned and operated asset, the Austin Field, is currently shut in pending an improvement in oil prices which will result in either a resumption of cashflow from that field or a sale of the asset. The Company announced the sale of its Bivins Ranch lease on 11 February 2020 for $50,000, the sale of its Zink Ranch assets on 12 May 2020 for $250,000 and the disposal of its Fort Worth Assets for a nominal sum. Following the Placing, debt conversion and these disposals, the Company as at 11 June 2020 had cash or cash equivalents of approximately GBP526,000 and liabilities of approximately GBP237,000 with a further $160,000 in cash due from the sale of the Zink Ranch assets.

The Company is actively seeking opportunities to rebuild value for shareholders. The recapitalisation of the Company through the debt conversion and the Placing puts the Company in the position to enable the Board to find and attract new investment opportunities.

**ENDS**

For further information visit www.attisog.com or contact the following:

 
 Paolo Amoruso        Attis Oil & Gas Ltd           + 1 713 869 1544 
 Roland Cornish       Beaumont Cornish Ltd          [phone] 
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 James Biddle         Beaumont Cornish Ltd          [phone] 
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 Duncan Vasey 
  Peter Greensmith    Peterhouse Capital Limited    [phone] 
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June 15, 2020 04:47 ET (08:47 GMT)