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Don't know how to value us. So spread will remain big until we get some news imo.
Or someone takes a punt. Will buy more if i can get placing price. Maybe soon. With a bid of .12
no, a bit more than 2 years at current revenues
Yes, but not all of them will be worthwhile to go after. Does anyone have an idea of how many of the 98 have good potential ?
That’s a significant amount of wells to optimise! 20k reduction in operating costs per month, things are looking up here & I believe we could all be pleasantly surprised soon
Never gonna get my money back on the share
"During the first quarter of 2019 Attis generated turnover of approximately US$299,000 and US$46,000 in free cashflow."
Free cashflow suggests profit - but those accounts have not been prepared. Clearly they were satisfied with their due diligence to proceed.
Incidentally if they weren't satisfied with dd on the company this deal would have been structured differently ie they would have purchase assets, contracts etc, not the company and its subsidiaries.
"Mayan Energy Ltd (London AIM: MYN) is pleased to announce that it has entered into a conditional share purchase agreement to acquire 100% of Attis Oil & Gas Limited and its subsidiaries, affiliates and related entities"
was there a profit or a loss in Q1?
you are reading it correct:
"For the year ended 31 December 2018, being the latest period available, Attis made a loss before tax of US$35,153 on turnover of US$53,405 and had net assets of $195,000. During the first quarter of 2019 Attis generated turnover of approximately US$299,000 and US$46,000 in free cashflow."
In the RNS it also says they are receiving $34K per month additional income - that now also accrues to Mayan
"As operator of the Fort Worth Field asset, Attis generates approximately US$34,000 per calendar month in additional operating revenue"
We are also now saving $20,000 per month in contractor fees
"Economies of scale savings generated across the new entities with initial combined company cost savings of c. US$20,000 per month due to elimination of third party operator charges for Mayan's Zink Ranch and Austin fields"
Looking forward to hearing our new COO updating shareholders on various fronts.
In the Rns it states last year Attis made a turnover of $53k and in the first quarter of 2019 alone the turnover was $299k. Am I reading that correct. Looks to me like massive growth potential. I know we haven't seen the books but our chairman who is a lawyer will have, so interesting times ahead I feel.
A name grows on you. Call it a wild hunch but if these peeps start over delivering and the SP rockets, we may all start to feel differently towards the name :-) Wiki facts: Attis (/ˈætɪs/; Greek: Ἄττις, also Ἄτυς, Ἄττυς, Ἄττης) was the consort of Cybele in Phrygian and Greek mythology. His priests were eunuchs, the Galli, as explained by origin myths pertaining to Attis and castration There you go, a bit of useless information. Gets us nowhere at all, but makes the name Attis slightly more interesting!
thank you, and that is all true :-) Probably misunderstood you: thought you said they announced 1000bopd in that tweet. Cheers!
you have to ask why would they spend another $13M this month on 4,000 acre proven oil sands resource in Utah - if their plant is a doomed for commercial failure. Not difficult really to see they are confident.
The cost of this acreage (and previous purchase) will look very cheap once they demonstrate 1,000 + bopd (ramping up to 4,000 bopd scheduled for this year). Re-valuation in the ground of these cheap resources will be booked to the balance sheet and will show massive increase in value. Clever (and obvious) move imo.
https://ir.petroteq.energy/press-releases/detail/315/petroteq-energy-announces-proposed-resource-acquisition
Try looking at PQE RNS's the clue is there:
PQE RNS 28/3
"With operations ramping up, the Company believes that it is now in a position to achieve the previously announced goals of 700 bpd in the next couple of weeks and 1,000 bpd within 8 weeks."
https://ir.petroteq.energy/press-releases/detail/313/petroteq-energy-announces-continuous-production
To me, Attis doesn't sound as funky - and evoke the same exotic imagery as Mayan.
Attis sounds obscure to me, but obscurity can be useful sometimes.
I can’t see anything in that tweet backing that up, Ors?
They just posted this picture earlier and comment - it looks like they are either doing or close to doing 1,000 bopd at long last."
"With a potential to unlock resources across U.S. and global oil sands and oil shale markets, Petroteq's infrastructure is built for expansion.
$PQE $PQEFF $PQCF #OilandGas #OilStocks #Investing #Energy
petroteq.energy
THIS COMMUNICATION IS MADE ON BEHALF OF PETROTEQ
Or "Placings R US. only joking.
Time will tell for shareholder value. A lot to deliver now.
Lets see. I am always dubious of false dawns. Leopards and all that ?
I think we all assume the same but a bit strange nothing is mentioned in RNS about it.
I agree.
Changing CW in the last 6 months would have lost all the soft knowledge and history. You do need some continuity on these things. When the company is a bit bigger, if it can attract a suitable big hitter then all well and good. No point in jumping out of the frying pan into the fire.
I can see the combined entity being at 200 boepd net at the end of May. Possibly, the company can then start looking but you will come back to the same issue we had with RC as CEO: remoteness of the management. We are a UK listed company and some of the board needs to be UK based and conversant with how listed companies are run.
Personally, I would run things as they are till March of next year: by then the company should have started to exploit its assets properly and may be at 500 boepd net. If they bring in a big hitting CEO too soon and he/she wants all the goodies that go with the position then the company could be using all its cashflow to feed the CEO and the BOD.
Before the trolls get excited: one horizontal well at ZR and one at Austin (total cost $2.5mil) would probably get us to 500 boepd by March. That would only require 600 boepd gross on each one and for us to have a 25% NRI.
DYOR
Executive Board:
We have a new Chief Operating Officer:
"Thom Board, Attis' CEO and current Mayan technical advisor will join Mayan as its Chief Operating Officer and executive director - Mr. Board will be in charge of all of the day to day operations of the combined entities in the US"
That will do for me.
"At the time of their appointment, JD McGraw, a Non-Executive Director, will retire from the Mayan board."
Well he has been invisible so will not be missed and salary saved.
Got it:
Acquisition Makes Sense
That the Company has acquired Attis makes sense, especially as Attis provided the Company with the only technical expertise to operate is licences and sign off on the technical content of its releases.
What continues to defy logic, however, is Wood continuing in his role as CEO, especially after the Deloro debacle, which we have covered here many times.
What now needs to happen, now that the Company has proposed its name change (as we suggested in January 2019), is that the historic management team needs to be removed, to give the new company a clean break and a fresh start.
Otherwise, it is a case of "plus ça change, c'est la même chose," which to our mind would be a drag on any value that the new management generates.
Obviously he still has an issue with CW.
DYOR
I am told that Zac Philips likes the deal: anyone got a link?
Maybe need to wait a few days then they’ll let us buy 14p or bit less - seems like plenty of demand they don’t want to give them away or encourage traders by looks
There is a thing called GDPR and also we have house rules: no one is supposed to disclose names on here and it is in any case unlawful unless the information is in the public domain.
As I said, it has not gone to the PI market.