Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Much dilution in my opinion, think ship has stabilised though.
well we have $20K x12 cost savings and $34Kx 12 additional income + additional acreage + a new respected COO
Financially that's worth $240K + $408K annually, so $650K per year.....2 years for payback, thereabouts - look it at like that way and doesn't look an expensive deal?
Time will tell. Big dilution. Lets see how the market takes it.
Must admit getting a bit sick of financing aim companies.
3,74billion shares guys. That is a silly amount for such a tiny company. This will have p&d written all over it.
Rationale - can't disagree with this statement - given Attis have proved themselves it makes much sense:
"The rationale for this merger is one of operational efficiency, economies of scale, increased acreage and production, exposure to a service provider and the creation of a cash flow positive platform from which to grow the enlarged group further.
Yes, but at what price: we are adding what...1,4bn shares? Did I get this right? Will it be worth it? Excluding dilution, it makes a lot of sense, but will this create extra shareholder value?
Yes Ors,. Big unexpected news. Difficult to get my head round this, but us, as shareholders better be okay as we have all been bummed for years here.. I’ve no idea how the market will react to this. CW keeping his job too for now..
Excellent!
57 bopd net from Austin so it is improving.
Cashflow positive
We can now handle more fields and wells.
End of May this will look like a real business.
DYOR
this sounds like a good deal - not least $20K per month savings to current cost structure.
what I also like is that note there are NO warrants being issued, must be first on AIM!
Overview:
· Acquisition to transform combined group's revenue / cash flow profile and provides Mayan with an in-house, experienced, operating team
· Attis has a 50% interest in 98 wells across 5,100 acres in the Fort Worth Field, Texas which currently produces 41 boepd net to Attis
· As operator of the Fort Worth Field asset, Attis generates approximately US$34,000 per calendar month in additional operating revenue
· Attis' oilfield services division, which also provides third parties with oilfield services, opens up an additional business line with growth potential
· Acquisition increases Mayan's acreage and net production to 8,841 acres and 98 boepd respectively, based on Mayan current net production of 57 boepd and transforms Mayan into a cash flow positive operator:
o Pro forma group turnover of approximately US$190,000 per month (based on current combined production and Attis operator revenues)
o 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
· 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
· £1.33m acquisition cost to be settled via issue of 952,197,460 new Ordinary Shares in Mayan at 0.14p per share ("Consideration Shares") representing 23.8% of the enlarged issued share capital following the Placing and Acquisition
· Attis shareholders have indicated their intention to invest £165,000 in the Placing.
"we have turned the corner and we are about to bounce hard"
Like the sound of that - bring it in!
Last day of April today so good day to update. Helpful set it up nicely. Lets hope we do get some traction going in May.
Back from the dry cleaner too early that is
Hopefully not ! :-)
Tomorrow is another day! Absolutely!
Helpful, I think I’m really liking you now :)
Let's see.
I got involved here because on paper the business model is a doddle. Let's take Austin Chalk five wells cost $500k. Workover cost say $100k for the stage 1 workover. Let's say 50bopd net to Mayan. Valuation is $25k per flowing barrel, so: 50 * $25k = $1.25mil. Plus we have the behind the pipe resources, unexploited intervals and modern enhancement technologies.
We should be able to do 3/5 deals like that a year. Work them over, sell the enhanced asset and reinvest: keep the ones with big upside.
We should be turning these deals over on a regular basis, like they were cookie cutter deals. We should have been doing it for the last two years.
Fingers crossed, we have turned the corner and we are about to bounce hard.
DYOR
Helpful was collecting my suit that's been in the dry cleaners for circa 3 years a tad early?!!!
now blue - swing of 20% today on little volume.
News, tick tock
Can’t be too many short term traders left in this - spread always poor little movement except slowly up. I think most of the buys over last few weeks have been top ups and average downs - I keep buying more when price right so sure others are too
red going blue....
pqe continues to recover....
good week coming I think.
Thanks Helpful. That would explain it.
Bed & ISA £20k
The volume seemed to just jump massively. Is there a big buy that was just processed?