Member Info for LGO-fan

the BOD needs a urgent lesson in how to sell. If those service contracts will delivers increased revenues per month than say so and don’t stop at $ 20k for the bloody month on September.

If there is an increase month on month in revenues from oil production than say so.

But to leave investors hanging after 134k in H 1 with little explanation is shocking. The fact that the usual duo puts their heads in the sand, tells me all I need to know about their credibility.

what is this pfp you keep banging on about!?

I am reading this correctly?

It would have been helpful to have seen a breakdown of revenues by month, and by division.

Something doesn’t add up.

BTW, we are halfway H2...

that all sounds good and well, but answer the question regarding the low revenues. You and Helpful proclaim to be all-knowing, so would love to hear as to why the revenues per months is almost 10% of what you guys were estimating

From Helpful...

"So Attis generates about $34k pm from the FW field as the operator. We now do the reporting on another 1,812 wells. So if the revenue is the same per well we get 1,812 x $340 = $616,080 pm. Lets be conservative and say that it is half that figure, we are about $313k pm with more contracts to follow. 20% margin gives us profits of about $62k pm."

So Helpful, thanks to all his research and insights, connections, blah-blah-blah, tells us should be around $300k of revenues per month....NOPE!! A tad over $40k (assuming all revenues came in Q2)

Some folks wonder why he has gone quiet...

well yes, but I did the calc for H2 2019 (you missed that bit ;-)

But I notice you are not answering the fundamental question I posed.

I was surprised by how low the revenues are. Granted we only had a quarter of production, and service contracts were announced in Q3, but still...
If I do a rough math:
- assume oil revenues in H2 = H1 x 2=> 134*2 = 268
- service division: 6*20 = 120
Total: $388k, round it up to $400k, or $66k per month.
Compare that to $1mn SG&A and you have got to wonder, how on earth this company will ever succeed in driving share holder value?!!

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.

"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."

I share the opinion about CW, even if I am a fairly “novice AOGL” investor. Having said that, it seems pretty obvious to me TB is the man in charge (check his title on the website and ask yourself what else there is right now other than US operations that matters?). Not that much, so TB is effectively running the company or the part that really matters right now. CW seems on his way out but I may be wrong. I doubt it though as CW’s rep isn’t exactly worthy of trust with the investment community. It’s all about trust in the BOD, so am sure there is some agreement for CW to exit at the right time.

with the rig in site end Sept, it is now almost a certainty that we will drill in Oct . I suspect LK must have very high confidence that all the necessary paperwork will be rubber stamped around end Sept, so he can start drilling as soon as the paper work says "good to go". First flow rate in Oct are now extremely likely.

See, if you apply yourself you can post interesting stuff (I knew you would bite; just a bit of fun)

who is that song from?

what are your expectations in terms of bopd from Saffron?

totally agree

Thom Board
Executive Director, Chief Operating Officer and CEO of US operations
In case there was any doubt who calls the shots and who will be CEO soon....

News always welcome, indeed.

it would be annoying but let’s say the news comes in early October rather then late September....not the end of the world is it?