2 Jan 2020 07:30
Attis Oil & Gas Ltd / Index: AIM / Epic: AOGL/ ISIN: VGG6622A1057 / Sector: Oil and Gas
7.30am 2 January 2020
Attis Oil & Gas Ltd ('the Company')
Statement Regarding Suspension
Attis Oil & Gas Limited ("Attis") today announces that it has entered into a binding Memorandum of Understanding (MOU) with a North American focussed oil and gas company (the "Target") in relation to the potential acquisition of that company (the "Proposed Transaction"). A detailed transaction structure has been agreed in outline with the Target. The MOU includes a number of material conditions, including mutual due diligence, regulatory and shareholder approvals, where required, and Attis having sufficient cash resources to use towards the Proposed Transaction; should these conditions be satisfied, formal documentation to complete the Proposed Transaction, including the AIM admission document seeking approval by Attis' shareholders, will be published.
The Proposed Transaction, if completed on the currently envisaged terms, would be classified as a reverse takeover in accordance with the AIM Rules for Companies. Accordingly, at the request of the Company, the Company's shares are suspended from trading on AIM with immediate effect and will remain so until either the publication of an admission document setting out, inter alia, details of the Proposed Transaction or until confirmation is given that these discussions have ceased.
The Proposed Transaction is designed to bring to the Company an experienced management and technical team and prospective assets. The Company expects to dispose all assets that are deemed non-core including its Fort Worth Field ("Disposal"), potentially triggering the requirement for shareholder approval pursuant to AIM Rules 15. If required, a circular to shareholders requesting approval for the Disposal will be posted in due course.
Attis will provide further updates in due course and is seeking to complete the Proposed Transaction on an accelerated timescale.
**ENDS**
For further information visit www.attisog.com or contact the following:
Thom Board | Attis Oil & Gas Ltd | +44 20 7236 1177 |
Paolo Amoruso | Attis Oil & Gas Ltd | + 1 713 869 1544 |
Roland Cornish | Beaumont Cornish Ltd | +44 20 7628 3396 |
James Biddle | Beaumont Cornish Ltd | +44 20 7628 3396 |
Frank Buhagiar | St Brides Partners Limited | +44 20 7236 1177 |
Megan Dennison | St Brides Partners Limited | +44 20 7236 1177 |
Colin Rowbury | Novum Securities Limited | +44 20 7399 9400 |
About Us
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.