Attis Oil and Gas Ltd Statement re. Suspension (4695Y)
January 02 2020 - 1:30AM
UK Regulatory
TIDMAOGL
RNS Number : 4695Y
Attis Oil and Gas Ltd
02 January 2020
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
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Roland Cornish Beaumont Cornish Ltd +44 20 7628 3396
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James Biddle Beaumont Cornish Ltd +44 20 7628 3396
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Frank Buhagiar St Brides Partners Limited +44 20 7236 1177
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Megan Dennison St Brides Partners Limited +44 20 7236 1177
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Colin Rowbury Novum Securities Limited +44 20 7399 9400
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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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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