March 23, 2020 / 5:40 PM / 9 days ago

BRIEF-Attis Oil & Gas Shuts Oilfield Services Division

March 23 (Reuters) - Attis Oil and Gas Ltd:

* EXTENSION OF BRIDGE LOAN FACILITY & OTHER MATTERS

* ANNOUNCES A ONE MONTH EXTENSION OF FIVE-MONTH SENIOR SECURED FUNDING FACILITY OF £460,000 WITH 6 SHAREHOLDERS, COO, CHAIRMAN

* PLAN TO DISPOSE OF ITS INTERESTS IN AUSTIN FIELD, ZINK RANCH AND FORT WORTH CONTINUES TO PROGRESS

* CURRENT COMMODITY PRICE FLUCTUATIONS HAVE MADE OPERATION AND SALE OF AUSTIN FIELD MORE CHALLENGING

* AUSTIN FIELD WILL BE SHUT IN UNTIL OIL PRICES REBOUND

* CONTINUES TO ADVANCE SALE OF ZINK RANCH WITH MULTIPLE PARTIES; CURRENT ENVIRONMENT CREATED LIQUIDITY CRUNCH REQUIRING EXTENSION TO CLOSE

* EXPECTED THAT FORTH WORTH WILL BE SOLD FOR PLUG AND ABANDONMENT LIABILITY TO A THIRD PARTY

* COVID-19 HAS INCREASED PRESSURE ON OPERATIONS

* CLOSED OILFIELD SERVICES DIVISION AND TERMINATED ALL EMPLOYEES ASSOCIATED WITH THAT WORK,

* ARE FURTHER TAKING ALL STEPS NECESSARY TO SHUT IN OIL WELLS IN ANTICIPATION OF FURTHER RESTRICTIONS ON MOVEMENT OF PEOPLE Source text for Eikon: Further company coverage:

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