Chart - ATS, page-11

Yes I believe a small office exists in Houston with no major share holding management in situ. I understand that the company is mostly driven from Perth WA.
Aurora was very different, most of the big share owning management lived and breathed every movement. They were young, very driven and committed with heavy exposure to the asset. Their profits were on paper in those days and needed enormous protection. They lived close to where the capital markets were for promoting the company and engaging with large capital raising entities whilst maintaining good hands on access to the large drilling programmes being undertaken. They had dual listing in Canada (Toronto) and Australia. Since the sale of Aurora and the realisation of its enormous asset value they have played with a little of their profits through ATS. They have protected their downside with well paid jobs and astute allocation of shares for the original assets that were bought in another entity. They then retreated back to a less intense lifestyle based in Perth with the occasional US visit. ATS is not as critical to their financial well being as Aurora was. I am not criticising them I would have done exactly the same.

They protected their personal downside strongly and traded heavily on their strong successful reputation with Aurora. The way ATS was structured enabled them to re-enter the industry that had served them so well and utilise the knowledge and skills they had gained whilst not punting the farm. A very smart strategy. Their intent with ATS was to buy distressed assets at bargain prices, punt an oil price recovery and back their ability to drill economic wells with the greater technical knowledge at their access. This was widely publicised.

Portugal has failed, only time will tell if the Tuscaloosa shale play can stand up. I strongly believe that forces such as future oil prices and drilling success will predominately prove the success or failure of this entity. If ATS were to fail it would impact some more than others!

At 2.5cents it is surely worth a punt.
As for those in at far higher prices it is a depressing story so far.