Hope this helps. Their claims to tier one plays is based of recycled research done by previous owners.
I will be surprised if they paid anyone to validate these claims since they acquired the play.
The previous owners would have invested in this research and would have simply provided ATS with the documents on sale. It is based on geographical surveys and when done once it would be unnecessary to do again unless the credibility of the surveying company is in question.
Having said all this, we do not have these documents on the financial statements so we basically take their word for it and hope that the auditors have done their job properly. If this information is misrepresented then the directors of ATS will be personally liable to any losses incurred by investors from what I understand.
I can't prove this but from logic I believe this is what has happened. Feel free to correct me if I am mistaken.
ATS Price at posting:
5.1¢ Sentiment: Hold Disclosure: Held
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