News: ATS Australis Oil & Gas Seeking Commitments From Investors To Raise Up To A$30.5 Mln, page-12

The ability to capital raise with ease is always a good sign of a companies standing. ATS have a tightly held share register with 83% of the stock held by (10+) big institutions, directors and management. 17% for the retail sector gives some liquidity but enables cost controls and flexibility to strike fast. This is a well researched company that has considerable support from the top end. From a price perspective the fact that it has near 1 billion shares on issue suggests it cannot mimmic Aurora exit price. Aurora had somewhere around 450K shares on issue when it was taken out at $4.60. That was a different world then, however I can see in 12-18 months a tidy deal at $1-$2 possible. 
The unbeknown being oil prices, A$ and well drilling production progress. This is a tactically a very well managed organisation that controls all within its controls excellently. It markets well and has an impeccable track record.