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When you wipe away all the noise and current issues such as financing stuff and SMP litigation, what are we left with??
In a word, SUBSTANCE! Lots and lots of commercial oil, long licence, IMF agreement for RoC and associated additional inward investment and also monthly compo from snpc. Ignore the short term noise and sit tight. This is only going one way in next 12 months, UP!!!
If the BOD are raising 8+ million by stage payments .their is no way they can be an insurance policy, they need the money and the only way to get it was by creating a situation of monthly payments. More than likely the cash they have received made the deal possible as it gives them a head start.
The flip side is if the BOD fail to deliver on timing etc., drill date or Drill failure, monthly income failure etc., the finance deal can be cancelled with little notice leaving the BOD mired up.
As for the legal wrangle via the Paris C.C. it will be a drawn out process assuming arbitration is accepted.
#**The consent of both parties is required.
The BOD are taking a high risk gamble because the situation is each party pays its costs as it goes. and the costs of arbitration are generally much higher than in normal litigation processes.
Not all awards are immediately enforceable unless specific criteria in place.
Also if no arbitration agreement is entered into then a likely end to the case.
The BOD have not mentioned any of the above so the question is -was an arbitration procedure in the contract?
#**If there was an arbitration clause in the contract then AAOG have the right to enforce it.
Also the PCC can enforce AAOGs partner(s) to provide various documentation and appear if required.Presumably their partners have consented ? Great for the expense account,1st class 5/7 star.
Of course none of the above stop the claim from having 'merit'
A legal minefield.
Sardy - all good
Some welcome posters have joined in recently now the noise level reduced by filter , barn06048847 is a smart guy great to see here.
Apart form the obvious ones mentioned , others I have had on filter a while as imo being agenda driven or just plain disruptive but each to their own views
But Maestro1 is ok, even though he may fit this category, I hope it comes good for him as its been a long road since IPO.
May I also thank tiburn for taking up the reigns whilst tip top takes a short break
I have the same plus quick study and I notice no green today maybe they will get the message
Looking at the cash flow, the staged monthly payments structure with ISA isnt necessary imo, just insurance.
The agreement is non binding:
“The Company entered into a non-binding term sheet that envisaged the possible entry into an Investor Sharing Agreement.”
“Within five business days of the end of every month for which the ISA operates”
Implying it can be cancelled at any time.
Conservative view on Cash balance in my post yesterdays as calculated was $7.5m by October
Sidetrack cost estimated at $3million, as its only a 30 day programme.
So why the monthly placing requirement?
Potentially its just an insurance policy.
If the sidetrack is successful and into production, then AAOG should cancel it, as no need.
The agreement doesn’t start until Sept 1st - why is that? To minimise dilution and with a view to cancel asap on drill success.
If for whatever reason 103 not a success, even from Mengo, then AAOG can retain the monthly ISA as this pays for ongoing costs and assume $300k a month banked.
SNPC repayments at $850k or more a month
Net savings - $1.2m a month
So $4.5m left over balance after sidetrack, in 4 months there is enough cash to go for TLP-104 drill.
With any SMP settlement up to $3.1m then this can go faster.
It's amazing how much more constructive this BB seems now I've filtered out the boiler room muppets. I notice that others are now weeding their own gardens and good on them!
I'd urge more to filter out the shorters and de-rampers. It's very easy to do and to get you started, here's my current list
ShatAim, MrAim, spike912, bennyson, YinYang, angelaj6611, JohnHenry, topshares2, ZENGAS, Curious99, MartyPoppins
Enjoy reading a "constructive" bulletin board again guys ;-)))
Showing your age truth, miss diane lol
Only approx. 16.5% total votes cast ( 39,494,727 votes cast out of 237,929,038 ) anyway 98/99% for yes resolutions.
Last year about the same 16.5 % votes only cast
AAOG shareholders either apathetic at voting or proxy votes got lost in the post or just those attending get counted ?
Indeed-it’s only in the cold light of day that you can see what a total loon our ‘Miss Diane Benny’ really is with his multiple repetitive rants.
You really don’t need to harp on Benny-we already know it’s been poor so give it a rest please and enjoy your weekend.
And still so many trolls around, and thanks to the filter button I can’t read any of them!, lol
Looking forward to a peaceful weekend and a BOOM!!! Week next week
is the crony fanbois who laughed at his jokes... while, i'm presuming, the audience members were sitting on 70% losses on their buys... was extraordinary.
What was funny was how pompous the questioners were, thinking they were big time investors, asking about dividends. Jesus, dividends! A planted question if ever I saw one... still might've pulled in another few at 6.5p.
sorry... slipped there. i meant "find money on ever INCREASINGLY difficult terms."
No... that's the equvialent of paying for the stuff you've tried to nick... there's a penalty due here for the shameful way AAOG investors have had their sp creamed off for what looks like private gain.
Sefton's pretty much ridden roughshod over the investors with his barefaced profiteering and complete disnterest in making money in AAOG in every way except investing in shares.
Personally, I don't see anything that might happen to Sefton as being detrimental to the company... probably do the sp a favour. He's just the moneyman... and, as such, he's been a poor moneyman, unless you think it's his job to consistently find money on ever decreasingly difficult terms, due to things like the lack of a cpr?
Start knocking out the rns' that prove that things are still moving forward... only way to shut up the 'trolls'. Shut them up good and proper!
Well that is a pot and kettle heading no doubt from one of our resident trolls, incredible !!!
The only FCA issue is the leak to TW-which I know is being looked at.
DS should give AAOG a stake in ATOG-would that help you Benny?
better an unhealthy obsession with a share I wouldn't dream of reetering again without proof of a future, instead of the nonsensical ramping that Tiburn is putting in, on 15 trades a day.
Ramping on such a poor investment credetials atm is, I'd say, the more needing of a secure wing. To lose money is poor... but to keep on losing money suggesting the outlook is bright, in spite of the news is... maybe that's why it's called ramp-ton? hahaaaaa!
Thankfully, as long as the fca have actual teeth, they won't be distracted by such mind games and will concentrate on the ATOG creation with ABO directors to take an asset that AAOG were charged for, while Sefton was in charge of both and then tried/managed to take the asset without any compensation for the full return plus %, as it's impossible to negotiate with yourself!
I’ve got someone from Rampton picking you up later on Benny so pack your bags-your pathological fixation with something you liken to dross is unhealthy
Now I think you're the troll, just working a reverse angle...
Never have I heard such absolute bllox posted about this share. I can only assume that you're being either ironic or funny becuase it it was absolute I feel rather certain that the company would have had more than 15 trades (not buys, but trades, including sells).
I won't filter you though, as I'm impressed at your endless drivel and the world needs laughs at times such as these. : )
Not quite “just logistics now”, is it Tiburn?
thanks and best of fortune chap
we know this is going to win through, nothing to stop AAOG now
12m reservoir drilled and flows
cash to drill
licence, award, psa soon
tech approach set
just logistics now
Think they had a welder permanently on site repairing items also had to wait for replacement parts to come from France all documented in RNS dated 8th Nov 2018 .
“The Company will not risk damage to the target horizons, and so has insisted on these replacement parts”
“The Company's CEO is scheduled to meet with SMP in Paris on Monday to discuss the rig performance and the financial consequences of this downtime.”
Sounds like SMP did not pay full compensation and will not be used for the new drill. They were obviously unreliable partner probably why these legal issues have escalated .
Be interesting to see who AAOG have chosen to provide the drill for Djeno .
It’s what you and your fellow arsonists say mate-zig you don’t like it, then go and dissect a frog or something.
I’m not a fan of what has happened but I’m prepared to give them a shot at getting to the oil.Removing key personnel now would be utterly insane unless you have a ready made replacement.I suspect you don’t.