Tower Resources #TRP, Hardman & Co and Edison speak at London South East’s Oil & Gas event Watch Now
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Interesting ATOG document
"The acquisition was completed on 19th November 2019"
so they kept this information to themselves and it took nearly 1 month, from 19/11/2019 to 12/12/2019 to inform AAOG shareholders....... when we had the same directors and they knew at that exact point?
they kept this information to theirselves
How do Skittish - hope you are keeping well.
Your last sentence - "And I'm quite sure DS & Co still haunt these boards, possibly in several guises" would appear to be very true as a post of mine today was promptly taken down for apparently being "defamatory". I very much doubt there is any genuine poster on here that would possibly have viewed in that way and then gone to the effort of getting it removed?
Just a few observations on recent events, in no particular order.
I'm not particularly concerned by the words themselves used in the RNS.
It is typical "lawyer speak" using their arcane language, hedged about with this and that, which is what you get when the lawyers write your RNS's for you.
What concerns me more is that
1. Obviously the requirement to "perfect" the security was not anticipated by either Anglo or Zenith, otherwise they would not have been talking about end January for the loan
2. What other unanticipated surprises may there be coming down the line Congo-wise - obviously the Congo experience of the three current directors is limited solely to running AAOG into the ground - and bearing in mind this is a complicated deal, no-one on either board has any experience of dealing with SNPC & Co
3. It is clear that current expenditures at AAOG are currently around £180K per month, and the £360,000 sale of 20% of the issued share capital to Forum will be gone in around 2 months.
Point 3 is maybe not surprising if AAOG is still funding the Tunisian and ATOG companies by providing them with offices, addresses (see Companies House), and who knows what else - bearing in mind we already appear to have funded their due diligence, "success fee", and for a time all their drilling engineers.
The Anglo Tunisian Oil and Gas Limited charge dated 8th January 2020 is now available to view
The document gets the Registered Office wrong - it isn't 3 The Paddock (DS's old haunt) it is 12 Berkeley Street, Mayfair - AAOG's offices and was clearly prepared prior to JB jumping ship.
And it also reveals two new companies ATOG Petroleum Limited (registered in the opaque British Virgin Islands) and ATOG Ventures Limited (also probably likewise). Conveniently being in the BVI it is impossible to tell by investigation who the shareholders of those companies are, although the document does reveal that the 125,134,652 shares of $1 in ATOG Petroleum are held by Anglo Tunisian Oil and Gas Limited.
The charge secures the money lent to purchase the assets and future monies to develop the Tunisian assets and is a charge over the shares in ATOG Petroleum Limited which obviously is the actual owner of the assets.
As for AIM regulation I'm sure DS and JB and the other directors will have anticipated all manner of complaints and will have dealt with matters in anticipation of such complaints - that said they appear to have been dead set against Alex MacDonald or Align getting anywhere near minutes of board meetings etc. And if it turns out that TLP-103C could never have produced due to it being damaged then many of the 2019 RNS's could definitely be considered to have been misleading. Time will tell - assuming of course Zenith ever drill Tilapia.
As for Forum Energy Services Limited I'm surprised at their lack of recent activity.
They buy 20% or so of the company and then ........nothing.
Obviously it didn't really cost them that much and maybe they are awaiting further information concerning Askells and any other matters which may come out of the woodwork prior to committing further. Bearing in mind 20% of the shares get them three board members, that is quite some deal.
As someone pointed out earlier it is worth following Angus Energy to see the present state of play with licence PEDL 005.
As has been pointed out earlier at 31st December 2018 Saltfleetby Energy Limited
(owned by Forum) had £14.7 M cash on its accounts, presumably to cover £12.8M of decommissioning liabilities on the field. Saltfleetby Limited also had an eye watering £61.7M of tax losses on its balance sheet, making Anglo's accumulated £22M losses small by comparison.
Following the year end accounts Angus bought 51% of the Saltfleetby gas field and Saltfleetby Limited paid Angus £2.5M to cover the costs of reconnection or abandonment of the field to be paid by Angus.
It was unclear at that time whether the field was to be reconnected or permanently abandoned - thus incurring decommissioning costs.
Angus has now (today) decided to reconnect the field and an earlier RNS stated production sometime in summer 2020.
If profitable production can recommence then decommissioning would be potentially put back by many years and then that circa £12M still sitting in Saltfleetby's accounts may be going begging.
Quite who is behind Forum/Saltfleetby remains unclear, but I still think that there is some hope for long suffering Anglo shareholders, even though it may come with considerable dilution.
What Forum is waiting for I'm not sure, but presumably they would prefer to make their move sooner rather than later.
And why go for Anglo in the first place, with all its accompanying baggage?
A clean shell would have been much better, surely?
Unless there is another objective.
And I'm quite sure DS & Co still haunt these boards, possibly in several guises.
Well, another administrative step. Who knows, the completion of the disposal may even take place before the loan is needed depending on how quickly the ministry consent is given.
Interesting news next up is the SMP compensation claim...
"perfecting the security to be granted to Zenith Energy "
What does that mean? Have they got the PR/legal work-experience kid writing this?
Should be filled soon, atleast some of them
Zenith needs to pay up quite a bit of cash real soon + they have a pretty high cashburn, so they should sell these bonds asap
There are only two of them now, give them a chance.... :)
If you can get away with it and are extracting £200k/month from the company why wouldn’t you expect anything more than snails pace.
Its as if they are helping someone by keeping the sp lower for as long as possible. But no one is really building up a stake, and no one is really selling as not much volume, so other option is for financing ?? Ensuring the vwap / ma is lower for longer??
I just knew this loan wouldn't be straightforward, and here we are with new information not stated previously.
I have never known a company to try and confuse and obfuscate so much in their RNS - they are obviously hiding something - yet again.
"perfecting the security to be granted to Zenith Energy "
I mean what does that mean?!
"requires the re-registration of Anglo African Oil & Gas "
so they havnt registered this yet ? or have and its not granted? or is being processed by Congo Ministry? what do you mean Ms Cope?
"Accordingly, the Company has not yet drawn the £250,000 available to it pursuant to that agreement but is confident of being able to do so in due course."
Yes right, as you were confidant of drilling Djeno in November?
In due course? what time period is that? a week or 3 months or perhaps never? as its contingent on Congo approving the disposal and hence the re registration
This doesn't bode well for the Zen disposal, its all related - excellent.
Forums position is more powerful today, which is hopefully a good thing for PI - I hope they start placing their own directors very soon so they can get rid of this board.
What are these unforeseen valid claims they keep mentioning?
They must know of something else they have not yet informed the market about or they wouldn’t keep saying it.
the end of March absent the loan from Zenith and any unforeseen valid claims.
Anglo African Oil & Gas plc ("AAOG" or "the Company")
Zenith Loan Agreement
Further to the announcement of 6 January 2020, the Company confirms that it is currently perfecting the security to be granted to Zenith Energy Ltd ("Zenith") pursuant to the loan agreement between the Company and Zenith. This requires the re-registration of Anglo African Oil & Gas Congo S.A.U as a "multi shareholder" company in the Republic of the Congo, which is an administrative legal process. Accordingly, the Company has not yet drawn the £250,000 available to it pursuant to that agreement but is confident of being able to do so in due course. A further announcement will be made once the security has been perfected and the loan has been drawn.
In the meantime, and following receipt of monies from Forum Energy Services Limited as announced on 20 January 2020, the Company has sufficient cash to continue trading until
Well. It’s all relative, I mean our MCap is £1m!
Tilburn, don’t you think the Zen loan is pocket change to them? It’s only £250k and I think it is premature to be speculating on their intentions
I wouldn’t class Zen as big hitters, big talkers yes but big hitters no chance.
PI holdings are pretty insignificant really. The big hitters (Milton, Align, Forum, Zenith) all value the SP far in excess of current SP. So small volume swings aren’t of much importance.
surely the supply of free sub 0.5p shares is dwindling, been 5 weeks since last milton news (if they did sell just over 1.7m shares they hit the next % point and need to report it), no CLN shares, no ISA shares.
only other party is Sister SAS who at 4.01% would have to report if they sold basically anything so its probably PI.
i cant wait for any positive news.
The issue is that the loan was supposed to be made available on Jan 25th regardless of if disposal has happened or not - it could be there and ready to draw down on, but nothing said by either party yet. But disposal hasn't happened and maybe Zen are getting nervous?
As AAOG is so cash strapped and was weeks away from total liquidation just before Christmas, its astonishing that a material loan of £250k that signifies their ability to stay in business longer at this utterly critical time period has not been RNS as reaching their bank account safely - if this cash has been received.
I don't trust a word this board say - or don't say and leave to assumption based on previous RNS comments - I wont take their word for any matter whatsoever.
Meanwhile, the AAOG "savior" Zenith drops SP and their LTH just as caustic about their CEO:
"It's a joke of a share with a joker at the helm ..... been here since the start and all we get is Italian bull..... and promises ...with the words everytime that we have the biggest onshore oil field in AZER... i'm beginning to think its full of water and not the black stuff.... raising bonds, loans, 3 exchanges what is he playing at can anybody tell me .....???"
Does the loan need to be RNS'd, given it's already been mentioned as available?
I highly doubt AAOG would have accepted 0.5p for the Riverfort shares as opposed to the higher offer/s (at least 0.65p from Align/others) unless there was a benefit in the near-term horizon.
Also there may yet be a cash windfall from the SMP compensation claim - Feb 5th. Would this money come to AAOG if the Zenith deal hasn't completed by then?
No loan confirmed as :
AAOG don't need it now and may draw down later, but they needed some form of funding before end of Jan as per RNS
"Assuming receipt of £250,000 pursuant to the Loan Note and £250,000 pursuant to the Zenith Loan by the end of this month, the Company would have sufficient working capital for the next three months. "
So no Riverfort term loan note required as ISA funds of £361k replace that
but the Zenith loan still needed soon - by the end of this month ideally according to AAOG- no other funds are coming
or no confirmation RNS of Zenith loan available as:
Forum have upped their offer or other funds coming in
Zenith couldn't get funds approved
Minister has denied the disposal - Zenith not progressing - Forum will own all of AAOG asset once they take the board controlling position
Or post Petrus lunch inertia and no RNS yet in Zen and AAOG offices?
Would be rich if they didn’t draw down on it after banging on about running on bread and water for the past 2 months !
They will draw down on it because it will form part of their severance packages.
The isa cash won’t even buy a car load of their £3k a bottle wine god forbid they have to get it from a supermarket for the leaving doo ;)
Loan “available” on 25th, not necessarily needed by today from AAOGs perspective
If you were Forum, then todays non payment by Zenith loan is an opening for them and perhaps an incentive to go faster on taking over the board.
If the disposal doesn't complete, then AAOG retain the licence, with the current board having no interest or intention of wanting to do anything but leave asap.
What Directors are Forum considering to join AAOG board and take ownership, African oil background?
Would Align consider partnering with Forum? discussions at least are useful to evaluate options - Align backers were serious and saw value in Tilapia, that hasn't changed, the oil waits patiently on whomsoever has the will to drill and go into production.
Alex Mac would be an asset in any ownership scenario, just due to past knowledge of the Tilapia site alone and his contacts in Congo.
Forget Algos, If think the trade lists on lse is screwed up today again, it’s showing multiples of the same trade and time stamp on many shares, other sources show different. The usual A* service from LSE again...