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Irishmouse: As I understand it, this has been a cash shell for nearly three years, when its most recent report and accounts were published, and its AIM-quoted status has been suspended for the past two years. Mr. Forrest’s company, Forum Energy Services, withdrew its financial support at the time it became a cash shell, but Mr. Forrest became a Director in February 2022, giving rise to hopes he had a use for AAOG’s tax losses.
There must have been a reason for Mr. Forrest’s interest in AAOG and the possible consequences of his allowing the company to be struck off will be unpalatable to him, I should think. So I’d be a little surprised if some action is not taken on the filing of accounts soon. He may have been busy with his new responsibilities at Angus Energy and in finding appropriate uses for the large amounts of cash he is amassing as a result of the sweet deal that his company SEL concluded with Angus last year. Whether he and his fellow Director are still interested in keeping AAOG going or would prefer to finance its winding up is unknown but they’ll have to decide and act accordingly within two months or it looks as if the decision will be taken for them, leaving the Directors with reputational issues and potential financial liabilities. If he bought into AAOG in the first place against the possibility of using its tax losses, Mr. Forrest will at last have to bite the bullet on this. I doubt that Angus Energy will feature in AAOG’s future. Who knows, though, this is AIM?
If they would only publish the end of year accounts it would stave off this issue, why are they not doing this ?
I have lost a lot of money in this company, to some people and the way they go on its only pocket change, this company was about 1/3 of my share portfolio at the time it crashed
Thanks, I don't really want to read it, knowing I am about to loss everything
Try this.
https://find-and-update.company-information.service.gov.uk/company/04140379/filing-history
Please can you share a link
FIRST GAZETTE NOTICE
04140379 ANGLOAFRICANOIL &GASPLC
Publication date in the Gazette: 06/06/2023
The Registrar of Companies gives notice that, unless cause is shown to the contrary, the Company will be struck off the register and dissolved not less than 2 months from the date shown above.
Upon the Company's dissolution, all property and rights vested in, or held in trust for, the Company are deemed to be bona vacantia, and will belong to the crown.
Paul Forrest put money into the company and hold a position as a director. The latest accounts have not been published hence the compulsory strike off. Not only will he loose his money but risks being banned from being a director of any company for up to 15 years.
what goes on at zenith is only of interest now to aaog as far as the actions of paul forrest go.
i still think aaog needs a good investigation by the fca, but then they are as useful as matt han****, boris j and liz truss, and i suspect that is on purpose, sadly. with the russian connection to forrest you would have expected mi5 to be onto him, respectable businessman that he is.
Ive no idea what this means ?
Dutch
Interesting, would this money now belong to AAOG or rather to ZEN (who took over the rights from AAOG). What is your opinion on this?
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Update on Tilapia
Fri, 17th Feb 2023 11:30
RNS Number : 3185Q
Zenith Energy Ltd
17 February 2023
February 17, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Update on Tilapia
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company with proven revenue generating production, exploration and development assets in Africa, the Middle East and Europe, provides an update on its business activities in the Republic of the Congo.
Zenith had previously announced the successful completion of an Inquiry of Public Utility (Enquête d'Utilité Publique) ("IPU"), involving an in-depth technical and financial review of the Company performed by the Ministry of Hydrocarbons of the Republic of the Congo, on February 10, 2021.
The purpose of the IPU was, in accordance with local law, to determine Zenith's suitability for the award of a new 25-year licence to operate the Tilapia oilfield following confirmation, announced by the Company on December 23, 2020, regarding the successful bid submitted by Zenith Energy Congo SA ("Zenith Congo") for the award of a new 25-year licence to operate the Tilapia oilfield ("Tilapia II").
The Company has now become aware that a company named Olive Energy E&P has been awarded a licence to operate the Tilapia oilfield.
The Company is disappointed by this development, which contradicts the aforementioned milestones.
Debt owed to Zenith by SNPC - approx.US$5.3 million plus accrued interest
The Company announces that it has engaged a legal representative to negotiate the full repayment of an original principal amount of US$5.3 million plus accrued interest owed by Société Nationale des Pétroles du Congo ("SNPC"), the national oil company of the Republic of the Congo, to Anglo African Oil & Gas Congo S.A.U ("AAOGC"), a fully owned subsidiary of the Company, for past work performed during the Tilapia I licence.
Legal Claim against SMP for approx. US$9 million
Perhaps he needs the money to pay the fine for not posting the year end accounts on time. They were due 31st march.
From todays RNS at ANGS
"The Company has been informed that Paul Forrest, Non-Executive Director, on 6 April 2023 sold 13,000,000 Ordinary Shares of 0.002p each ("Ordinary Shares") at an average price of 1.8 pence per Ordinary Share. Paul Forrest's total shareholding in the Company is now 499,856,061 Ordinary Shares representing 13.92 per cent. of the Company's issued share capital."
So he is taking cash out of ANGS. To rescuscitate AAOG with another venture, or for Monte Carlo casinos and hookers, who knows.
Sorry, fat finger. ... not many with profits against which the losses may be offset that these losses may not be much of an attraction. If someone were going to bid for It, you’d think they’d have done so before AAOG was suspended.
There’s no option here for shareholders but to wait and see. Mr. Forrest does seem still to own 25% but that may mean something or nothing. It’s probably the best hope.
MrEMC2: I don’t think that transaction with Zenith ever went through. The sequence of events is all there in the first page of RNS’s here. Mr Forrest seems still to own 25% of AAOG but he’s allowed its AIM status to lapse. There was a proposed deal in the Angus Energy Saltfleetby field between AAOG and Saltfleetby Energy, which held Mr. Forrest’s investment in the field, but that did not take place. If Mr. Forrest wants to continue to be involved in AIM, other than as a non-executive Director at Angus Energy, AAOG may be his vehicle but he looks like making so much money from his very sweet deal with Angus for the sale to them of his 49% stake in the Saltfleetby field that he may prefer an easy life in the sun somewhere. Who knows? There are tax losses in AAOG but there’s a lot of small oil companies with large accumulated losses and not manybwith profits againstv
Hi OofyProsser, looking back at past posts the £500k investment was mentioned by a number of posters in 2020 linked with the name Forum; perhaps it was meant that AAOG was worth £500k to Forum.
It would appear that it arose from RNS 27 Dec 2019 - the £500k was from Zenith so you are correct - Forum did not make that actual investment.
RNS 27 Dec 2019 Disposal, Capital Reorganisation ....
"The Company has entered into a conditional sale and purchase agreement ("SPA") with Zenith Energy Ltd for the sale of an 80% interest in AAOG's wholly owned subsidiary Anglo African Oil & Gas Congo S.A.U ("AAOG Congo") which holds a 56% interest in Tilapia in the Republic of the Congo ("Disposal").
The consideration for the Disposal is the payment by Zenith of £1 million, of which £500,000 is in cash payable in six equal monthly instalments from the date of completion and £500,000 of Zenith Ordinary Shares to be issued at the VWAP of a Zenith share for a period of 14 trading days prior to completion of the Disposal. In addition, Zenith will fund AAOG's share of a US$5.5 million work programme on Tilapia and will fund the upfront cash element of any signature bonus payable for the new licence negotiated with Congolese Ministry of Hydrocarbons."
So the £500k is lost and around 499,434,220 shares in issue are worth 0.0p but the company is still 'active' at Companies House.
MrEMC2: I haven't followed AAOG for very long and have only a cursory interest in it, but Paul Forrest resigned from Forum Energy Ltd. in May 2019, at the time he was acquiring 100% of Wingas’s Saltfleetby gas field (which he has since sold on to Angus Energy in two tranches). He has been the only officer in Forum Energy Services Limited since 2015, and notified a controlling stake in it in about February 2020. The two Forum companies appear to be unrelated in ownership terms. Mr. Forrest is the sole Director of Forum Energy Services Limited
Forgive me if I’ve got it wrong, but I can’t find a reference to Forum Energy Ltd. having made an investment in AAOG. Forum Energy Services Limited has. Their accounts are pretty thin.
Since June 2022, Mr. Forrest has been getting rich as a result of his sale of his 49% in the Saltfleetby gas field to the 51% owner, Angus Energy plc. Whether he has any plans for AAOG is unknown. He has a further Directorship in a thing called PGOX Massey, which might be worth a look.
She is still active as director at five other companies. She probably got fed up not being paid anything.
I'm wondering what was all that business about Forum Energy pumping £500,000 into AAOG - that was the hook that encouraged me invest. Paul Forrest is a here but he resigned from Forum Energy 31 May 2019. Presumably Forum would like it's money back too!
One of the three remaining Directors , Tania Maciver, resigned two days ago, for what it’s worth.
Company still listed?
Paul Forrest sent a conformation statement to company House there is a small fee for this £13. We were also given paper share certificates. Why bother Unless you have a plan for the company.. but what’s the plan .?
At least we are not dead yet... and the posting of Profit + BiguPajc shows that someone is active in the background and deliberately wants to keep AAOG alive.... there must actually be valid reasons for this.
One never knows what time will bring!
Could we be the "from rags to riches story" of 2023 ?
The confirmation statement gives Companies House a yearly snapshot of the management and ownership of the business and carries an annual filing fee.
Therefore the company is not dead just yet ....
I think he means that the annual statement was posted on companies house:
https://find-and-update.company-information.service.gov.uk/company/04140379/filing-history