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It wasn’t the answer from pxp that I wanted, but it was the one I got, if you want the same answer their email is on their investor relations page.
I still think It’s too close of a connection to not be linked and I don’t see why you would set up a company with pretty much the same name as your old business unless he had some old personalised stationary he wanted to use up.
Btw This is my only account I have no avatars.
"Had a reply from PXP, guess I was wrong... but it is the same Paul Forest.
“No, Forum Energy Services is NOT an entity owned by PXP. Mr. Forrest was previously corporate secretary of Forum Energy Limited which is the subsidiary of PXP. “"
From "itisagame" - one of his many avatars.
As is Papa "George Sneddon" 9911.
(Cue howls of anguish)
Anyway...Paul Forrest.
That Paul Forrest - who used to work with PXP subsidiary Forum Energy Limited (until 2015 listed on the LSE) , but is now CEO of Forum Energy Services Limited, (which isn't officially owned by PXP but does have a very similar name to a company which is owned by PXP) which just happened to buy Saltfleetby Energy Limited a few months ago from The Russian Federation (never heard of them) which in the last accounts just happened to have £12 million in its bank account and which is sitting on £60 million tax losses.
And of which Sarah "I haven't a clue" Cope said on 20 January 2020 (a whole month ago) "Forum has the clearest vision and best contacts that will enable it to deliver value for shareholders in the long term".
Bearing in mind ex CEO of AAOG Alex MacDonald, together with a much better financial package, was passed over in favour of Paul Forrest, those contacts must be quite something.
Maybe it was one of his other companies which attracted Sarah - like Ground Up (North) Limited - looks like gardening setup, or Conceptual Windows Limited - presumably double glazing.
Maybe Sarah wanted a bit of landscaping doing, or a new set of windows.
Paul Forrest said "Forum has, through its investors and network, access to sources of funding as well as exciting and viable projects in the natural resources sector that could be suitable as acquisition targets for AAOG."
Doesn't sound much like a guy with a spade and tape-measure to me.
That sounds like a guy who could buy assets off Prez Putin and has the backing of a multi national oil company.
And hang on a minute "through its investors and network" - investors, what investors?
According to Companies House it is just Paul Forrest and his mate Derek going 50/50 on Forum Energy Services Limited.
https://beta.companieshouse.gov.uk/company/09903234/persons-with-significant-control
It seems to me some people are trying to have their cake and eat it.
On the one hand it is Forum Energy - vision, network, projects, funding - dealing at the top table with Mad Vlad.
On the other is Paul Forrest and his mate Derek with a couple of spades and a beat up Land Rover doing landscaping and drilling for a bit of oil on the side.
And PXP says (allegedly) a la Manuel "I know nothing".
It is one or the other.
Can't be both.
But Forum Energy Services Limited - or rather their very shy "investors" - don't appear to be ready to make a move just yet.
Skittish post:
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
https://beta.companieshouse.gov.uk/company/00953066/filing-history
(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.
Skittish posts may assist on who Forum is owned by:
Our new 24% shareholder Forum Energy Services Limited appears to be owned equally by Paul Forrest and Derek Sipke Brouwer
https://beta.companieshouse.gov.uk/company/09903234/persons-with-significant-control
As has already been pointed out by someone Paul Forrest was until 31st May 2019 Secretary of Forum Energy Limited
https://beta.companieshouse.gov.uk/company/05411224/filing-history
which was just a few weeks before Paul Forrest became sole director of Saltfleetby Energy Limited, commencing on 17th June at which time Saltfleetby Energy Limited was purchased by Forum Energy Services from The Russian Federation.
Saltfleetby Energy limited owns 49% of the PEDL005 licence with Angus Energy plc holding 51%.
There appears no direct link between our 24% shareholder Forum Energy Services Limited and Forum Energy Limited except the said Paul Forrest, but there almost certainly is a link and thus he likely holds his shares in Forum Energy Services Limited on behalf of another, namely Forum Energy Limited.
Until 2015 Forum Energy Limited was listed on the London Stock Exchange
https://www.proactiveinvestors.co.uk/LON:FEP/Forum-Energy-Plc/rns/384045
and delisted due to a territorial dispute between China and the Phillipines which impacted its only major asset - shareholders were paid out.
That territorial dispute may be someway to being resolved
https://www.marketscreener.com/PHILEX-PETROLEUM-CORP-20706553/news/Philex-Petroleum-PXP-awaits-government-move-on-moratorium-over-SC-72-28091942/
"PXP Energy holds a 78.98-percent controlling interest in UK-based Forum Energy Plc., which has a 70-percent stake in SC 72, an oil-and-gas-exploration permit covering the Sampaguita natural-gas prospect in the Reed Bank, to the west of Palawan"
So Forum Energy Limited still holds the SC72 permit which could be reactivated if formal agreement is reached
https://news.abs-cbn.com/business/09/12/19/pxp-energy-shares-jump-on-philippines-china-exploration-hopes
And there does seem to be some progress on aspects of the territorial dispute
https://oilprice.com/Latest-Energy-News/World-News/China-And-The-Philippines-Finally-Agree-To-Cooperate-In-The-South-China-Sea.html
And a few weeks after that meeting Forum made its move on AAOG.
Which may mean that it is the intention of PXP, if the permit is reactivated, to use AAOG as the vehicle for Forum to relist on the LSE.
There will be some dilution, no doubt, and much remains uncertain here, but it appears possible that PXP has decided to use AAOG is its vehicle for Forum Energy in the event that Philippines drilling resumes.
As for Tilapia, Zenith are down almost as much as AAOG today.
ZEN market cap now £7 million, and that is after their recent £1 million raising.
PXP market cap, around £240 million.
https://ukinvestormagazine.co.uk/forum-energy-invest-into-anglo-african-causing-shares-to-spike-over-14/
“ Anglo African said that Forum Energy Services Ltd (NYSE:FET) had taken a stake in the company, as shares jumped”
Suppose They got that report wrong “nyse:fet”?
I think you have the wrong company Tiburn?
FORUM ENERGY SERVICES LIMITED accounts show £90,000 odd not £14 million
https://beta.companieshouse.gov.uk/company/09903234/filing-history
So who owns them then!?
They had £14m last year on account, not small change - so must be a reasonable size backer
what network/finance has Forum energy got to RTO an asset into AAOG?
http://www.checkcompany.co.uk/director/650450/MR-PAUL-FORREST
Had a reply from PXP, guess I was wrong... but it is the same Paul Forest.
“No, Forum Energy Services is NOT an entity owned by PXP. Mr. Forrest was previously corporate secretary of Forum Energy Limited which is the subsidiary of PXP. “
I Can’t remember exactly but wasnt the £14m they have in cash due to show in the next account reporting period ? A June /July transaction? We picked up on it before.
Ja51
your right - Accounts perhaps not a good indicator of current funds to hand in what is after all a shell company - accounts just say what they had as of May 31st 2019 in bank account, PXP wont leave big money just sitting around doing nothing.
What we need to focus on is that they paid out over £400k four weeks ago for the ISA shares - for what reason?
Because they want to use the listed AAOG to develop an asset.
All we can do is surmise until they make a move.
Paul Forrest, Chief Executive of Forum, commented, "Forum is pleased to have taken a strategic stake in the Company and we are looking forward to working with the Board to create shareholder value. Forum has, through its investors and network, access to sources of funding as well as exciting and viable projects in the natural resources sector that could be suitable as acquisition targets for AAOG."
Forum investors = PXP
Forum Network = PXP and all their contacts and partnering options
Access to funding = Forum had £14m on the books as of last accounts, next accounts due end this month
Exciting and viable projects = PXP operate from UK to Peru to Philippines, normally by partnering or taking a stake in a project via a subsidiary, such as Forum.
The project they Reverse AAOG into could be anywhere and could be substantial. Using the term “viable projects” may exclude pure wildcat exploration plays, perhaps both production and some exploration upside?
But for me, Forum using the term “exciting” is the key indicator of what could be. in time for AAOG.
Forum own 49% of the Salfleetby gas field and already had this asset on the books before the above statement was made by Paul Forrest on ISA sale, only 4 weeks ago.
Salfleetby gas field isn’t “exciting”. It’s a low volume cash cow that pays the admin costs of Forum, with expected steady sales of around £3m revenue p.a to Forum for ten years production, Angus do all the work. A CPR is due any day for this asset when this revenue stream may be better understood.
Its only been 4 weeks so no surprise no actions as yet, Forum should however take their AAOG Directors positions within the next 6 weeks before AAOG run out of cash.
When Forum take AAOG board control, the cash reserves from their accounts due end Feb and CPR value on Salfleetby asset will be known. That could then equate to the new market cap position for AAOG in time - plus the £500k of Zenith shares and the remaining 11% of Tilapia licence.
Zenith and Forum then both add value to AAOG market cap position and SP by their actions.
If PXP have funded Forum since their ISA share buy, the amount on account will be indicative of the scale of new RTO target being considered for AAOG.
It’s a new start within weeks for AAOG, having a well capitalised new owner with intentions to generate revenue, using this shell as the vehicle.