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Hi Truthfactory, could you share with us your thoughts about the current situation and how do you see the company proceeds from here ? I am investing here and I believe the sp is oversold but I am really struggling to understand how big players in the market got involved in placing (not convertible loans) above 5p/share to see their investment go all the way down to below 3p/share without getting concerned or to put more pressure on aaog to communicate efficiently with the market and/or to show some tangible progress.
Irish, if they want to give us £200m clearly I wouldn't complain. I'm thinking £100m as that's what would be needed for management to gain their oppies!!
TF, I don't know you but that is a great analogy.
Would you sell your business TT for only 1 years turnover? Of course you wouldn’t.
One last point, 300m barrels we mooted by management !!
Irish I will give you a clue.....5000bopd x 365 = £$110m :-)
Ok, 1 more clue .....NA have enough data to know exactly where those reservoirs are, besides JB will not sell for anything less than 20p, would you???
Last clue, our Djeno flows naturally, without stimulation from an onshore pad!!!
irishmouse, difficult is not the word.
After Mrs Skittish saw me licking out the tins, she is now calculating the calorific value of the labels.
The tins themselves are now beginning to look quite tasty.
Well done with your 2.5p buy.
If they pull this off (whatever "this" is) that could turn out to be the trade of the decade.
TT, please explain why anyone would give us £100 million for Tilapia.
Skittish, how is the diet of baked beans going ? We are finding it a tad difficult and flatulent is an understatement .
Well I've been discussing recently how important Tilapia would be to NA. They now have circa £650m to invest In their projects thanks to the sale of MXII. If we were to sell Tilapia to NA for £100m this would put our SP over the 20p required by management to gain their options. We could then see a one off DIVI payment of 15p per share to shareholders and the rest used to purchase and drive forward ATOG.
Well fingers crossed LTH :0)
Tiburn - the handle was created on 13th May 2015, so I think it is unlikely to have any meaning related to AAOG shareholders.
But, as you say, interesting choice of name.
This is from the AAOG admission document -
"In June 2015, the Company was approached by the Executive Directors, who were themselves in discussions with
London-based institutional investors to raise capital to acquire PK from Sister and to fund PK’s
development of Tilapia."
The ED's of course included DS and others. So interesting coincidence of dates.
Whilst Angela is, on a rare odd occasion, useful for providing a bit of information, she does appear to get her knickers in a bit of a twist sometimes, and naturally tends to put the worst slant on things a la "ebola", and we'll still be paying for "the rig" until the earth stops spinning.
Agreed Tunisia would appear to be suitable in the right circumstances.
ATOG Midco Ltd does appear to show it isn't completely dead -
https://beta.companieshouse.gov.uk/company/12270869
I don't know whether the value of the Tunisian assets (or indeed exactly which assets they were) was ever pinned down - suggestions were that it could be well into the $ tens millions or even $ hundred millions.
But if AAOG ever became cash rich (perish the thought!) then it could buy an additional asset outright or possibly use leveraged finance, or bring in third parties to assist.
I'm mindful that Zengas believes the New Age/CNOOC deal on Marine III is due to complete around the end of this month. China also takes nearly all the production from the Marine XII field which New Age recently sold to Lukoil.
Once Marine III completes we will be surrounded by the Chinese, Wing Wah to the West, CNOOC to the East.
At the risk of doing it to death here is my view of Tilapia and surroundings.
https://ibb.co/GHVNVZM
showing Marine III, Wing Wah and us in the middle.
Take out the Rain Forest (which the Congolese government appear to be very keen and active in preserving), the Nature Reserve and Tchimpounga Animal Sanctuary all of which encompass most of Wing Wah's licence area and there aren't many places - apart from our patch - to place major infrastructure. You can also write off the area north of the River Kouliou as there are reports the bridge may have to be demolished as it is in such poor repair.
So, our licence area is potentially very valuable.
Could we become cash rich very quickly?
Maybe - watch this space.
I'm sure there is a reason for the present apparent inactivity - emphasis on the word apparent.
If AAOG were to sell Tilapia (or a share thereof), then we would be free and able to buy the Tunisian assets.
WIki "The V-1 flying bomb (German: Vergeltungswaffe 1 "Vengeance Weapon 1")—also known to the Allies as the ..doodlebug"
Interesting handle, Vengeance weapon .
Truth factory was one of those PI consulted on the Anglo Tunisian asset and confirmed the following from RNS July 12th at the time:
"At the beginning of March 2019, the board decided not to pursue the Proposed Acquisition. Following consultation with the Company's major shareholders, it was agreed that the best strategy for the Company was to focus on its existing asset. However, it was recognised that, although not the right option for the Company at this time, the Proposed Acquisition did have merit. The Company has spent approximately £580,000 on the Proposed Acquisition..."
So why would DS/JB re energise this ATOG vehicle at this time, even post DS resignation?
1 -The proposed aquisiation did have merit - So worth pursuing should circumstances change - such as PSA nearly ratified perhaps and then the sidetrack approaching and booked revenue expected?, a material change allowing revenue and investment to progress - otherwise that DD cash spent is gone forever.
Key phrase being "at this time" - but maybe later? Therefore some sort of deal to transfer ATOG DD assets into AAOG such that JB can develop this in due course and then ATOG is folded - its just housekeeping.
2 -An elaborate, but not very well hidden, Machiavellian scheme of some sort even after DS came clean previously in that infamous RNS, probably at JB insistence.
Would JB possibly entertain more of the same embarrassment ? I seriously doubt it,
It has to be scenario 1 for me as far more likely.
Angela - that is your second post today referring to an incoming broom. What are you hearing? I don't think Tunisia ever completely died it just wasn't possible at that time and in the manner proposed. Maybe in changed circumstances it can be revisited.
ATOG MIdco created today. DS and JB directors but DS has control. Doodlebug has never posted before but has been a member on LSE since 2015. Midco suggests a company to be used to transfer something from one entity to another entity.
I wonder what DS's nickname was at school?
New company ATOG MIDCO Ltd today....