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£700k buys you £1m in a few weeks Forum, plus the left over change in the office petty cash tin.
Forums motives are difficult to understand until we see further developments.
They have taken a 49% ownership position in Salfteeby gas field, with turnover expected of just £3m p.a, nice to have cash cow but no great shakes. To get this revenue however they are reliant on Angus energy as majority 51% owner and operator of the field who seem to be somewhat of a basket case, their SP value has decreased from a high of 36p in SP 2017 to just 0.65p today.
Posters on ANGS say it all:
"ANGS have failed at every project they have ever embarked upon."
"It's a shame our trainee MD and supposed Corporate Financing expert has locked the company into Death Spiral Finance for about another 6 months or so."
But Forum obviously saw value in the asset and partnering with Angus, on the surface this opportunity look spoor, as does AAOG at this time, but why would they waste money if they see no value?
CPR due at Angus any day, Forums imminent moves on AAOG may be a dependency of that outcome for cash flow purposes, the timing correlates.
It looks like Paul Forrest's mate Derek has downed tools at the landscaping business.
As of 10th February 2020, and filed today, Paul Forrest controls 75%+ of the shares (likely 100%) in Forum Energy Services Limited which in turn owns
a) 24% of AAOG
b)100% of Saltfleetby Energy Limited which in turn owns 49% of the Saltfleetby gas field (Angus owning the remaining 51%), has £12M in its bank account and £60M tax losses.
Previously Paul Forrest and Derek Brouwer owned Forum Energy Services Limited 50/50.
https://beta.companieshouse.gov.uk/company/09903234/filing-history
Angus Energy confirmed that the legal formalities for the 51%/49% holdings in the Saltfleetby field were completed on 28th January 2020 and that they were then moving towards production. The CPR on the field must also be almost ready.
No information as to who the "investors" on whose behalf Paul Forrest owns his shares.
But it could possibly be
Forum Energy Limited
https://beta.companieshouse.gov.uk/company/05411224/filing-history
The directors at Forum Energy Limited were playing musical chairs just two weeks prior to Forum Energy Services Limited buying Saltfleetby Energy Limited from Mad Vlad at "The Russian Federation" PO Box No1, The Kremlin, Mockba
https://beta.companieshouse.gov.uk/company/00953066/filing-history
Coincidence?