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We know JB is involved , implications if any for AAOG to be clarified ?
FYI :
http://www.medcoenergi.com/en/subpagelist/view/12/1960
https://chinookenergyinc.com/chinook-energy-announces-disposition-of-all-of-its-tunisian-assets-and-transformation-to-a-pure-domestic-oil-and-gas-company/
Courtesy of skittish he commented on AAOG few weeks ago ;
" I don't believe that it has anything to do with rigs, or court cases, or Tilapia per se, but is more geared towards corporate activity.
The old New York, London, Paris, Munich type of thing.
That it is the "first piece" suggests some way to go yet. We may find out what was meant in around a week or so.
On 15th November 2019 Anglo Tunisian Oil and Gas Ltd had in issue 777,600 £1 shares. Multiply this by 1.28 (the £/$ exchange rate) and you get $1M. Presumably this was the deposit for the Tunisian assets. The original holdings in Anglo Tunisian Oil and Gas Ltd were held 25% DS, 25% JB and 50% EHGOSF.
Maybe DS and JB provided some cash, EHGOSF a loan.
ATOG Midco Ltd bought these shares and in return issued 1000 shares, which presumably are held presently in the same ratios.
Whilst ATOG Midco now holds the Tunisian assets, these shares though are not worth much as Medco Energi holds a charge over all of ATOG Midco including the Tunisian assets.
The next stage is likely to be to inject cash into ATOG Midco to discharge the charge. Whoever injects that cash will be issued with vastly more shares and will effectively own ATOG Midco and the Tunisian assets.
The only real question is where is that cash to come from? "
Looks like it is a shell company to me , started to benefit the directors in someway , they will probably close it down .
ATOG authority expires on 30th December 2019 so whatever it means JB needs to be quick !
Beyond my comprehension but appears James Berwick has the authority to issue 999 shares @£1 in ATOG MIDCO LIMITED his signature on document - Guess all will be revealed soon if any bearing on AAOG ?
So they have changed the document....please explain cos I can’t work it out.
https://beta.companieshouse.gov.uk/company/12270869/filing-history
Thanks see it has changed from
""09 Dec 2019 Resolutions
• Resolution of allotment of securities
This document is being processed and will be available in 5 days. "
Now reads "09 Dec 2019
Resolutions
Resolution of allotment of securities"
https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/8dATJjejXwlfbs3taGNCu46OeCJKRZ72jkYBIoZLtz0/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIAWRGBDBV3NAPB3CVZ%2F20191211%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20191211T092613Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEJz%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaCWV1LXdlc3QtMiJHMEUCIQCrHTMzIJWFjQs8GO57NLJuBdY1QxAhwi69bWqd902cLAIgb%2B3sCEK0XOBKLn6ZsdtLbeOqYmNRcKfwbLrw08kJV%2FUq2QII5f%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FARACGgw0NDkyMjkwMzI4MjIiDATeE2LYYYnYKsdFwCqtAuPVuPcoRUCLtwu%2BgIw5FEhZj5kyj0UpG6xM7qTyHgHamdVR6YIJPbwekQjZBDubeL8YRsbxrbNgSEtEO%2Fgmxjmz30WtO3DF730gn%2BZInG4td42x62ni0dPjkuDaNGVWSmIyXtdVkdQgiwQDdndHX%2FibfyeCV4%2BsVVCwS74E448CkUW6WObqP2TFNfafwkXM9HR4N2g3iafAqs6NnFZ%2BRqJD9%2FrifWCT0ZipNzjtO9O1a3XnoEmwksPAzkK5HmAK5ManeadT97dIyOFA1JZ%2B8xe79QeXvgeaa6nrzsgijVZjpJeBimpqSvFEVkiSOtTjCEgORjzO2hbgVvAyXWXuXQZCglkYIzv4VwBPg5rVnzfCYVqK%2BuR2ozllvsy4um5Y71ckcHt7kYpSDwzVZikwiMrB7wU6zwI7dFnTsLXKVt6fUZS49ekaknz9bMdx5vLz8gPEzPHafhprZ9Mwn5cAb%2Fn8jWSZmRm0lL3sG2H1eNQpTYL3dk%2BQMR36L%2FHY2LRZTES%2F2mOtl%2FOLHb5mkjBzbs8yoFYYxhB6Hroz0bs8DNPuttqyRqoi%2FKZukFGRyUq8%2BAsUHSet2vnG5BiNHME%2FE1vCjGV3OrmEQH2C5vz8sBtqprblS0XoOygQUa4PWHg1qLb%2FqagIoNU7RKPgGnwqm2I6AstWFA5ntTFhdzeVvyD3meKT%2BL1BEXSncNFzwUzdgpVAhNVhYVvOCfbe2TG5eNwSKRc2tzNz8Jk1tlys503UC%2BCJJeAz26dgYwBmrgz1E7kfXre9ntUCuwKZYU5WBzlNosrasCvD12dP3pmxRGh%2BX%2B5iR1qNFVNgoItS5CBc%2FFZ3JTCVqvNtTH3MCNbrve2mSxhIqA%3D%3D&X-Amz-SignedHeaders=host&X-Amz-Signature=be0e9931c0ce331c9a9f94afe0df529f12527a8033f83ec05d655dd3144e0ea6
Gmcc. No reply unfortunately, have a look at atog company house page as there was an announcement dated yesterday.
Good Morning Mr Mouse - Take it no email reply , likewise for me I keep reminding her about communication policy " which seek to be timely and comprehensive.” no acknowledgement .
-------------------
Anyway thoughts for today ( sorry woody close your eyes )
The company did say “As set out below, there can be no guarantee that the Company will receive all of the ISA Proceeds and accordingly, the Company may not be able to execute all of its plans as set out in the Annual Report released on 28 June 2019.”
Think cash reserves will be ok . ( agree with Tiburn figures )
Anyway AAOG have not really started again ( apart from some pre-work -exclude other asset ) ) . Still await the drill - no re-entry yet - no money spent on drill .
DS has left the company so one salary saved ( albeit might be compensation paid ? ) and apart from keeping the production operation just ticking over , monthly admin costs be at a minimum ( consultants presumably on hold )
AAOG will have received some ISA proceeds “Monthly Settlement shall be an amount equal to at least 75% of the value received by the Investors "
As at 26 November 2019 ISA have sold approx. 22,290,000 say at average 3p equates to approx. extra £500k into AAOG coffers .( accepted not as high as planned but should increase when production starts )
Just have to wait & see what PSA future terms will be with SNPC/SFP for the drill , but cash reserves should be adequate to get the operation up & running as placement funds £2,562,994 should still be in the kitty
Also not forgetting “The Company is pleased to announce that it has entered into a non-binding indicative term sheet (the "Term Sheet") with an international oil marketing and trading company (the "Offtaker") for an agreement which, if it were to complete and on bringing well TLP-103C-ST into production, would provide up to US$25 million in offtake and prepayment financing for development of the Tilapia field ("Tilapia") in the Republic of the Congo, in which the Company owns a 56 per cent interest.
This financing would allow the Company to draw on the funds in advance as a prepayment for barrels to be lifted in the future.”
Accepted AAOG radio silence is a concern , production delays disappointing , SP/Market cap is horrible , but hey ho soon be XMAS then into a new year - hopefully 2020 will be the year for investment returns whatever folks investment /trading SP targets .
Good luck AAOG shareholders
Companies house news, Friday or at the latest Monday. Here’s hoping.
Keep those eyes peeled on Companies House! One way or another, news has to break soon.
GLA