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Woody - spot on mate. This has been yet another harsh lesson, although I don't seem to learn! Thousands of pounds down the drain. Good luck to any that remain. All the best.
16.50 - 0.80 in a year. I understand there has been problems, dodgy rig, dodgy partner. Be better just to sell the asset and start again with good reliable partners.
This is the last cash I'm putting into AIM I reckon. I'll stick to the main markets now. I can take the risk/reward factor what I cant stomach is the corrupt lying BOD who win regardless. They've left this long as possible to relieve people of their cash in the hope ISA payments would increase. In the Bottom drawer and probably never coming out.....
Tiburn is a manipulator and has been filtered for quite some time.
Merry Christmas.
Fyi they knew about this, this isn't new info and weve been taken for fools.
Fully agree with you Sardy. This share may be oversold today. Tlw went down to 38 and is now near 60p.
Why would you apologise to the green boxes ?? They are trolls which is different to negative holders like you barking which is why I never filtered you. However as you know I fully agree with doing mengo first ,
Clearly we have been ripped off by the board!
Ratted out ,sold down the river, call it what you will !
This was clearly engineered to play out this way !
They have no integrity and are scum!
Santon and Berwick will end up £££ in !
I hope they chock on it !
I guess you owe the green boxes an apology evenstevens. What lie were you sent via e-mail to make you buy more?
As a shareholder I'm gutted but more annoyed with myself for not acting on my on doubts as often posted on here, I guess I wanted to believe the rampers had valid points.
Looks like the trolls have scored a massive away win.
Berwick will no doubt be hatching some plan to shaft AAOG holders via a cheap sell out to ATOG.
Like to hear Tiptops positive spin on this, what a mess!!
HH
Wire Group have already done this - RNS Sep 11th:
"Engineers on site have commenced work to stabilise the well prior to re-entry and the Company has also contracted Wire-Group to supply and install an Isolation Plug which is required to ensure the Company has the necessary barriers in the well and which will enable re-entry. The installation of the Isolation Plug is a rig-less operation, which provides the most cost-effective solution, utilising wireline services from Wire-Group"
Surely, you cannot do anything with the Mengo without a rig, as you still have the leaking cement plugs above the Djeno to contend with.
Until you have completely, and adequately this time, sealed off any and all potential flow paths for the Djeno to enter the well, there is nothing you can perform utilising the existing wellbore.
IMHO
Awful RNS, but at least we finally know where we stand.
If they were going to come clean on all, then why not state the cash position and funds required for drill?
SNPC have utterly screwed Anglo from day one, practically all delays and finance issues lay at their door, compounded by Anglo mistakes and poor judgement.
I was wrong to have such faith in the company, blinded by the fundamentals, but there remains one ember of hope with the Oil Minster meeting set in January:
“The Company has formally requested the Oil Minister to coordinate a meeting in January with SNPC and AAOG to resolve this highly unsatisfactory situation so that the work programme, or a modified plan, can proceed. “
What could a modified plan be? its either drill or don't drill the sidetrack with funds issued by SNPC.
Two routes from that meeting:
1 - No agreement to pay, obfuscation and no funds for sidetrack drill
Mengo stimulation would be the only route for Anglo to survive - its a weeks work and doesn't require a full rig as no drilling- perhaps this is the modified default plan.
2 - Minster instructs SNPC to pay remaining debt
Then hopefully Djeno drill could go ahead with $5.1m debt paid back, also with funds to pay for their share of sidetrack.
We shall see in January , but its within Anglos power to go the Mengo route now, which SNPC know full well.
Its their asset aswell after all, so it makes sense for them to prioritise funds for the Djeno route for much higher revenue - If they are just unable to pay even if they wanted to, then so be it, Mengo it is.
Having followed AAOG from day 1, it clear that not one single thing they have done has gone according to plan! But they been stumped from the very beginning by having a partner who could not pay their share. AAOG shareholders have taken all the risk, been diluted to hell, while SNCP coughed up nothing until after the drill results were known. Sefton never made it clear that AAOG would be liable for the full cost of the first drill if SNCP did not pay. SNCP are largely to blame for the ensuing fiasco that is AAOG. If SNCP had paid their share the situation today could have been very different.
Well put CrustyPete, sadly, except I'm not sure about the shortsighted board. AAOG failed pretty much in everything they were doing/planning. It's suspicious to say the least, especially since Berwick is involved with ATOG. I have a feeling AAOG will be eaten alive for a few pennies and that was probably planned all along. What are the options now? How do we get some money? Fundraising? At this price?... Though for most of us selling isn't an option now.
Lol, you have to laugh; if you didn't you would cry.....
This looks more and more like my other African "disaster" managed into a financial corner by a combination of a shortsighted Board who have minimal leverage over an incompetent and corrupt Govt. Too many similarities here to cover other than to say that AAOG BOard are now at the risk of never getting that License Extension because they have neither the cash nor the ability to ever get a drill into the Ground. The only way that AEX bailed themselves out of the situation was by giving (yes, giving) the Lion's share of shareholders assets to a Middle Eastern backed Investor with very deep pockets and influence with the Govt of the country (and yet we are still awaiting the license extension two years after it expired)....
If the Board are to pull a rabbit out of the hat here they will need to do something similar; and they will need to do it quickly whilst they can still pay to keep the lights on. (I wonder how much their Paris legal battle is costing...?) Their problem is that they do not even have a CPR on the asset methinks so how many dimes would they get on their dollar?
Thankfully the recent announcement on the Rig / Drill delay at least persuaded me not to put any more money in this over recent weeks.
GLA
I have always believed in the quality and prospect of the underlying asset. The problem has been first and foremost around the financing arrangements and the last 2 efforts dealing with the people they have have resulted in raising less than expected and a significant depression on the share price... including the one that is still in place today. Obviously operationally this has also been weak and the numerous delays cost money because of the cost of paying the people waiting for the rig to be in place. So even though they think they have money its never quite enough. OK... bottom drawer but me feeling is that someone will recognise the quality of the asset who has the financial capability to realise its potential and that will be ultimately at our expense
JH,
Best let the rampers follow their dream to zero. Given their constant distain of anyone with a less-than-positive view ("TROLL!!!!!!"), they deserve it. For proper investors (myself included....), a very unfortunate day....
Probably devastated like the rest of the real holders but no need for gloating on here.
Irish imho the buyers are shorts closing. No sensible peep is going to buy this after todays news.
I am still here and watching. We wanted news and we got it, at least we know where we stand. Time to put these in the bottom draw with all the others and see how it turns out. There was some panic selling this morning but are buying on the drop. Everyone this is Africa and oil it’s a bumpy ride.....still here and holding tight.
A few unfamiliar posters on here today, where's Tiptop, Irish and Barking