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Just face it people you’ve been done over by the old BOD, the new BOD won’t have any loyalty to legacy shareholders either and IF they drop an asset in this shell it’ll be worth more than the crumbs left here now so will dilute anything you have left. Win some, lose some, that’s the reality of it. The only hope is that if they drop in an asset it gains value over the next decade and you’re willing to add more funds to keep up. Been there before with Sou and got lucky. So good luck peeps.
I am so glad that this is now sorted out and the said poster was this time exonerated. Why we have to discuss zenith on this board I know not.....we have enough problems of our own.
Highlander is De Jure correct that Zenith do not yet have a 25 year license for Tilapia. The company confirmed this themselves in their RNS on December 23rd. However, he is also De Facto completely wrong about it as they have been appointed as the successful bidder and the license is now all but in their hands.
All that remains now is for Zenith to complete the final formal processes before the 25 year license is officially granted by the government - however, the decision to give it to them has already been made. There are no longer any other horses in the race and so Zenith are going to be given the license in the very near future, it is just a matter of completing the regulatory requirements.
All is explained in the Zenith RNS: https://www.lse.co.uk/rns/ZEN/successful-bid-for-tilapia-ii-lz7ofr8ipunko20.html
“Zenith Energy Congo SA ("Zenith Congo"), has been selected as the successful bidder for the award of a new 25-year licence to operate the Tilapia oilfield ("Tilapia II").
In accordance with Congolese procedures for the award of new hydrocarbon licences, the award of Tilapia II is subject to completion of an inquiry of public utility (enquête d'utilité publique) ("IPU") to be organised and performed by the Ministry of Hydrocarbons during the month of January 2021, as well as the subsequent potential finalisation and ratification of the Production Sharing Contract ("PSC") for Tilapia II.”
Irishmouse everything libelous Highlander has said over the last 2 years about zenith has turned out to be incorrect. Which is why he doesn’t post on the zenith board anymore :)
Zenith were the successful bidder for the license but have not been awarded it yet, so highlander was correct in his post , hope that clears it up.
Cheers Takeyourbets, makes sense
Hongskong, Highlander is a failed director who has a vendetta against AC and Zenith and will come up up with any lie to get that revenge. He has already been proven to have lied with many false accusations over the last year or two.
Highlander your accusations are libelous. You have already been proved wrong on every accusation and it’s funny how you don’t post on the Zenith board, because all your lies are outed.
Highlander - what makes you think ZEN haven't been awarded the license? Agreed they still need the IPU granted, but that is from the same people that gave them the license in the first place.
"Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the listed international oil & gas production company focused on pursuing African development opportunities, is delighted to announce that it has received official confirmation from the Ministry of Hydrocarbons of the Republic of the Congo that its local subsidiary, Zenith Energy Congo SA ("Zenith Congo"), has been selected as the successful bidder for the award of a new 25-year licence to operate the Tilapia oilfield ("Tilapia II")."
Irish
I’m a bit puzzled by the faith in Cope. She seems to have been a crucial part of the old regime and I recall several knowledgeable posters here gleefully nominating dates by which she would be booted out by the new regime.
Higherlander is correct, zenith have a lot of conditions to for fill before they are awarded the licence, but to be honest it is no concern of ours if they get it or not. We sold it to them and took their money....end of story.
If oil man Jim was paid enough he would blog that we had found marshmallows on the moon and were sending a rig up there.
I honestly believe that Sarah cope will pull us out of this so let’s wait and see.
No but it looks likely they will by the end of the month , read oil man Jim’s Sunday blog!
I’m £7000 down here !
This company is not replying to shareholders inquiries, I think they have shut up shop, and the board are looking for someone else to rip off !
Hi Highlander47,
Nice to read you again...
Due to the completion of an inquiry of public utility or why? Isn’t this just a simple formal act?
As an Insider, have you heard any rumors about a possible takeover of AAOG?
PJOHN.
Sad to say that things have not panned out the way Tiburn had hoped, so far ,but there is still time ! All over on the 4th April , if no deal !
As to Forum I am beginning to wonder if they are linked to Zen , and being used to remove the assets from AAOG for the benefit of Zen !
Would be nice to have Tiburns views as April is fast approaching now!
I invested into a company that kept saying they were going to get the licence stringing shareholders on when we had high averages. Then wollop to late share price nose dived. I got shafted by the old board and yet to see if we're about to get shafted again. Zen have got a 25 year licence and didn't even own the drill site, what less than a year(thats hard to Swallow) How long did we own the same drill site?
How many months, weeks before we go into administration 12 to 13 weeks?
Anyway it all depends how you look at Irish. But I also get your views too. We'd of been dead a lot sooner without forum. Let's just hope cope or forum use this 20 to 30 million tax offset with a nice new project and we've shares worth keeping.
Best album from fleetwood mac
We got paid £200,000 in full and in cash that is fact. We sold the whole shooting match, any legal liability and all court cases pending went with the sale. If this had not been done we would have gone into administration and then de listed from AIM. Far from shafted it was a good deal as we can keep going as a shell and hopefully move on.
Yes!
So basically we got shafted all round??
@ petroleum1 ,
You have been in AAOG a lot longer than me but as far as I can tell the agreed renegotiated consideration was £200,000 for 100% of interest (stuck with that for better or worse). Are you suggesting that AAOG got less than £200k? Where would the cash come from for any litigation?
From Zen unaudited accounts 30 sept 2020
"The acquisition of Anglo African Oil & Gas Congo S.A.U ("AAOG Congo") from AAOG plc (a company quoted on the AIM of the London Stock Exchange), the former operator of the highly prospective Tilapia license in the Republic of the Congo, represents a potentially transformational opportunity for the Company. The Board is pleased to have been able to renegotiate the initially agreed consideration of £1 million for an 80% interest (announced on December 27, 2020) to a final consideration of £200,000 for a 100% interest in AAOG Congo (announced on April 17, 2020). The acquisition of AAOG Congo has not only enabled Zenith to acquire an existing operator in the Republic of the Congo, but also US$5.3 million in receivables owed to AAOG Congo by Société Nationale des Pétroles du Congo ("SNPC"), the national oil company of the Republic of the Congo, and the novation to Zenith of 100% of the inter-company loans between AAOG Congo and AAOG plc, equivalent to approximately to approximately £12.5 million as of the date of completion of the acquisition.
MrEMC2 It was reported that Zen paid less than agreed amount for Tilapia pending the verification of the licence by the Congolese Gov't. Please check.
Checked the RNSs
"The Company has also terminated the put and call option agreements entered into with Zenith and as announced on 21 January 2020".
.........................
"Zenith will assume responsibility for all liabilities within and ongoing costs associated with AAOGC at the Revised Completion Date. As a result, shareholders in AAOG will no longer have any exposure to the Tilapia asset or its liabilities or receivables from the Revised Completion Date".
..........................................................
Sorry but AAOG has zilch except the tax allowance and the converable loan facility from Riverfort.
Just hoping that Sara Cope and Forum can pull a rabbit out of the hat during the next few months so fingers crossed for 2021.
I'd be happy with that, but is that possible?
As I understand AAOG is entitled to payment from ZEN at the completion of licence renewal. Now that this has taken place zen is obliged to pay. Also ZEN will soon be producing 5000 bopd from Tilapia and it would be in their advantage to use the tax allowance(£20-30m) that AAOG can offer them. So may be combining the two companies together is the best course of action.