London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Papa. BD260 should be good for about 15000ft with std 4.5 DP. Good enough for the assets within the current sights. Geology and mud will have a bearing on capacity and torque requirements but on a good day with a following wind, I will stick my neck out and say 15000ft or 4000m with a bit of leeway
Caveat ref the above comment: Info is based on general knowledge. I don't have a spec sheet for it although I expect MGS has one in his back pocket :)
In all fairness, once the top-drive was installed the rig did a pretty good job at the drilling C-37.
The unforeseen problem in that case was a failure of the hanger system that prevented the casing being cemented not a deficiency in the BD-260 drilling rig.
Remember Kel’s this was because AC said owning our own rig would mean we could go “speedier and speedier with our drilling campaign” rather than rely on sub contractor. And we also forgot the top drive unit for it (and required a raise for it!)
I'm glad you are so informed Papa9911 - would you like to give us more details on the specifications and capabilities of the BD260 rig to prove that you are not making your knowledge up?
Kellsbells.
That rig isn’t capable of drilling to decent depths to find good oil.
Going really well , see you soon.
Papa9911 - How is the High Court action against the former directors of AAOG going. Have the fraud squad and Scotland Yard come up with any smoking guns yet?
We bought a bd260 rig 2 years ago for $2.2m it was supposed to arrive 3 months later, a year later we finally got the thing on site ready to go, we used it at well at c-37 and that was it, the only bit of operational activity in 2 years! Even if we get the tilapia license approved there is absolutely zero chance of anything operational actually happening this year.
WHEN was the last bit of drilling done, it’s all just Kidology just to make them a monthly wage, it’s shocking how they can get away with it.
come on AC show us the money!
need to break 1p
AAOG were an abject mess of a company and I find it hilarious how one of the ex-executives keeps coming onto this board to tell us how to do things properly when he was one of the major contributors to turning a company with a £30 million market cap to a shell.
This is the same person who was here on May 1st claiming that ZEN: “need $35 million by July, and ned to show a balance sheet to support the work programme, which to bring Tilapia into production is at least $20million”. So apparently Zenith have absolutely no chance of getting the license extension because they do not have a balance sheet showing $55 million. Basically It just seems like it is being made up as we go along. If that is how AAOG conducted business in the Congo I can see why they annoyed the SNPC so much and why the govt must feel well rid of them.
I agree with Calit 100%. I fully expect the license to be extended. I expect a chunk of the $5.3 million that is owed to be written off to pay for the signature bonus and I then expect terms to be agreed for the repayment of the rest. It is not in dispute that the money is owed and with the IMF having given the Congo a $448.6 million credit line just one year ago on July 11th 2020 the country has to be very careful to operate properly and pay off debts that are owed otherwise they run the very real risk of this line of credit being pulled. Why would you risk a $450million line of credit in order to not pay a $5.3 million bill? You wouldn’t especially when you can write off some of the $5.3 against the signature bonus and agree reasonable payment terms for the rest.
AC is clearly confident that we will get the license extended and continue to have a good working relationship with the Congolese authorities as he is already pursuing other small projects in the area.
There has been nothing that has happened in the last few weeks and months that has made me doubt in the slightest that everything in on track for the Tilapia license renewal. But we shall find out within the next 5 days as July 18th approaches.
Callit - Ha, Ha - very good - not really sure why I am laughing because I am invested here!!
On a more serious note I think your last but one post is nearer the mark.
Actually I wouldn't be surprised if he got us more than the $5.3M but tied it to reaching production targets and gets deducted at source from SNPC's share of the profit. ie they get to pay off the debt with oil in the ground and only have to pay if we get it out of the ground for them. Everyone's a winner.
Though come to think of it, for this to work, we would actually have to process some oil. Hmmm, maybe let's not over complicate things. :)
@Highlander47 well my be guesstimate would be that negotiations for the licence renewal go right up to the wire as both sides try to get concessions out of the other.
I expect the licence to be renewed but AC to either right off some of the $5.3m or agree longer terms for the repayment etc..
@kelsbells the dispute got pretty nasty with AAOG but they were making payments in the end.
Anything over $200k + whatever AC has spent will see us break-even regardless of the licence renewal, but given the other opportunities AC is pursuing in the area I'd assume they are quite pleased to have got rid of AAOG and want to have us come and help them unlock their oil reserves for the benefit of all parties.
Only time will tell. DYOR GLA
We paid £200k for a license that expires next week, and legally we have no recourse if that license somehow wasn’t renewed. As it happens I think they will renew the license but I see next to no chance of us getting the $5.3m as again once the license expires they don’t legally have to repay those funds and on that basis (and this is Africa) why the hell would they?! The fact that this hasn’t been tied up months ago puts us in a shocking position as negotiations continue. Aaog shareholders agreed sale on jan 13, AC met president late feb, and to be in this position now in mid July Is quite frankly unacceptable .. I don’t know why I expected anything different judged on every single previous experience with zen
"Alexios, 60m shrs were issued, only 35m sold at .7p raising GBP 260k approx, the rest are in treasury. "
Thanks for that MP I hadn't worked it out just posted in reaction to the disappointment of a Friday night RNS.
Hopefully next RNS is good news on the licence sure we'll all be a lot happier when that one drops.
whats the running total of capital raised and bonds issued since listing?
Whats the total of ACs fees, salaries, expenses, travel costs, etc since listing?
How much of this cash does the company actually have left?
Surely we paid £200k for the licence that expires next week AND the $5.3M the national oil company owed to AAOG? Seems like we have a pretty strong bargaining position to me.
We’ve spent £200k on a license that expires next week, and 5 months from the apparently successful meeting with the president we’re still conducting negotiations with the relevant authorities! That clearly puts us in an incredibly weak negotiating position.
Andrea Cattaneo, Chief Executive Officer, commented:
"As is known by shareholders, the Company's senior management is currently in the Republic of the Congo conducting negotiations with the relevant authorities for the attribution of a new 25-year licence in relation to the highly prospective Tilapia asset.
Since we are presumably right in the middle of negotiations for the "transformational" licence, it is difficult to imagine any investor signing up for the placement without some kind of steer on the outcome from AC; which is going to lead to an appearance of insider trading if successful and a mightily ****ed off investor (another one) if not. Of course the most likely scenario is the kelbells/ezhilkian view that AC simply has no clue what the ministry is thinking and is just winging it as usual.
Alexios, 60m shrs were issued, only 35m sold at .7p raising GBP 260k approx, the rest are in treasury.
Alexios you’re way off my friend, this will touch at least 3p by year end imo. Let’s see whose right
Placing price is misleading and should be corrected
£260k/60m shares is 0.43p not 0.7p they have stated
This is getting worse and worse
Cannot believe this spiked above 4p same time last year
Going by this trend it will be 0.1-0.2p within the next 12months