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Rumours are of no use to us as we are not trading, what we need is a good solid and informative RNS from the company. Then rumours can come thick and fast and we can have some fun.
Happy new year one and all.
Stay safe.
Irish you're spot on mate, I'm just trying to bring some life back into this board.
Your reply would be a solid rns I know but it would be nice if people shared their thoughts on all of this sad affair
The news will come my friend, Sara cope is good at turning things around, sit tight .
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.
I'd be happy with that, but is that possible?
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.
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.
@ 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.
So basically we got shafted all round??
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.
Best album from fleetwood mac
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.
Would be nice to have Tiburns views as April is fast approaching now!
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 !
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?
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 !
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.
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.
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")."
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.
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.
Cheers Takeyourbets, makes sense
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.