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.
FIRST GAZETTE NOTICE
04140379 ANGLOAFRICANOIL &GASPLC
Publication date in the Gazette: 06/06/2023
The Registrar of Companies gives notice that, unless cause is shown to the contrary, the Company will be struck off the register and dissolved not less than 2 months from the date shown above.
Upon the Company's dissolution, all property and rights vested in, or held in trust for, the Company are deemed to be bona vacantia, and will belong to the crown.
Paul Forrest put money into the company and hold a position as a director. The latest accounts have not been published hence the compulsory strike off. Not only will he loose his money but risks being banned from being a director of any company for up to 15 years.
Please can you share a link
Try this.
https://find-and-update.company-information.service.gov.uk/company/04140379/filing-history
Thanks, I don't really want to read it, knowing I am about to loss everything
I have lost a lot of money in this company, to some people and the way they go on its only pocket change, this company was about 1/3 of my share portfolio at the time it crashed
If they would only publish the end of year accounts it would stave off this issue, why are they not doing this ?
Irishmouse: As I understand it, this has been a cash shell for nearly three years, when its most recent report and accounts were published, and its AIM-quoted status has been suspended for the past two years. Mr. Forrest’s company, Forum Energy Services, withdrew its financial support at the time it became a cash shell, but Mr. Forrest became a Director in February 2022, giving rise to hopes he had a use for AAOG’s tax losses.
There must have been a reason for Mr. Forrest’s interest in AAOG and the possible consequences of his allowing the company to be struck off will be unpalatable to him, I should think. So I’d be a little surprised if some action is not taken on the filing of accounts soon. He may have been busy with his new responsibilities at Angus Energy and in finding appropriate uses for the large amounts of cash he is amassing as a result of the sweet deal that his company SEL concluded with Angus last year. Whether he and his fellow Director are still interested in keeping AAOG going or would prefer to finance its winding up is unknown but they’ll have to decide and act accordingly within two months or it looks as if the decision will be taken for them, leaving the Directors with reputational issues and potential financial liabilities. If he bought into AAOG in the first place against the possibility of using its tax losses, Mr. Forrest will at last have to bite the bullet on this. I doubt that Angus Energy will feature in AAOG’s future. Who knows, though, this is AIM?
Good post Oofy and a Lou’s one from me.
The accounts only need to account for the £200,000 that Sara Cope managed to take from Zennith and that’s all as we are not trading. I assume Paul Forrest could do the accounts during lunch break so why the reluctance to publish then and keep us alive to fight another day ?
Lou’s? Should read plus…. Small phone keypad and fat fingers.
Irishmouse: when he got involved with AAOG, his SEL owned 49% of Saltfleetby gas field. A few months after his appointment as a Director here, he negotiated terms for the sale of SEL to Angus on very generous terms. He’s been busily selling the hundreds of millions of shares he acquired ever since. Whether he’ll retain his Non-Executive Directorship once he’s sold thevall is a moot point. If he plans to exit Angus, it’s hard to see what AAOG h
Irishmouse: when he got involved with AAOG, Mr. Forrest’s SEL owned 49% of the Saltfleetby gas field. A few months after his appointment as a Director here, he negotiated terms for the sale of SEL to Angus on very generous terms. He’s been busily selling the hundreds of millions of shares he acquired ever since. Whether he’ll retain his Angus Non-Executive Directorship once he’s sold them all is a moot point. If he plans fully to exit Angus, it’s hard to see what AAOG has to offer him. He’ll be a rich man, either way. I’d be surprised if he allows this
AAOG to be struck off while he’s a Director, though, with the reputational damage that would follow and in view of the small outlay that would be involved. I’m not sure how the host of small investors here will benefit, either way. AAOG’s only attraction, as far as I can see, are the tax losses but where are the companies with sufficient qualifying profits against which these losses could be offset? I’m no accountant though, I don’t follow all of the oil and gas companies and anything can happen in AIM companies.
Apologies for earlier fat finger.