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Highlander47.
You and co NEED to get this guy on board to do a special audit of aaog _atog.
You know what I'm talking about.
Maybe its a 25% stake of ATOGs Medco assets? the only thing that makes me doubt this option is AC would no doubt be singing about higher bpd numbers and quoting the whole assets production, not just their share.
Zen RNS
"to acquire an operated working interest in an onshore oil production"
"The Acquisition currently produces at a rate of approximately 700 barrels of oil per day, "
https://www.energyvoice.com/oilandgas/africa/214205/aaog-exec-quits-for-tunisia-as-cash-squeeze-bites/
" Medco said this gave it 12.3mn barrels of oil equivalent and 2,800 boepd of production."
been googling and cant see any other obvious contenders.
Yes it does matter to aaog because Sarah blew out Align as zenith in her opinion was better for the company and shareholders. If this whole zenith deal was a smoke screen to waste time we will have lost a much needed partner.
not that any of it matters to AAOG i guess.
AC is doing that :)
or was range just Trinidad?, cant remember but saw an old link on google for "Range Petroleum Ltd, Tunisia"
Could you know who be about to empty zenith’s bank account ?
I just had a thought re potential zen asset.
Range resources was in Tunisia, and produced a similar bpd at one point if i recall correctly.
"The Acquisition currently produces at a rate of approximately 700 barrels of oil per day, generating gross annual revenues of approximately US$15 million. "
How do we know the new zen asset is next to atog and not part of the atog asset itself? Atog financed in exactly the same way with an off take agreement and charge back. Look at recent entries at Companies House.
Yep
Someone said last few Zenith RNS have all the DS hallmarks on them in terms of content and spin
ESA arrangement, almost exactly the same deal with Riverfort as DS
Remember also DS was talking about another African asset they were evaluating (apart form Tunisia) - he may have put it towards AC being the 1000 bopd target
add this Tunisia asset
Without a doubt they have met and probably see the pirate in each other and get on well, business works on simple human behavioral aspects many times.
I Wonder if DS is getting paid a consultation fee from Zen. It’s all a bit too close.
They will....don’t worry.
Irish
I do believe your right sir
Just a step to far in credibility that Tunisia is the next asset AC gets, by pure chance next to ATOG.
All smoke and mirrors
After all the cash was gone in AAOG, Zenith served its purpose to deflect attention from that heist
classic Trump - commit one incredible action, shortly after do the next one whilst many still reeling from the original action and so on.
Back to back in this style by AAOG, with DS going, then JB, all money gone, firesale of asset, no Zenith loan money, no SMP legal action for upto $3.3m which would be material to survival and RTO- final act = no disposal.
Forum are completely outside of all this activity and our only hope now.
I just wish they would replace this AAOG board asap.
Personally I can’t wait to see the back of zenith,they were a red herring from the start, just a complete waste of time and I still feel that was planned.
Seems easy money for Zenith, or indeed any company
existing production
just rock up, say you will take on the asset, pay for buying price by offtake production
"Safe, democratic jurisdiction
· Fast monetisation of produced oil with favourable fiscal regime
· Attractive domain for junior independent exploration and production companies
The Acquisition currently produces at a rate of approximately 700 barrels of oil per day, generating gross annual revenues of approximately US$15 million.
Zenith is advanced negotiations with an international oil major to sign an offtake agreement for the asset's future oil production in order to fund the Acquisition. There are no plans to issue equity consideration to fund the Acquisition.
The Company intends to complete the Acquisition by March 31, 2020 subject to the satisfactory conclusion of currently ongoing due diligence activities. "
That is nearly double what Mengo would stabilise at after 18 months, at around 400 bopd - without drilling
Far more attractive asset for near term revenue without baggage and up front costs for them, if its all bonafide.
A lot of detail left out of the deal terms, so who knows?
Equally, if they are prepared to dump Azerbaijan after so much investment, what chance Congo?
Congo disposal deal hasn't even finalised yet and has so many unknowns and dependencies for Zen.
They are reliant on SNPC paying back the past debt of $5.5m to AAAOG (within 30 days before they go bust and delist)
good luck with that - when the most they could summon is $850k in one month, times are harder now aswell for them.
Then $2m on Licence extension cost up front
If SNPC want Mengo first then the cost to make well good and frack - assume another $1-2m up front
Then honour terms of deal with AAOG, another financial outlay of £500k and pick up all their debts of £2.7m - what appetite for those terms now?
They just simply havnt got he cash or means of getting it short or mid term.
Probably next RNS is them walking away from Congo. Imagine the DS dinner with AC -"Sorry old chap, but Congo is difficult as we know, nothing lost there really for either of us mmm - how about this Tunisian asset, right next to us in ATOG?
Leaving AAOG waiting on Forum with 56% Tilapia Licence in place.
If Forum can gain the experienced staff they could do a similar RTO as Tunisian deal elsewhere.
They are now buying an asset in guess where?
Tunisia!