Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Thanks, it's game. That seems plausible given the 3 director thing but only two listed as shareholders as of Jan 1st this year.
Derek Brouwer and Paul Forest.
Ill keep an eye out on this!
https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/740hvG32Su8CvsLEbuevDAP74IDInaMY1TGAuO6p4uI/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIAWRGBDBV3P7K55J67%2F20200218%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20200218T103932Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEBgaCWV1LXdlc3QtMiJIMEYCIQDVl8TLrh%2F4vLPBXZtanij6UNQ%2FG47V%2FsZbZ%2B%2BN3bT56wIhANlKT85r33N9Kk3hPEL12z1QH5Lq7oP9za9F4%2BHlt1VqKr0DCNH%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEQAhoMNDQ5MjI5MDMyODIyIgwTmV2ie2%2Bc3NeOQP0qkQOf4NeX%2B2d1hBaeIHIJIov2ScF4CTqt2N8C2cEG%2BdGNm7NxZ7BZkCbSEpuZkC7LTJvugc0R3YvuK3JNNZ9ulj3bbj2sYn4HdykyUmYI3t8txXW5b65qaFhMkTdtgHVGzhfQcFOTAf1clhT9DN9%2FyU%2Ft5ofkLxUxFJJuricnrc5JCX1oQnOdbV%2BSbTo552aTRNs0J9GwDideq5vU5ekJ%2Fx2iY0bHf0SATAdhgannSYm79Dp2%2BADQqZyT8uQAQcimycGjEQCGTGjT7G0gQtL4rFVBfgKoQ3%2BLgGnvCxM5mVEz%2FDiOyW%2F2y6rh7bLpozjL3QBqUQhRYEdm2WftMItZAJthbUJge4CZlU3JRF%2Biaw0Afc7g7BDbi5MIURdZ1IRTisXOu9CfimqS2lUAtMWXzlsLV%2BaM1yFX7lIeYKLnSmtwQ1sk3NSTFGQSm5rNLMZwGAx08XDMJ5OR4yzzmot8q6%2F1FGPdwWMV7vMgeJny29GZUv%2FpV1Ja24AWbFPFbEMbdo9l%2FD4HK5hHekFWSv8j8fX3ejDyra7yBTrqAdrlsit6kh0ay9LNfv8EFKgSw%2B5KFmBPiW4S4BOH2n8snuEc0kC5tOYfBHRirYwCySWpBBeeQU7kBtJ%2FbNnEaaCfJcWEO9cSX0EEALfaU5xOl4%2BLM9orr8XaM3rxlBMiFFzj8XuarhMOdYXzsshRxtWXceS8OeFyp4GYBddtqbyIeW9u4QqE17OLolexierlyOBnCQm7%2BQXloxWnH%2BTE%2BUEimOzgtAAhTJ6ZtcC6V9Xn6RaXYYl6lgroOLNafJ3styYtbl5zApf4RrYqqCkgzz16T6Aw2p9a4i4FG5eZMfuxxKtN93dpCUXjyA%3D%3D&X-Amz-SignedHeaders=host&X-Amz-Signature=b26e8b8b9b34b19dbc9c7e60c34082304c0343d5c20d7508d33f00545ea30535
And all the forum companies mentioned are owned (in part atleast) by PXP.
My belief (yet to be confirmed by the company) is that The “forum” companies are all linked and I believe Paul is holding the shares of energy services on behalf of the enlarged group, as he was a director previously for the larger company.
Forum energy services is >75% holder of saltfleetby, the same subsidiary that has purchased ~25% of shares here.
A question if I may?
Are you sure you have the right Forum energy here? There seem to be two!
This is the one with links to Saltfleetby Energy Ltd
https://beta.companieshouse.gov.uk/company/09903234/filing-history
This below the one with the links you provide don't appear to be related to Saltfleetby apart from Paul Forrest who resigned around the same time as an appointment to the other Forum above?
https://beta.companieshouse.gov.uk/company/05411224/filing-history
Just interested as a they have a joint venture with Angus.
Worse case I think forum just bought a customer, £500k+ will be spent on fracking equipment and services at Congo easy so overall they will get their cash back one way or the other, they might even give AC a credit line, in exchange for charging him a bit more, that then opens up business supplying his many other projects.
Forum could have the technical knowledge, links and contacts he needs to make the whole group work.
If the disposal happens then AAOG/Forum get £500k of Zenith in shares, perhaps more if no cash coming.
Around 10% of all future Zenith endeavors, owned by a Forum controlled AAOG . It makes Zenith and Forum partners going forward on Tilapia, an inherited position, but nonetheless, they will be sharing information as co owners of the Licence and Forum will know Zens other business, being a key shareholder.
If Zenith do drill after all and strike oil above 4000 bopd within a year, would Forum just be content to sign away the remaining Licence for £2.5m and walk away? maybe, but maybe not with such big money backers in PXP.
PXP have recently found that Peru offshore deep sea drilling is perhaps more risky and costly than Congo found oil, drilled from onshore, surrounded by producers, with much potential.
PXP could currently buy all of Zenith currently for less than their share of the cost of one drill in Peru.
Interesting times.
Let play a game, pick a subsidary take an RTO target guess.
https://www.pxpenergy.com.ph/home/our-company/group-structure/
Ill guess blindfolded with finger in the air............
https://www.pxpenergy.com.ph/service-contracts/sc-40/
no actual reason apart from that its a 100% license owned by a subsidiary, and im guessing they want to farm out to split costs.
"in early 2017, another gravity survey was conducted to investigate an apparent structure in San Remigio, which was observed from the results of the previous survey. Forum also reprocessed a number of onshore and offshore 2D lines in preparation to a block-wide re-evaluation of SC 40. The aim of the study is to generate prospects for drilling. "
certainly does Adrian, before month end we could be in for news on Zen deal, update on the SMP, update on SNPC, planned drilling April, maybe even something from Forum.
Tiburn i agree, they are probably sitting it out and just waiting for Forum, one or the other will be involved until the issues are all tied up.
Forum
I really have no idea what Forum have planned but i do know they will need to raise alot of cash to do almost anything, im disappointed that they have not been gobbling up every share available in the market, so to me indicates that they might be participating in the expected placing to get their equity share up and it wont be debt funded instead.
RTO Could be PEDL005 related, or could be something completely different, who knows they are huge, could be an "energy services company" whos main customer is AAOG Congo, then they dont need to do much or spend much on the RTO and can wait out for the end results on Talapia. I did skim over the Tullow RNS this morning, its a small connected world when you look at Forums reach.
on the Zen front
another possibility i thought is if the Zen deal goes ahead Forum might even end up with Talapia back at some point, if there are any financial hardships or big delays in Zens future, i think Zen are over stretching their current capex financing capabilities and i do not see the why AC is rushing in to so many different assets before he has the cash to do so. He should just progress one of the existing projects, while waiting on some bond cash, then with cash his pocket wait for the downturn in the cycle which wont be long away for some real bargains, why on earth he is going for $40/barrel cost acquisitions i dont know, a bit different to the $5 / barrel that was touted for Congo originally (i know that was Sefton BS).
Im genuinely concerned about Zens finances (and the ability to finance Congo), the placings, bonds, ESA, just in the last 2 months there, (plus the old £1m CLN) each individually wouldn't be bad, but hes maxing out all forms of credit quick sharp at the lowest share prices, its very erratic behavior for a company, and their results didnt look that good either, i cant see them holding on to the B+ without a gusher.
Unlike our board atleast AC is currently out of hiding.
Itsagame
Very interesting, lots of spin from AC but nothing confirmed and also no corroboration from AAOG or supportive RNS confirming anything - they really don't care either way do they? They are so far beyond the pale now, not even bothering to do anything, their attitude could be summed up as:
"disposal completes with Zenith, whatever
disposal doesn't complete, not my problem"
They just wait for Forum to take the Director positions and the remaining board leave one by one, that's their only goal.
Value for AAOG holders most likely now via a Forum initiative, of whatever sort.
Forum owned by PXP - Perhaps PXP appetite for pure exploration (virgin drills) may change:
Latest offshore expensive drill in Peru was a duster, with Pitkin Petroleum one of PXP subsidiary's involved:
https://www.reuters.com/article/us-tullow-drilling-idUSKBN20B0ON
“The well tested the La Cruz and Mal Pelo formations where minor gas shows were encountered,” Tullow said in a statement. “However there were no indications of hydrocarbons in the primary targets in the Tumbes formation.”
The Marina well is located in 350 meters of water and was the first well to target deep water plays in the Tumbes Basin.
The London-listed company holds a 35% interest in the well, while Australia’s Karoon Energy holds a 40% operating equity interest through a subsidiary and Pitkin Petroleum owns the remaining 25%. "
So what asset could PXP, via Forum, reverse into AAOG after this event?
Something proven or another wildcat drill asset?
Andrea CATTANEO is speaking at this Congo oil conference, maybe just marketing by him agreed when he had hope on the disposal completing back in Jan 13th, as takes a while to approve speech etc by event organisors.
but this could have been set up ages ago and is no dincation that the disposal is a auccess
Looks like deal will be done soon. Then we can let Forum take us forward.
Just posted on zen bb, AC on twitter
“Andrea Cattaneo
@CattaneoGenoa
Making good progress in the Congo. A number of important meetings scheduled during the days ahead #ZEN #ZEE #Congo”
And still not a whistle from our board.