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Great to see another payment from SNPC proving their commitment to the project. However, their will to be in the project is greater than their wallets , once again highlighting the need for a free carry for SNPC in return for a slice of the pie.
Also interesting the payment appeared just after DS was removed, maybe his sense of humour was also rubbish in kikongo and he'd pee'd the natives off as much as the shareholders ;-)
And the most effective way to nullify them is to ignore them come on Gmcc stop giving them oxygen please,
And on top rampers marineville at 7 hilarious
Tiburn
The fundamental seem great. I sold
The majority of my stock as a stop loss. I can afford to lose what I have left in, though obviously I don’t want to.
My problem now with AAOG is despite all the great signs, nothing is happening. Some people are saying DS leaving is a good sign as he must’ve done something wrong, been going dodgy info. All his actions would’ve been passed by the BOD.
Many good businesses, be they oil and gas or completely different, have gone down the pan due to poor management.
DS leaving is NOT going to fundamentally change how AAOG is managed.
They are wasting money month after month with no discernible results. The fact they are being repaid money by SNPC is neither here nor there if they p1ss it up the wall. Jamie Oliver pumped millions into his food business and that went bust. Because of poor management .
The fundamentals can be the best thing ever, but if poorly managed they can mean nothing.
I’m keeping my small holding in, with the hope that AAOG turns the corner before management drive it into the ground
Spot the AAOG basher Benny : Did you really say that with a straight face ! “My posts don't influence the wider market or even this bb. “ You are then rendered obsolete/ redundant so why bother posting !
---- If the cap fits wear it :
Lesson 7: Bashers play on your lack of patience. You have held a stock for a while. You knew it will be a big stock someday, but the BASHER CAN GET TO YOU BECAUSE YOU ARE TIRED OF WAITING FOR YOUR GAIN. That's when the Basher is best. You are tired. You have forgotten the goal for the stock was to hold it for one year. The Basher is bothersome, so you dump it on a bad day. Some others also dump. Then you get mad for your loss and return to let everyone know how mad you are. Then you turn into a semi-Basher as well. THE BASHER HAS WON, AND GAINED A NEW ALLY - YOU!
Lesson 8: BRING THE PRICE DOWN. That is the Basher's job. The truth is not important. Lies are the norm. Post continuously on the board every day. They are trying to scare the newbies that are just investigating a stock. They are trying to wear down the faithful longs on the board and gain free reign and control.
https://messageboardfools.com/bashers.htm
Well Benny / COdey why did you change your alias ? I am only interested in AAOG market cap value re-rate for how ever long it takes , recent events provided good opportunity to buy more at these prices increased my number of shares .
So you are just here " folk like me or the other critics decide it's now worth getting in, tells me all I need to know about your motivation thanks !
QS
I suspect you don't really understand AAOG current position as you sold out recently 90% of your shares here?
You should have sold the lot and moved on old chap, really.
Being negative about emerging positives to justify your sell decision is good for your ego perhaps, but not a lot else.
Sure, there needs to be actions not words by AAOG and I am frustrated as much as the next man, but the fundamentals are excellent and I see signs of movement here, re my last post.
I post facts or sourced data - by all means check - its based on info we have been told and reasoned evaluation of that - I'm not making this up. Where its just opinion I do make it clear as such, but with evidence to support my views.
Its also as a counter to the negative made up spin from the Trolls who provide no such back up to their points.
Good luck in whatever you decide to do here.
They seem like great partners to work alongside in your world Tiburn !!
I'm just wondering if the non payments by SNPC in Jul/Aug was a test of JB resolve?
SNPC and DGH can obviously see the poor SP - perhaps they tried a fast one and stopped repayments to see if JB would fold early on the PSA and they got a better deal.
Its feasible that the key reason the market is not told the exact current cash position is because JB has to keep his cards close at this time, DGH dont know the cash burn or remaining funds, or how desperate AAOG are to book revenue.
What they can surmise is that the ISA is an insurance policy - 12 months of monthly payments means the lights can stay on at AAOG, if that's what it takes to sign the PSA, then AAOG can hold out.
It would look incompetent in the extreme for DGH to not resolve the PSA soon under these circumstances, the games up really for them to procrastinate longer.
There must be undoubted Govt pressure for them to finalise the PSA and so commence revenue from this field asap - I suspect a breakthrough has actually been made and ratification will be soon.
If SNPC are continuing to maintain their 44% position it gives me some confidence in the companies position and achieving the desired goals, however long it takes... hopefully this finds a floor soon but still not adding till I see real change in sentiment.
Tiburn
I love your positivity but you are just repeating ‘facts’ that have been known for months.
Another fact is that despite all these positive signs, no further progress has yet been made.
DS has left... but still had business interests with JB elsewhere. If DS was dodgy, either that would not be the case, or JB is pulling the wool over our eyes.
DS would not have given any information out at previous press statements etc, that did not have the full backing of the BOD.
What this share need, to move properly, is positive, credible action and not just words about what will happen in the future. I’ve been following this for only about eight months, but all I’ve heard from the BOD in that time is ‘future plans’. We need things to come to fruition.
If you are not frustrated as an LTH then you either have so much money elsewhere they losing through AAOG doesn’t matter to you , or you are deluded!!
Since March 2019 SNPC have made 5 payments don’t recall anyone making such a fuss about this SNPC issue away back in 2018/early 2019 . Anyway one way or another debt will be repaid as outstanding dues can be deducted from SNPC share of oil revenues .
New terms for the production sharing agreement with SNPC still to be announced so presumably Next phase drill start with a clean slate . AAOG 56% stake might be increased in lieu of outstanding debt -terms still unknown , all will be revealed in due course
Meantime poor attempt at scaremongering from the naysayers what really is their motivation for being here ?
Payment welcome, if not late and less than the last one. I have to agree that unless we get a higher percentage how on earth are SNPC going to pay their share of the sidetrack, upgrade of topside and all the other ancillary costs that accrue on a daily basis.
They really are in a win/ win position all the risk is taken by AAOG and they only pay if things are a success and then very late causing AAOG to dilute each time works need to be carried out. If the costs had been split as per % and paid upfront then there would not have needed to be so many disastrous fund raises.
The real news we need, and soon, is the rig booked. It worries me that the rig owners who ever they be are reluctant to hire to AAOG whilst the tacky claim for compensation is pending. We were told drilling would be this year, well is October in a few days which means it needs to be booked v soon.
The SNPC repayments since Jun 28th not confirmed was a bastion for the trolls negativity campaign.
No news on this was difficult to refute, but now today that bastion has crumbled.
However the trolls spin this payment of debt as a bad thing, its fundamentally a very positive action and says Legion beyond the cash boost itself - to deny this means that your in denial or have an agenda.
The Trolls will scramble around now for material, but its getting very slim pickings for them now
What possible "negatives" are still in play for them to drone on about?
• 56m of Oil is found in Mengo/Rzones and upper Djeno targets - but not proved commercial yet, no flow tests completed – pending a drill this is true, hence the need for a drill, but oil to surface under pressure through a concrete cap indicates a very good flow rate.
• The Geological model is not always 100% reliable for Middle Djeno– true, but it has been so far and in spades
• CPR was cancelled - true and badly handled by DS, but it will be completed once flow tests/reservoir size estimated, it was only ever paused as stated in the RNS
• Two Sidetrack drill bids received but no confirmation on if AAOG have the full amount to drill – It is implied by AAOG issuing an ITT and with a view to securing a drilling slot during November- Miton £2.5m covers a typical benchmarked sidetrack cost alone.
• PSA has still not been signed – true, but this is complex, it doesn’t indicate problems, just how valuable the field is to all parties in discussions - SNPC talk with DGH - its all interlinked
• SMP mediation result unclear at this time - True but AAOG claim is valid according to 3 councel - SMP really havnt got a leg to stand on
And that is it - if your being objective and sticking to facts instead of made up waffle - DS has gone, what happened on the road to this point has had its SP impact or is now resolved.
The SP being so low now is a result of many factors, but considerable news flow is expected soon to make this rise.
Since Sep 9th there have been four RNS, that's indicative of progress on many fronts.
GLA LTH
‘A creditor’ Truthfactory!!! Don’t you mean a partner, who ultimately cost Aaog shareholders more dilution by having to raise more funds due to their inability to pay upfront. I’d like to have seen how much they would of paid if the well was a full on duster! Are they paying any interest on the funds owed?
It’s not enough. It’s a debt. Legally obliged to pay. It’s not an indication that all is well.
Need proper news from the BOD about the way ahead before the price will move in the correct direction with any significance.
Yes bit confusing mixing pounds & dollars and Finncap say $4m ( even more money into AAOG coffers )
£4.7 million. = approx. $5.9 m deduct ( two payments $850k+ $600k = approx. $ . 4.5m ( currency exchange fluctuations )
Anyway good to see SNPC making payments and we still have a drill to look forward too
Agree gmcc a little confusion between RNSs and certainly the use between $ and £
Imho the $8.5 initial debt was £8.5M/ $10.1M
Total balance £4.7M
Hi JohnH - Extract from annual accounts
SNPC AAOG has a considerable debtor balance with Société Nationale de Pétroles du Congo (“SNPC”), because, throughout the period since the Company’s IPO in March 2017, SNPC has been unable to honour its commitment to pay its 44 per cent share of the drilling and ancillary costs as they were incurred by PK. SNPC’s unpaid share reached approximately US$8.5 million (a figure agreed by SNPC as its share after a comprehensive audit of PK’s books) at the beginning of 2019 following the TLP-103C drilling campaign.
In March 2019, SNPC made the first repayment of its debt, namely US$0.60 million. A further repayment of US$0.67 million was received in April and a third (US$0.72 million) was received in May. SNPC have confirmed in writing that they acknowledge the debt, recognise that the delays in making these payments have caused harm to PK’s operations, and expect the payments to increase from July 2019 onwards. The total balance owing by SNPC to PK at the date of this report is approximately £4.7 million.
Except that AAOG are sat burning through cash paying salaries and overheads instead of getting on with drilling. They seem to have an amazing ability to blow through cash and end up with alot less that you would expect.
gmcc may i suggest you read the RNS dated 18 February 2019
ANGLO AFRICAN OIL & GAS PLC ("AAOG" or the "Company")
SNPC Costs Reimbursements
Anglo African Oil & Gas plc (AIM: AAOG), an independent oil and gas developer, is pleased to provide an update on the repayment of funds owed to the Company by Société Nationale des Pétroles du Congo ('SNPC'), the Congolese national oil company, in regards to SNPC's 44% holding in the Tilapia Licence ('the Licence') in the Republic of the Congo.
As a result of the work conducted to date on the Licence, including the successful drilling of the TLP-103C well ('TLP-103C' or 'the Well'), SNPC owes approximately US$10m to the Company in respect of SNPC's share of the total costs. The Company had proposed to SNPC that it would accept the transfer of a substantial portion of SNPC's 44% interest in the Licence in satisfaction of the debt.
The Company has, however, now received an initial cash payment of US$663,000 from SNPC. SNPC has also informed the Company that it will propose a short-term payment plan to meet the remaining debt of approximately US$9.5m.
Total debt was approx US$8.5 million - As of today AAOG has received US$3.956 million so outstanding balance due from SNPC would be approx. $4.5m - every payment helps bolster AAOG coffers .
Debt still @ $6.2M
Tilburn June 28th RNS states the debt stands @ $5.1M, implying SNPC had paid back $5M in total.
Todays RNS states a further $600K, debt should be $4.5M, however the debt is still $6.5M
Needs clarifying
Great to see $600k coming into the company.
Whats more important is that SNPC keep paying as best they can, I was surprised they kept paying back to back each month, they are truly skint as all the revenue is instantly siphoned off to Govt to keep the lights on, there is no leeway.
So payments to date :
Feb 18th RNS “The Company has, .. now received an initial cash payment of US$663,000 from SNPC”
Mar 29th RNS “SNPC has agreed to pay monthly instalments…. this month…US$600,000.”
April 25th RNS “Company has received a cash payment of US$600,000”
June 7th RNS “The latest payment was received on 17 May 2019 for US$716,000”
June 28th RNS “today received a further cash payment of …$850,000 from SNPC”
So this payment of $600k accounts for July perhaps?
August is late and September is due soon.
The key isn't so much missed payments - SNPC wanted to pay I'm sure - but that they started paying again as soon as they were able to -this non payment could have had an impact on the PSA talks aswell in the summer and explains delays, as JB needed to see these payments continuing, they did not so he may have stalled.
Fundamentally, SNPC need to decide - give AAOG cash up front for drills going forward - free carry isn't on the table with no increased share to AAOG as to date - OR - increase the % share in the PSA to AAOG and they get free carry going forward.
SNPC are obviously holding out for retaining their 44% base and funding drills somehow, which means the asset is well valued and COS viewed as high for the sidetrack, a given really as no way would they continue to pay back otherwise, JB would be ignored.
I do question their ability to pay their share of drills up front, what about the sidetrack cost for example, where better place to start?
It must default to revenue based drill funding post sidetrack , so for periods AAOG would get 100% retained revenue to pay off the SNPC drill costs perhaps.
Eventually, both parties benefit substantially as the field is fully developed - the PSA % is all that matters ultimately, not the logistics of the field development.