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Would be interesting to see when they received this notice of claim.
It’s a talking point as they put a specific end date, delays happen of course but why put yourself in that position rather than just stating the rig is mobilising and we will notify when spud has occurred. Like you say if an issue has been encountered to delay we will find out soon enough. Board is quiet always good to get to know who is onboard :)
They need to cut this sort of cryptic nonsense out, how much is the further sums. The Company continues to negotiate with ATOG in relation to the reimbursement of further sums incurred by AAOG in the pursuit of the Tunisian acquisition earlier in 2019.
Did they not double their salary looking at the reports to get around that point of deferring half the salary.
Would be interesting to see the details of the US$5.5 million work programme that is being mentioned on all the recent RNS, to see if they have reviewed all the options for the well.
Another item is that SNPC subsidiary rig which was available for use after the June date, could it be hired and have offset payments to reduce the SNPC debt owed rather than cash payments if that cash payment is an issue (not sure if an option).
Then they would just need to fund company until drill.
Wonder it it could be because of the item around 3 board members having to resign :)
I see this at the bottom of the Operational update 5th August
The Company confirms that the court in the Republic of the Congo has lifted the seizure order obtained by SMP against certain of the Company's subsidiary's assets.
Doubt they would want to open themselves up to that, may look like it was planned because larger SH wouldn’t support the Tunisia license purchase.
Only one item looking at the document, ZEN would be covering 5.5mil of AAOG's costs before they have to start contributing. AAOG would also be due 20% of the SNPC payments. Nothing to say Zen wouldnt suffer the same fate of non-payment from SNPC though.
SNPC owe $5.3m
AAOG is taking contractor to court for $3.2m, last communication i can see for withheld money was the $650k, do you see something else?
AAOG are taking the drill contractor to court to try and recover $3.2m.
AAOG withheld the last payment of around 650k
Did AAOG purchase london offices as well, i see both AAOG and ATOG both have 12 Berkeley Street, London W1J 8DT listed as their address.
Just seen this on their ATOG website also, need to get deleting......
The team are proven oil finders with strong technical, operational, financial and transactional expertise and a proven track record of developing several successful businesses including Ophir energy, AAOG, Fusion oil and gas and Impact oil and gas.
What does everyone think of the RNS with Berwick leaving I.e. managing both companies was becoming too much. Would be interesting to find out how much time he was spending between the companies for the salary AAOG was providing and what expenses etc was being utilised.
Yeah makes sense, do you think they should have requested the drill rig from SNPC rather than taking the monthly payments route. Debt was 8mil+ so should have well covered the drill of the sidetrack. Then with a rig date scheduled for it would have reflected differently on the company.