Problems with this RNS12 Nov 2019 11:02
Whilst it's good there has been 'progress' you have to look at it from an outside point of view.
Potentially (likely IMHO) Q2 drilling means SNPC funds will be used and sunk up in the 'Administrative' costs at AAOG, I.E providing no value to the shareholder. It will literally just keep the co running.
When drilling commences AAOG do not have the funds, for sure they're still working to get a deal with SNPC but it doesn't look like they're willing to give up a stake until they know whats on offer down there. Couple that with SNPC's unwillingness to pay upfront. AAOG will have to raise (an educated guess for a sidetrack 4mil) and most likely have to pay for it all again and then work out another repayment plan with SNPC.
Finally, there is technically no contract even though it is in principle. I accept this is a weak point but it is still factually true. I will continue to watch from the sidelines, there's a trade to be had further down the line but you will have to time it right otherwise you will get screwed with the placing which will most likely be 160mil shares at 2.5p. I hope it's higher for everyone who's involved sake but the market has AAOG virtually handcuffed.