The biggest holders are still in because they cannot get out without taking major write offs making their 'investment CV' somewhat poorer than it already is.
The Chief problem has gone ! No it has no,t his deputy is in place and by association has to go,staying in place taints the atmosphere especially when dealing with licences and Rig contractors.
The hard facts are the BOD stopped the CPR because they could not allow the hard data required to be put on public display. As such there is no new valuation possible to give reserves or values.
The company did NOT win in full its local action even though they implied by their announcement they did. A wonderful example of being economic with the truth.
Also SMP have taken an extremely hard no negotiation stance with AAOG hence the PCC.
IF AAOG were sure the case had merit why did they not take direct court action to freeze SMP assets in the Congo? Instead they choose to renew their Rig retention option! probably because they would not be able to sign up another RIG due to SMP being in place.
Taking the very much cheaper PCC action, does not give confidence to them winning their claim in full
Those who live in their own dream fantasy land inevitably lose out by not being able to face the truth of a companies real situation, demonstrated on this BB by the high number of 'greened' posters
MCM Ltd., has only one member of 'staff' on its books nothing else not even an office with a secretary available, no contact details .
A retainer of a minimum £25k per month plus a loan of £150k without any guarantees for a company that has been registered for 3 days with no proven track record .
One way of ICON getting rid of share holders funds.
I had to laugh at that one, I am not surprised you don't understand what is going on, nor am I surprised you believe all the b/s rampers put out.
Still if your beliefs make you money which is what the market is all about good luck.
I warned of DS resignation and continually warn of the falling sp.
Those b/s trolls who still believe JB will stay and is running the company live in a world of fantasy.
A new broom has to sweep the company clean and JB by proven association is back seated and will go.
An excellent RNS contrary to popular belief there have been board room rumblings for a long time, the next to go will be JB he also has to go as he was part of the machinations over various failed transactions.
I expect to see his removal from BODs elsewhere in due course, his track record of failure is astonishing He was responsible for draining AAOG of all its IPO cash resources, an attempted coup over an asset, a stopped CPR,a serious failure to inform the share holders why they could give no hard data i.e. the well could not produce because of the fault.
All these thing including a real hash up for fund raising caused not only failure of the sp but the loss of credibility in the money market.
His leaving although forewarned, will create problems in the ongoing financial concerns because his forceful character will not be available to encourage the financiers to stay on board what is essentially a sinking ship.
In view of the above as again, warned the SP spike is over the sp will drift until the concensus changes direction dependant upon the actions of SC.
The Caretaker NEC Sarah Cope will steady the ship and start implementing some major changes she has been tasked to find a new NEC;- BIG PROBLEM because who in their right mind will want to take responsibility for this ship with all its ongoing problems.
SC is strong enough to get on with the job herself and make the necessary changes, (including back seating JB,) required to restore faith in the future actions of the company so I and I am sure 99% of investors wish her good fortune.
All can see the SP did well on the back of the expected RNS which mentioned nothing more than it was going ahead with normal preparatory operations.
So everyone gets excited , there is no rig contract in place ,plus as previously warned, the cost of this drill will probably be half as much again as the last drill. Meaning they will need more funds.
The sp spike will fall back soon enough.
Dress it up how you like but there has been no RNS from the BOD concerning SNPC payments so giving the distinct impression that SNPC have failed to make any further payments.
RNS is meaningless as no rig has been hired for the drilling its just preparation work. There is nothing else to report .
Also more than doubled my holdings earlier today because the fundamentals are good and the price is an opportunity for further profits. Holding for the longer term.
I am about 10% behind you OaW
The best for everyone's wishes.
Sp has spiked up on double the usual number of trades, could be seen happening as the same broker dealt with more than an average number of trades !
Expectations of an RNS should be met before the week is out if not sp will steady off and drift back down, bearing in mind those who bought for a trade will be exiting at evens as the bid is 3 points to the plus at 3.50p
Any RNS will have to deliver exactly what it states on time otherwise the BOD will lose all credibility.
I dont think the BOD have much to deliver in real terms because anything of advantage to the sp should have been RNS's as it occurred.
Meanwhile the usual lies and waffle continues by the b/s crew.
No comments against the fault which caused the rig to shift so disabling information recovery so stopping the CPR?
The fault will have to be overcome before any success is encountered.
Be that as it may extra funds will need to be available to counteract and deal with the fault because it will not be as straight forward as the b/s trolls make out.
I was puzzled by the acceptance of the rig after passing rigorous DD scrutiny on its suitability and then its failure, puzzled also by the contractors hard 'no deal' stance with AAOGs claims,.
The drill moved off centre, the damage was done, not the contractors fault, hence the hard no deal situation, also explains why DS went direct to France to bring back spares at AAOGs expense and not the contractors.
Interesting to know what actually happened.
What is clear is AAOG did not completely win its local action despite the RNS'd inference it did.
Your prediction last night was for a blue day as the price would be higher .
A few days ago: buy in now before 5.2p in the morning
Are you seriously suggesting PIs should buy in on a falling sp..
Your recent C4k purchase will be worth around £700 less now, a demonstration of how to lose value on the basis you did not buy in expecting the sp to fall. now you expect others to follow your b/s buying ramps?
Didn't you say a poster was naïve out of his depth: perhaps check the mirror .
Obviously we disagree with our interpretations of what is happening within the company.
Buying in on a falling market can be described as chasing losses and is one way to lose money.
Read the RNS which states AAOG have allowed a back stop for a £5million placing, to suggest they cannot make a placing is totally inaccurate.
They have covered their position and themselves what else were they expected to do.
The BOD ,as we have seen can do what it likes.
They can deny a placing right up until it happens.
SP is sitting at 3.25p on the bid,following its downward path through a lack lustre day set against zero news.
Basically the sp needs to lift by 100% from here to be viable for both for financiers and AAOG .
The b/s rampers said buy etc., from 12p all the way down to 3.25p,now with 3p coming up they are still posting saying against more than enough evidence to the contrary the mkt has got it wrong.
Once the bid goes below 3p there will be little need of a placing to help it lower because any placing will be around the 1.5p mark or less which is where the sp is headed then it hits micro pence territory.
I will not engage in a show of sheer ignorance, bad manners and implied threat over differences of opinions.
Your failure to exit ,was it because you had inside information which later failed?
Insider as proved by your posting confirming rumoured information stated to be direct from DS.
I have total contempt for those men who try to enforce their will by means of threats and coercion just as your trying to do.
Some absolute rubbish being talked about with regard to values, in real terms no hard data was supplied and the CPR was stopped.
You never stop a CPR unless something critical has happened.
Despite the cries of success there was not enough to produce probably because of the instability fault that shifted the rig in the first place, was encountered again.
To save the day stopping the CPR and giving no hard data was the best that could be done.
On that basis if the above theory has any substance they will encounter the fault again. The fault does not go away.
One way of looking at the future is to write off held value so any uplift provides a forward exit point dependant on target price.
The Aquisition :It would not be surprising if those 800,000 followers are fiction because the company effectively ceased being a going concern almost 2 years ago, so those followers would have lost interest.
Then with liquidation leaving a £400k loss their would be some seriously disgruntled suppliers.
The company was owned by DS/JB ? so in a way could demonstrate contempt for other peoples monies.
SP still maintaining its daily downward drift.
I expected the sp to react forwards on expectations of a decent newsy RNS, it hasn't, perhaps a tell of what is to come.
If the MMs thinking is correct then the GM will be of little note as will the promised good news RNS assuming one arrives.
The sp will have a limited response to perceived good news because the BOD has failed to deliver on all its previous statements.
Due to all the outstanding and potential calls on the existing available funding and liabilities such as the recent rig retention contract, loss of faith in DS actions shown by the poor sp(C10million additional share sale per month) there will be a further placing at a heavy discount to the sp.
DS has got rid of a failed liquidated company to ICON for a £1 +£33000,with promises of half a million profit in a year !
Having taken PIs for a ride over AAOG non delivery of IPO promises the same appears to be happening in the early stages of ICON.
The brief analysis of the licence situation is incorrect, SNPC can set out what terms it likes for the exploitation of their resources.
AAOG can ask for modification or changes to the terms offered, but it will always be SNPC who have the whip hand and AAOG either bows to it or walks away: because AAOG have spent all their money to produce nothing of value to shareholders and believe oil is there, they will not walk away so will accept terms offered.
Until those terms are accepted they are on a hiding to nothing especially if during past negotiations the term 'forgiveness of debt ' was used in an attempt to upscale their holdings.
Work it out for yourselves.
Warned for a long time any of the 10mill per mth share sales would have an adverse effect on the sp.
An adverse effect from the results of just 2 largish sales @3.31 p, to get them away they accepted well below this morning start 3.50p bid even if they are not part of the ISA.
As for 300k offset, really !
A little early to define the sp movement for the day sentiment suggests the bid will end up lower than the start at 3.50p normally the sp spikes before expected good news in this case there appears to be no news of momentum available.
The mms have been gapping the sp lower.
A forewarning of a much lower sp expectations .
Even if the placing does not appear now, the fact that all the expectations encouraged by the BOD for a drill date in October at the very latest have once again shown to be false, thus continuing the failure of the BOD in delivering anything of consequence.
So management continue to contribute to the SP decline :unless they change and deliver ,a micro pence sp will be the order of the day
I expect the RNS to show the best of a bad situation with a huge amount of planning waffle to the upside set amongst reasons why various failures in info., delivery have taken place.
It can be noted that ICON has a number of recent investments, with their directors aboard but DS does not figure on any of them.
Really pathetic ignorant post or two have appeared showing a failure to recognise any faults in the company or understand how it works, blaming posters for their angst.