Member Info for belisce6

The immediate focus is now on mengo..
The 500bopd flowrates.. another 10days or two weeks perhaps ??

If this comes in (as we all expect :-) ),
then a debt facility (with possible conversion element at much higher sp level) could come into play, as well as the extended licence..

Such a scenario would mean those with very high sp multibag expectations on potential djeno success remain, and dont need to be watered down much at all..

Yeah.. traders in from the lower .2s takng profits closer to recent placing price.. makes sense..

W E Coyote,

All genuine holders of aaog securities will have to swallow the pill, when the dilution comes... so 15p at this stage definitely sounds much better :-))

Still prefer they debt finance the remaining required funds for 103..
With mengo coming up any day now, and the flowrates on r2 and mengo possibly a week after, hopefully the debt finance part can be done..

Meaning the serious multibagger potential in the sp, remains on course :-)

R1r2 is absolutely piddly compared to mengo and djeno of course..
So no disappointment on sp not doing too much on the back of todays announcement..

Disappointing part was that rig crew looks carp and requires more cash.. they dont really go together... a carp crew should be getting less cash etc..

Positive part.. mulitbagger potential remains as before..
Exact mutlibagging expectations might have to be slightly reduced in line or pro rata with any future equity dilution.. but the positive today was that debt could come into the fray.. which is kindof the preferred option.. it could realistically be done, once they have the respective r1r2 and mengo flowrates.. by xmas time hopefully :-))

Am happy for sp to just "base out" in the meantime..
Cos we only got news on the piddly horizon.. the next 3 are the big ones :-)

Gatto,

Yes.. a tad disappointed bout the funding.. it is for this drill.. even after the reduced rates and clear signs of poor performance by smp..

Unfortunately aaog just needs the oil appraisals and discoveries at this stage, so it will have to do whats required.. then after drill103 it should be in better position in regards to gettibg better rigs and rig crews for future work..

However the more positive bit bout the funding was potential to get debt instead of equity dilution.. if mengo comes in this week, then by xmas they have the required 100 and 500bopd flowrates from r2 and mengo, hopefully they can use that as basis for debt finance..
There is still a decent chance of real multibagger potential here..
As long as they dont go diluting with too much more confetti (shares) any time soon...

Further to the potential worst case scenario..
If such situation occurs, then it may be good for all holders to be contacting the fca in regards to the goings on with the emails, texts and tweets we have been subjected to this past week, across the broad social media and stock forums.. and more so the past 4 to 6weeks or so..
Definitely something stinks here.. unfortunately..

But none of this matters, if they announce that drill103 has r1r2 and mengo in line with expectations :-)
I still hold on for the best case scenario potential, in the meantime..

Best case scenario;
R1r2, mengo, djeno all success.. then straight on to drill 104.
And sefton gets the accolades for pulling it off :-)
We should all be looking at some decent profits on our investments/trades..
But we will still have a decent level of dilution..
Cos where else would the cash be coming from ?
When raising cash via equity, we either get a sandabel like situation, or potentially a rampy spike up which then allows cash to be raised at more decent levels..

Worst case scenario;
No complete success with at least r1r2 and mengo..
Why would there be a drill 104 in such case ?
Money raised for something else ?
Sefton death spiral creating massive losses for us all...
Hopefully sefton will have walked out by the time the money comes in and the ceo takes over the reigns... in such a case..

So far, unfortunately seftons management results have been abysmal.
That is why i cringe at the thought of him having the right to continue in his role and have access to an open 5mill plus more cash potential, before any successful results in drill103 are known..

That in itself will not create success or failure in drill103, so heres hoping that the 90% COS and 60% COS targets come in :-)
And more so.. heres hoping that we get to read an RNS telling us that so far the r1r2 results are in line with expectations.. before his GM vote...

Spike..

I obviously havent made my point based on the replies that are coming my way, from people that claim to be shareholders of aaog..

Have any of those companies you listed asked their shareholders to give them right to raise cash which is about 40% or more of current marketcap, without any terms of raising clearly stated? As well as having no success at all having been RNSd since all the millions have already been squandered?

You stated sefton is doing the norm..
This is very clearly not the norm..

We have had to read emails texts and twatterati on here for the past 4 or 5 weeks...

But RNS updates informing its shareholders are not allowed ?

Hmmmmm....

The current GM vote for open 5mill plus cash raise by sefton is definitely not the norm..

The norm is the norm.. company agrees cash raise with third party, tgen announces to market the terms etc, and gets shareholder approval for any amount above existing annual raising capacity facilities..

This is NOT the norm with oilers..

"The Company is therefore seeking a general authority to allow the directors to allot equity or other securities for cash up to an aggregate nominal amount of £5,221,000without first offering them to existing shareholders. This authority is intended to provide the directors the flexibility to raise further capital in the most expedient manner possible, should the need or opportunity arise."

"If granted, the authority will last for only six months from the date of the General Meeting, The Company will provide further updates in due course."

"The directors consider that the resolutions set out in the Notice are in the best interests of the Company and its shareholders as a whole. The directors who hold shares will be voting in favour of all of the resolutions, and unanimously recommend that you do so as well."

Question...
How many shares do the directors own ?
Any at all ??

Spike.. thanks for yet another post that shirks the real issue here.

Sefton is asking for something that i have not seen other oilers ask for..

An open 5mill cash raise over the next 6 mnths on unkown terms (versus current 12mill marketcap)..

To date.. abysmal performance..

To date.. nothing on current r1r2 and mengo drill.. nothing..

To date.. r1r2 production.. no progress since ipo..

We all know the story since ipo..

Please tell me,
is it not better that sefton first provides details of the proposed placing (when the time is right) so that shareholders then approve it ??

What has sefton done, so that shareholders give him a 6mnth window to dilute by 40% or more, when successful oilers dont get nor even ask for this ???

Yes.. who is being economical with the truth ?

And we are in the last trading day before sefton gets his vote for a 5mill cash raise based on unknown terms...

Whats with the silence ??

Where are the results from the 101 and 102 r1r2 workovers ??
Which were done long long long ago..

Let alone results from r1r2 and mengo in this hole..

Is it not better that when sefton decides to raise 5mill cash, that he comes to shareholders for approval with the known terms ?
The way virtually all other oilers do it ???

MickR,

Sefton has asked shareholders to approve an open cash raise for 5mill plus..
Is this something other oilers do often ?

Do they not come to market, with the placement terms agreed first, then ask shareholders for approval for the amounts above the annual facility etc ??

I see the snide remarks towards me keep coming.

It is obvious that certain posters have appeared on this forum just before seftons latest rounds of sandabel fiasco and now his upcoming death spiral..

Why would an existing aaog shareholder give sefton the right to raise 5mill plus cash at unkown terms. When his performance to date has been abysmal..

I havent even seen an oiler which is performing really well, ask their shareholders for such an open chequebook...

Sefton has some sort of credibility that chairman from successful oilers dont have ??

I agree with some of you..

Please.. please.. do some research..

I hold aaog for the prospect of the 3 targets..
Giving sefton the ability to raise 5mill plus cash at unkown terms is stupid, unless he RNSs r1r2 and mengo results beforehand

Hardy. . This is aaog.. not just another aim company..
Thankyou :-)

Spike.. yes i do hold..

James.. i am ruining the board ?
Really ?
So whats sefton doing ? I mean.. with aaog shareholder funds ,
Any progress??

Babelfish66,

What assumptions have i made ?
I see none..

Sefton performance so far = abysmal..
Is this a bad assumption?

Monday vote to give him right to raise 5mill+ cash.

So when are the drill results you mention, supposed to be reported?

Today? Monday morning ?

I doubt that many or any of the posters on this aaog thread, actually own any shares in the company :-(

The repetitiveness is astounding..

I brought up a legitimate concern about aaog, as an aaog shareholder.

Yet posters are saying it irritates them..
Which part is irritating ?
My posts? Or seftons performance so far ?

Sandypaul,

Which part is irritating you and childish ?

Is it the fact that Sefton looks for a yes vote on Monday so that he can raise 5mill + more cash, after what looks to be an abysmal performance from him..
(Granted.. he still has until monday morning to post an RNS confirming inline expectations for r1r2 and mengo)

Do you find this irritating ?

I do..