Funds were always need !!!!8 Jan 2019 14:24
I know this has been mentioned a few times but still see some people question the need for it.
Firstly - I am not saying I am happy with a fund raise at around 10-12p as we entered 17p end of last week. But before Christmas we were at 8.5is and only around 12p ( plus ) on the 2nd January so like a week ago.
Its clear from the RNS's below which is available for all to see that the facility we were going to use ( Sandabel ) took the P I SS and we only used like £1m of a £5m facility.
It was stated from then that funds will be needed at some stage to complete the drill.
Also its been stated that they have been in chats with SMP ( as per RNS below 24th OCT ) that we could keep the rig on site and save huge mobilisation/demobilisation costs.
17 Dec RNS states need to replace the lost Sandabel funds in part to meet completing 103 well.
Now -
A: they raise a small amount and finish drilling and then once successful with 103 raise more at a higher level to drill 104.
B: Raise more now and get it all set up - seeing that 103 sounds like its exceeded expectations and do this before the Djengo result?
c : Raise enough to finish 103 ..... also get water injectors set in 101/102 ( possible resulting into 400pobd ) and also everything needed to get 103 ( mengo or Djengo into production ASAP ) and perhaps a little to get 104 started.
The point about a placing shouldn't surprise investors if they have researched the company as this is positive to complete the drill.
How much is the question and that's the bit we cant answer now but once again if its to complete 103 ( djengo ) and get the big prize I would say go for it.
Anglo African Oil & Gas PLC
24 October 2018
The Company has also completed an assessment of the current rig market and, as a result, has had discussions with the current drilling contractor, Société de Maintenance Pétrolière ("SMP"), in order to secure an option to keep the current rig, SMP-102, on site at Tilapia in order to drill a potential further well, TLP-104, which would be the second well in the anticipated six-well development plan. This plan will be reviewed following the completion of TLP-103C and informed by the results of that well. SMP has agreed in principle for SMP-102 to remain on site, which would result in significant mobilisation/demobilisation cost savings for the Company
29 November 2018
The Company does not intend to drawdown further on the Sandabel financing facility and is exploring alternative financing options.
17 December 2018
As shareholders are aware, we have not drawn down any further on the Sandabel facility. We want to replace this source of capital in the near future in part to meet costs of completing the TLP-103C well, and continue to examine various potential sources of funds.
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