and trades would suggest a bit of forward selling going on all ready. Bit risky on a ' conditional' placing. Placees getting bolder now that cut off date for voting is tomorrow perhaps?
If it is true that the existing ii's (apart from Sister) are voting in favour of the placing, then can see them taking the opportunity to average down at 8p, just like Milton Asset Management have. If Miltons' original holding was at the IPO price of 20p then with the 13.9m placing shares at 8p, takes them down to an average of around 13p. If the other iis do likewise, then a reasonable chunk of the new shares could end up in sticky hands. So may be overhang not as bad as could be. And although Sister is not taking part in the placing, if the vote goes through they may well be forced to average down anyway (just like the other ii's) , or be left high and dry with a 20p breakeven. Who knows....wait and see?
More fund raising already? Got to be kidding surely....!
Nothing new here....mystery seller keeps off loading until bid falls below 20p odd, few pi's pile in and push price back up, �.mystery seller kicks off again....and so on and so on......
Worth remembering that around 64% (44.4m) of original 69.4m shares in issue are in institutional hands. Leaving just 25m odd in free float. (After placing will be 120m) Milton Asset management is increasing its holding and will take 13.9m. leaving 106m. All depends how many placing shares end up in sticky hands and how many end up with the 'flippers'. Have to say I am not happy with placing at all, but frankly until recently we had no 'BOD' to speak off and I guess JB is just doing what has to be done to get the thing moving. By my calculations we seem to have raised approx. $3.6m more than strictly necessary which is a bit baffling. AAOGs' shortfall on the drill costs was not that bad really (considering the delays and work on 101/102), it is SNCP failure to pay their share of drill costs which has really screwed us here.
See a small update re TLP 102 in the RNS. flowed 80/90 bopd...same as 101. Don't know what break even cost is, but less than $30 per barrel. So nice little earner there if can maintain 160 bopd. in total. Other positives, AOCG sound a much better partner than SNCP, pity they could not have stumped up 25% of drilling costs!
Not sure really, would have appeared to have raised more than was actually necessary, if SNCP shortfall was $4m (as at IPO). At least we know now. Was hoping it would have been at higher price, but hey ho, survive to live another day! Someone on ADVN says he took place in fund raise, and is not looking for a 10% churn, but here for the long run. Hope others are similar. See what tomorrow brings? (Apart from IG gloating and saying 'I told you so!' of course).
Sympathise with your frustration, has been a rough ride. Don't think it is game over just yet. But reading the posts from the gloommongers/naysayers on this board, you could be forgiven for thinking that the patient is just about dead! As for the placing and price, tis nowt but speculation and rumour at present. Cannot believe MMs would be willing to take large sells in 9.5/9.3p zone if they expected to be swamped with cheap shares in a day or two. Still happy to take them off you at 9p.They may not know placing price either. (but I would suspect they do!) Currently valued at �6.24m of which 2m is cash in the bank + 1m paid upfront for TLP 103 drill.. Plus workovers TLP 101/102 and may be new asset purchases. Not all gloom and doom! But good luck.
Yup...blatant scaremongering!!
May not be as bad some people would like to make out..... Drill cost $7m +$1m contingency. AAOG have paid 1m upfront for well heads/drill pads etc and have $2m in the bank according to last RNS So shortfall $5m (less than �4m) (AAOG can recover SNCP share of drill costs from oil revenue as per the license terms.) If raised via placing at 10p say, then 40m new shares issued. Total shares in issue then 110m, valuing company at around 11m, of which 6m would initially be in cash. In other words AAOG itself would be valued at roughly what it is now.
Sill reckon, (as do some others on here) that we have a persistent seller in the background. Until he finishes unlikely to see a rerate unfortunately. Thought last week that he might have dried up, but apparently not.
Probably be an equity element, but not necessarily the whole lot. Plenty of other ways to go about it. If the BOD want their 20p share options they had better plan carefully!
Funny how you only pop up on red days and quietly vanish on blue ones, and since you are here solely for the purpose of engineering a lower entry point for yourself, as you have admitted, nobody really need take your overt and clumsy de ramping too seriously. No it ain't brilliant situation, but neither is it curtains just yet. Filtered once and for all.
,As the position of our partners to fund their share of the costs of TLP-103 remains unclear, the Company considers it prudent to procure additional funding in order that it can, if needed, cover 100 per cent of the anticipated well costs. This will remove any uncertainty over the drilling of TLP-103 and place the drilling campaign entirely within the control of the Company. ' not quite .... 'partner not prepared to pay their share.'
,It should be noted that the terms of the existing licence over the Tilapia field allow for the Company to claw back any drilling costs incurred above its pro rata share from future cashflows. The draft new licence referenced in the announcement of 5 March 2018 also allows for this., May be a short term loan will do?
'Given the vast network of contacts provided by the new CEO and the new board, the Company has been screening new opportunities and has signed the exclusive right to negotiate to acquire two producing fields in a new jurisdiction. It is now completing the due diligence process on these assets' Interesting, considering expansion already. JB is a man on the ball obviously! Can't see funding for TLP 103 being a great problem, if they have already received offers.
Grim....their worthy efforts to prevent shareholder dilution seem to have backfired, and caused an SP drop. The trips round fund managers do not seem to have paid of either. Kind of knew the market would not like this new 'deal'. Can't believe anybody could have imagined this is what they had in mind for the funding of the new drills. Can they still drill their own wells on ED? Or are all future wells to be drilled based on the same arrangement. We would appear to have enough cash in the bank to drill two ourselves with no extra funding, and keep 100% profit.
Wish they would stop giving timelines for operations and then fail to meet them with no explanation except a prolonged 'silence'.
Reckon this is where HNRs' 'expertise' comes in. They do the footwork for land/permits etc with their team of long standing ED experts, and then prove up the concept by drilling a couple of wells. True LLC stumps up the cash to drill. Could be a lucrative arrangement if they can successfully repeat.