Member Info for itisagame

Posting of Circular and Notice of General Meeting

Further to the announcement of 24 March 2020, AAOG announces that a circular (the "Circular") containing details of the proposed amendment to the sale by the Company of 80 per cent. of AAOG Congo to Zenith Energy Ltd, together with Notice of General Meeting (the "General Meeting") has today been posted to shareholders. A copy of the Circular is available on the Company's website (www.aaog.com).

The General Meeting is to be held at 12.00 noon on 16 April 2020 at 12 Berkeley Street, Lonodn W1J 8DT.

On the flip side I dont think SNPC or its potential financiers will be happy that the market values their stake at £628.5k, trying to borrow $5.3m against an asset priced at $740k will be a little bit hard.

Someone really buy that? Fair play.
24-Mar-20 08:33:47 0.30 3,330,833 Buy* 9,992

I suppose the bright side is currently, forum do not want dilution, and they are not worried about cash.

And potentially retaining the 11% could provide monthly income or it is an asset that can be offloaded in the future (if the license is renewed and things go well).

I’d rather have the shares to help ensure that I get the £500k been as Zen can’t afford £80k or £50k a month.

The £300k cash is 20% in zen though, enough to force them to go through with the drill and spend “our” SNPC money on the asset

£200k less? Again how is this a better deal?

Zens not paying upfront in one chunk so no I’d rather obviously Vote to have them give 20% Of their shares to us for the £200k difference, and if they want to walk away they can pay us the cancellation fees.

Borris just put us lock down too.

Good luck and keep well all.

never got an update about SMP.

"Mediation between AAOG and SMP, which took place in the autumn, was unsuccessful. As a result, the Company is continuing vigorously to pursue legal proceedings in the Paris courts. The next procedural hearing has been set for 5 February 2020 for the filing of the Company's submissions."

We are Having a better day then Zen at 0.355p then.

Borris just shut your doors.

More trades show on official London stock page.

https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/exchange-insight/trade-data.html?fourWayKey=GB00BD0Q3L08GBGBXASQ1

Who knows we Might get some director buys :)

Nice to see it blue for a change.

what you guys think of RRE? was £20 last month, now £5 sp and had £20.75 in cash per share as of Feb. always been one of the favorites for the commentators

Thank you, my fingers are crossed for forum and their venture,

It still has potential but I’ve written off Congo as part of aaog and I have come to terms that in reality SNPC wouldn’t be paying a penny of what’s due (plus their share of future billings from new work) unless the asset can produce and the cash is taken from the production cash flow.

From what I remember when I read the admission documents and my interpretation of the JOA is that now SNPC has technically defaulted at the point, so with two parties not paying the bills there is little chance of a positive outcome there. And a new possible partner (zen) that can’t pay bills doesn’t look to good either.

I see some value from the shell, I see some value to come from zen in one way or another even if it’s settlement costs when they walk away.

It was poorly managed, the rig was overpriced and wrong, the financing was wrong, the fact that renewing the license was not the number 1 priority was wrong. In hindsight Every deal done had Alternatives that would have been a better option, everything was also rushed.

There could still be a return at the end of the tunnel for the sub 1p stock but everything is against it currently. (Not that that helps the higher priced shareholders much).

And thank you for the input Alex, it’s much appreciated.

Isn’t the standard structure that any payment made to a subsidiary from the parent would show as a loan and be owed to the parent?
The PLC shouldn’t be directly paying the bills, Congo should be the one getting invoiced and the parent loans Congo the cash?

I know the end result is the same, and the plc wouldn’t get anything returned, but it shouldn’t be on the hook for the debts atleast. And a liquidated Congo could free the plc of the debts, freeing up the shell.

Then written off money sent to Congo just adds to the losses the plc has?

Ideally I’d like to know what debt is at the asset level and the plc, for in the event that it all goes tits up and AAOG Congo is just liquidated.

If most it’s been structured as it should be then the plc should be owed money by aaog Congo and have very little debt.

I expected them to cover Atleast Something, of anything that they have committed to, but since it turns out Zen can’t pay their own workers and SNPC is imagining up big oil finds to try and squeeze cash out of the IMF I don’t think we will have any luck.

We are left with the shell and The shell will do what forum wants.

I knew that with the license but thought SNPC or zen would cover it, I saw the million quid plus they had come in and the zen deal on top, didn’t think they would actually burn through it in weeks with an inactive site since August and no drilling operations, I underestimated the Admin costs for 3 people.
Plus saw the shells worth as ~£1m.

I’m Wrong so far but games not over yet :)