Member Info for itisagame

Nothing except When the vwap drops below 1p. Would get around 50-55m shares instead of the original 20m

If deal completes next Thursday and price stays the same we own ~9% percent of Zen. That’s enough for our board to call an egm and propose new (forum?) directors in zen. Just saying ;)

Or about a weeks worth of our directors wages, makes them seem cheap in comparison.

Sadly papa anyone with cash in here Are all in the same boat, and I expect a large part of the recent expenditure has been on paper shredders, scissors, new hard drives and new copies of invoicing software that is currently being back dated.

Well if all goes as currently is planed (its a long shot but its what the board had organized) he has 24% of a shell with the following to use:
£1m in Cash & Shares from Zen
$1.1m debt owed to AAOG from SNPC
£1m worth of free carry
And an option to sell the remaining Congo stake for £1m or £2.5m
And if Zen do renew the license and start drill preparations in April they might even have a stake in a producing well that might even get the sp back up a tad.

Or if AAOG Congo goes tits up and the subsidiary gets liquidated (or sold off as is with all debts and baggage for £1 to.... Forum?) he has the whole asset, 24% of a shell with no assets or cash that he can RTO a controlling interest of a project he wants off the books, then have AAOG raise some cash to fund developing said project, and no doubt he can sell his shares here at brake even or even for a profit shortly after listing the RTO.

Worse case he does that and Sarah and James stay on the board permanently , but with all the companies DS and JB have set up recently i think they will be moved on once this is done, as their masters will be calling.

Still the same as it was last month. Red or Black on a tilted table.

Maybe its a 25% stake of ATOGs Medco assets? the only thing that makes me doubt this option is AC would no doubt be singing about higher bpd numbers and quoting the whole assets production, not just their share.

Zen RNS
"to acquire an operated working interest in an onshore oil production"
"The Acquisition currently produces at a rate of approximately 700 barrels of oil per day, "

https://www.energyvoice.com/oilandgas/africa/214205/aaog-exec-quits-for-tunisia-as-cash-squeeze-bites/
" Medco said this gave it 12.3mn barrels of oil equivalent and 2,800 boepd of production."

been googling and cant see any other obvious contenders.

not that any of it matters to AAOG i guess.

AC is doing that :)

or was range just Trinidad?, cant remember but saw an old link on google for "Range Petroleum Ltd, Tunisia"

I just had a thought re potential zen asset.

Range resources was in Tunisia, and produced a similar bpd at one point if i recall correctly.
"The Acquisition currently produces at a rate of approximately 700 barrels of oil per day, generating gross annual revenues of approximately US$15 million. "

Wow, that’s actually hilarious that they allow that.

You need an egm with a resolution to change the articles of association that would require shareholder approval for new acquisitions, this rapid and erratic expansion without the funds is worrying.

I Wonder if DS is getting paid a consultation fee from Zen. It’s all a bit too close.

Is this realistic? do you think the assets will actually trigger the £3.5m? (i have no knowledge of the coro assets.)
"Production is expected to reach 113,000 scm/day following the completion of a series of targeted interventions planned during the next 6-9 months for which all necessary approvals have already been obtained."

"The second part of the consideration, up to £3.5 million, is also payable in shares at the closing price of Zenith shares on the issue date plus 40 per cent. of such closing price only in the event that production of natural gas extracted and recovered from the Acquisition's Italian assets exceeds an average of 100,000 scm/day over a period of four successive months (equivalent to approximately 590 BOE per day)."

Thanks

Is this realistic? do you think the assets will actually trigger the £3.5m? (i have no knowledge of the coro assets.)
"Production is expected to reach 113,000 scm/day following the completion of a series of targeted interventions planned during the next 6-9 months for which all necessary approvals have already been obtained."

"The second part of the consideration, up to £3.5 million, is also payable in shares at the closing price of Zenith shares on the issue date plus 40 per cent. of such closing price only in the event that production of natural gas extracted and recovered from the Acquisition's Italian assets exceeds an average of 100,000 scm/day over a period of four successive months (equivalent to approximately 590 BOE per day)."

The part that makes no sense is Coro getting shares at a 40% premium to zens vwap at the time it completes the £3.5m part of the transaction (if the assets hit certain milestones) why not just call it £2.1m at the then current market price?
Why was the initial £400k at 6p? When sp was 2p, it’s not been >6p since 2018
Congrats Coro you agreed to take overpriced shares ? Why? To Fake Account values, write down and losses? Trying to manipulate and reduce tax liabilities?

Or Is it Because it’s a deal formed to manipulate the zen share price around the time of the transaction? this could help sell stock in to a forced rise, they have had placings at the lowest prices possible lately (“mates rates?”) so this transaction could form an exit for some of the placees and the few buying at the lower levels, Coro can’t sell for a period of time and by the time they can sell the sp would probably have dropped.

Every deal is for stock and is not straight forward with Simple cash upfront, he can only buy assets with stock which is then locked in for months.

So It Will be Interesting to see what this 1k bpd West Africa asset is and if it’s linked to SNPC (and how he pays or doesn’t).

Every share involved is like opening a can of worms.

*Been up for sale for a month, not one filled.*

*Been up for sale for a month, not one filled.*

just think how much of the last placing was spent on his trip to Congo, it costs money to grease the palms he shook.

there will be more placings for running costs, refinancing, and probably the 1k west Africa asset.

I still cant believe Coro had shares issued in Zen at 6p just 3 weeks before AAOG acquisition was announced and we AAOG looking at <1p.

Posted this for AAOG but copying it here if it interests anyone, please feel free to fill in the gaps.

Basing all on todays share price as the worst case, looks bleak but showing the importance of them sorting themselves out.
Im not ramping or de-ramping, just trying to put to paper the commitments already made.
------
Zen, The Shares.

Coro 3/12/20
6.7m shares at 6p / £400k
Plus £3.5m in shares at 40% premium to current SP for Italy Assets
I have no idea on the costs or commitments needed here.
"Completion of the Acquisition is conditional, inter alia, on the approval of sale by the Italian Ministry of Economic Development."

AAOG Congo (80%) 12/12/20
£500k cash, £500k in shares at 14 day VWAP on completion.
Other commitments $7.5m /£5.m license and drilling campaign.
AAOG Congo (20%) 31/1/2021 £1m or £2.5m in shares
Completion of the Acquisition is conditional, on Congo approval.

30/1/2020 Set up or Norwegian Subsidiary
Costs - most AIM minnows going for north sea assets need £5-10m, i have no idea what Norwegian startups need.

17/2/2020 £800k ESA bench marked at 1.6p (not even started issuing and its 50% down on that.)

So with just the known above AC has committed to issuing £5.8-7.3m in shares.

The ESA will also not raise enough to pay their drawn down CLN which has $1m balance on it, so expect atleast another 60-70m shares for this on top by the time its paid.

Thats around ~£8m in shares that they will issue, and at 0.85p bid that is 941m more shares, making a total ~1.5billion shares in issue in total.

Plus you have the costs of :

The Not yet named 1000 barrel asset in west Africa 12/2/2020
Cost unknown

Azerbaijan - ongoing
ive not looked at the asset, no idea on costs and commitments.

------
Zen, the Bonds, 25m Euro Bond Facility.

Been up for sale for a month, one one filled.

To be spent on?
~$8m needed for AAOG Congo campaign.
guess ~$3-5m for Coro running costs?
guess ~$5-10m for Norwegian asset and running costs?
guess ~$5-8m for a 1k bpd west African asset?
and any the remainder on refinancing and running costs?
--------------
Potential Positives?
Congo - the SNPC debt might get repaid, oil might start getting produced.
Coro / Italy - the assets might produce well
Az - some oil might get flowing.
Bonds - might get filled.
1k West Africa - 3 month payback?
Norwegian - if it gets a license block who know.
----------------------

Conclusion
If it all goes ahead where do Zen stand based on the 0.85p share price today?
Mcap at 0.85p with 1.5b shares in issue = £12.75m, with a maxed out bond facility.
And most of the shares owned will be by companies wanting to sell them, leaving more downward pressure on the share price.

Clear to see that AC needs to get the share price up, cut back or wiggle out of assets by not getting government approval, and get oil out the ground, focus on producing ASAP and cut back on all administration costs and excessive spending. just thi

the palms he shook.

there will be more placings for running costs, refinancing, and probably the 1k west Africa asset.

I still cant believe Coro had shares issued in Zen at 6p just 3 weeks before AAOG the acquisition was announced and we are looking at <1p.

Basing all on todays share price an the worst case, looks bleak but showing the importance of them sorting themselves out.
Im not ramping or de-ramping, just trying to put to paper the commitments already made.
------
Zen, The Shares.

Coro 3/12/20
6.7m shares at 6p / £400k
Plus £3.5m in shares at 40% premium to current SP for Italy Assets
I have no idea on the costs or commitments needed here.
"Completion of the Acquisition is conditional, inter alia, on the approval of sale by the Italian Ministry of Economic Development."

AAOG Congo (80%) 12/12/20
£500k cash, £500k in shares at 14 day VWAP on completion.
Other commitments $7.5m /£5.m license and drilling campaign.
AAOG Congo (20%) 31/1/2021 £1m or £2.5m in shares
Completion of the Acquisition is conditional, on Congo approval.

30/1/2020 Set up or Norwegian Subsidiary
Costs - most AIM minnows going for north sea assets need £5-10m, i have no idea what Norwegian startups need.

17/2/2020 £800k ESA bench marked at 1.6p (not even started issuing and its 50% down on that.)

So with just the known above AC has committed to issuing £5.8-7.3m in shares.

The ESA will also not raise enough to pay their drawn down CLN which has $1m balance on it, so expect atleast another 60-70m shares for this on top by the time its paid.

Thats around ~£8m in shares that they will issue, and at 0.85p bid that is 941m more shares, making a total ~1.5billion shares in issue in total.

Plus you have the costs of :

The Not yet named 1000 barrel asset in west Africa 12/2/2020
Cost unknown

Azerbaijan - ongoing
ive not looked at the asset, no idea on costs and commitments.

------
Zen, the Bonds, 25m Euro Bond Facility.

Been up for sale for a month, one one filled.

To be spent on?
~$8m needed for AAOG Congo campaign.
guess ~$3-5m for Coro running costs?
guess ~$5-10m for Norwegian asset and running costs?
guess ~$5-8m for a 1k bpd west African asset?
and any the remainder on refinancing and running costs?
--------------
Potential Positives?
Congo - the SNPC debt might get repaid, oil might start getting produced.
Coro / Italy - the assets might produce well
Az - some oil might get flowing.
Bonds - might get filled.
1k West Africa - 3 month payback?
Norwegian - if it gets a license block who know.
----------------------

Conclusion
If it all goes ahead where do Zen stand based on the 0.85p share price today?
Mcap at 0.85p with 1.5b shares in issue = £12.75m, with a maxed out bond facility.
And most of the shares owned will be by companies wanting to sell them, leaving more downward pressure on the share price.

Clear to see that AC needs to get the share price up, cut back or wiggle out of assets by not getting government approval, and get oil out the ground, focus on producing ASAP and cut back on all administration costs and excessive spending. just think how much of the last placing was spent on his trip to Congo, it costs money to grease the palms h