Member Info for itisagame

certainly does Adrian, before month end we could be in for news on Zen deal, update on the SMP, update on SNPC, planned drilling April, maybe even something from Forum.

Tiburn i agree, they are probably sitting it out and just waiting for Forum, one or the other will be involved until the issues are all tied up.

Forum
I really have no idea what Forum have planned but i do know they will need to raise alot of cash to do almost anything, im disappointed that they have not been gobbling up every share available in the market, so to me indicates that they might be participating in the expected placing to get their equity share up and it wont be debt funded instead.

RTO Could be PEDL005 related, or could be something completely different, who knows they are huge, could be an "energy services company" whos main customer is AAOG Congo, then they dont need to do much or spend much on the RTO and can wait out for the end results on Talapia. I did skim over the Tullow RNS this morning, its a small connected world when you look at Forums reach.

on the Zen front
another possibility i thought is if the Zen deal goes ahead Forum might even end up with Talapia back at some point, if there are any financial hardships or big delays in Zens future, i think Zen are over stretching their current capex financing capabilities and i do not see the why AC is rushing in to so many different assets before he has the cash to do so. He should just progress one of the existing projects, while waiting on some bond cash, then with cash his pocket wait for the downturn in the cycle which wont be long away for some real bargains, why on earth he is going for $40/barrel cost acquisitions i dont know, a bit different to the $5 / barrel that was touted for Congo originally (i know that was Sefton BS).

Im genuinely concerned about Zens finances (and the ability to finance Congo), the placings, bonds, ESA, just in the last 2 months there, (plus the old £1m CLN) each individually wouldn't be bad, but hes maxing out all forms of credit quick sharp at the lowest share prices, its very erratic behavior for a company, and their results didnt look that good either, i cant see them holding on to the B+ without a gusher.

Unlike our board atleast AC is currently out of hiding.

Just posted on zen bb, AC on twitter
“Andrea Cattaneo
@CattaneoGenoa
Making good progress in the Congo. A number of important meetings scheduled during the days ahead #ZEN #ZEE #Congo”

And still not a whistle from our board.

Should have paid it off with the placing cash, then the bonds look more favourable and would sell easier, and then use the bonds to pay for the acquisitions.

The ESA won’t necessarily raise enough cash to pay it off, it’s already benchmarked at 25% higher than the current sp.
Don’t forget the AAOG ESA /ISA was benchmarked at 5.2p / £5.68m and infact only raised ~£1m.

It seems ESA / ISA is the new CLN format, as financiers can earn all the fees with no money down, (it’s returned to them straight away). They are popping up in many companies.

News Release

Marina-1 well result

17 February 2020 - Tullow Oil plc (Tullow) announces that the Marina-1 exploration well, drilled on Z-38 licence offshore Peru, has reached Total Depth and has not encountered significant hydrocarbons. The well tested the La Cruz and Mal Pelo formations where minor gas shows were encountered however there were no indications of hydrocarbons in the primary targets in the Tumbes formation.

The Stena Forth drillship drilled the Marina-1 well to a Total Depth of 3,022 metres in 362 metres of water and the well will now be plugged and abandoned.

Karoon Energy is the operator of the Marina-1 well through its wholly owned subsidiary, KEI (Peru Z-38) Sucursal del Peru and has a 40% operating equity interest. Tullow Oil holds a 35% interest with Pitkin Petroleum holding the remaining 25%.

Mark MacFarlane, Chief Operating Officer, commented today:
"This is the first ever well in the deep-water section of the under-explored Tumbes basin. We will now integrate the important well information with the seismic data that we are currently reprocessing and update our prospect inventory for blocks Z-38 and Z-64. Tullow is building an extensive exploration position in Peru and, while this result is not what we had hoped for, we remain positive about Peru's wider offshore exploration potential."

The ATOG structure was bothering me so i tried to map it, here is how i see it on companies house.
What other companies are tangled in the web? Ive not (and wont) even go in to foreign listed companies.

ATOG MIDCO
Incorporated 18/10/2019
Directors James Berwick
Directors Hugo Pingray
Directors Jon Taylor
Directors David Sefton (resigned)
Shares Controlled by James Berwick 25%
Shares Controlled by David Sefton 75%
changes: Sefton ceased 14/2/2020, other % not listed i expect trafigura pte ltd

Anglo Tunisian Oil & Gas Limited
Incorporated 22/03/2019
Directors James Berwick
Directors Jon Taylor
Directors MAMOU-MANI, Amaury Valentin Laurent (resigned)
Directors PINGRAY, Hugo (resigned)
Directors SEFTON, David Graeme Fenneck (resigned)
Directors VANNINEUSE, Pierre (resigned)
Shares Controlled by Atog Midco Limited >75%
Shares Controlled by Anglo Tunisian Oil & Gas Holdings Llp 25% (ceased)
Shares Controlled by David Sefton >75% (ceased)

ANGLO TUNISIAN ENERGY LIMITED
Incorporated 29/01/2020
Directors James Berwick
Directors Mark Jonathan Taylor
Shares Controlled by: Anglo Tunisian Oil & Gas Limited >75%

Anglo Tunisian Oil & Gas Holdings Llp
Incorporated 23/04/2019
Directors James Berwick
Directors David Sefton
Shares Controlled by James Berwick 50%
Shares Controlled by David Sefton 50%

ANGLO AFRICAN GROUP LIMITED
Incorporated 25/4/2019
Directors David Sefton
Shares Controlled by David Sefton >75% (expect 100%)

https://beta.companieshouse.gov.uk/company/12270869/persons-with-significant-control

interesting little update ATOG Midco, 14/2/2020 Sefton is listed as ceased on the 75% control of the shares but no one else is listed to replace the 75% of shares.

Gets hard keeping on top of all these company changes.

https://beta.companieshouse.gov.uk/company/11899484/charges/y6fX-j_5s6tzBdpR68LlrwcGzZY

ATOG, $125,134,652 in shares to “ trafigura pte ltd “ As detailed under the companies house charges last month. I posted last month and you commented about it on the other board, I’ll post link there.

i dont hold Zen shares, im just sharing how i predict it going forward and that is that Zen is inline for control of up to 100% of the Talapia license (if they can afford it), im not ramping Zen, infact the lower share price here benefits me (because AAOG will get more Zen shares if it completes the deal and the lower VWAP) and most of my posts here point concern on their ability to raise funds. (im not forgetting that they still need capex of around ~$10m for the Talapia project in total for the term of the project)

As i told you on the AAOG board, Im just an AAOG shareholder, i have a fair wedge in AAOG, And as such its in my interest to keep a close eye on both shares and other companies involved, how else am i supposed to understand if Zen has the ability or can afford the acquisition and development which in turn benefits AAOG?

I dont like the way the deal is structured, but its beyond my ability to change it, im also very aware that the deal gives the AAOG listing some security and value, and that without it AAOG are exposed to debts high enough to shut them down and then i would hold shares that are worthless, im happier looking forward instead of dwelling on the past.

I only keep posting because I have spent the last 3 months researching and reading most of the AAOG related information from all the sources i can find, and as i find new information i post it or my interpretation on how it can effect the overall situation. Its either helpful or not and others can correct me if im wrong. I still think the asset is viable and it interests me following it.

If i was one of the parties that you think i am then i would be buying up every AAOG share possible with the Asian funds they just raised. But im not.

Another little potential issue Due to wording, technically the way this is worded if the payment can be made in 2 or more instalments then (I’m giving worse case, we know how good our boards bargaining skills are) Zen and AAOG could agree that AAOG to pay for all of the license renewal.

“ In addition, Zenith will fund AAOG's share of an up to US$5.5 million work programme to be agreed post-Completion, and the amount of any signature bonus required for the renewal of the License as agreed with the Congolese Ministry of Hydrocarbons, subject to a cap of US$2 million if the signature bonus is payable in a single instalment and otherwise at an amount to be agreed between the AAOG and Zenith if the signature bonus is payable in multiple instalments.“

And you never know, I’ve seen tsx block deals before on dodgey or unclear financing arrangements
“ The Acquisition is also subject to final regulatory approval from the TSX Venture Exchange.”

100% of AAOG *Congo*, Talipa license,

On the buying other assets front, I think you will end up owning close to 100% of AAOG, Talipa license, in exchange for the SNPC debt, it will effectively be "free" to Zen. Then once you have obtained the license renewal and positive initial well tests. Zen has the possibility of farming out or raising capital against the asset

My guess is SNPC will either retain between 0% and 20%, then you execute the put and call option for AAOGs remaining stake.

Oils proven in the ground, it being extracted by other companies in the surrounding area, taking on as much of the license as possible is a no brainier when its almost being given to you.

Not the ideal scenario for AAOG but i think thats what will happen, what happens to AAOG is under forums control.

i am beginning to think i should invest here, instead of the individual stocks, Riverfort will always get rock bottom prices on finance deals and CLNs, where as i only get shafted by a drop sp of the individual stocks that take the CLNs on, on announcement and during execution.

I just saw that at AST, Its like Riverfort, YA, Milton are controlling boards of companies with historically poor performing directors to ensure they get more business for CLNs in the future.

Unfortunately the list of terrible aim directors is much longer then the list of good ones.

James Parsons
Ewen Ainsworth
Leonardo Salvadori

Riverfort has picked the cream of the crop when choosing a bod i see. Riverfort, Milton, YA will defiantly have plenty of future business from these 3 here im sure.

All on companies house papa.

Just a thought, Zen could end up with almost all of tilapia if AC says to SNPC that they can convert the debt for license share, We know AC likes a deal, SNPC would probably be happy to have a remaining ~20% (going by the fact they paid half their bill, this is half the license stake). Or might even be out completely been as the well development has “underperformed”.

Is this one reason why our board never renewed the license before resolving payment with SNPC? As a Renewed license means a more expensive SNPC debt conversion.

Potentially With the debt converted and AAOG Congo having the higher license % Aaog are then screwed even more by the put and call option.

Then if Zen get a farm in with someone who actually pays their share This could be huge for Zen if played properly. (And if zen can raise the cash)

Lol

“ In our view, one of his most important contributions has been to put in place a strong board and management structure. ”

Yea......

how did he know Forum were coming on board the next year?

Oh wait they were on about the current and resigned members of board!

Seen the Zen news today? I don’t think we want zen shares as payment after all unless we can forward sell them.

Dec £638k
Jan £935k
Feb £400k (in the works / tsx approval)
Feb £135k
Feb £810k (in the works)
~£3m cash total

Bonds for ~£3m

He’s taking every penny offered from any source, just get one well producing “well” then move to the next.

“ US$2.5 million Convertible Loan Facility
The Company can confirm that its current total outstanding liability in relation to the US$2.5 Convertible Loan Facility (the "Facility") currently stands at US$1.05 million.”

“ Equity Sharing Agreement
Zenith is pleased to announce that it has entered into an equity sharing agreement ("ESA") with a consortium of institutional investors ("Investors") for a total amount of NOK 9,700,000 (approximately £810,000 or US$1,051,000)”

"29 March 2019
SNPC Repayment of Funds

Following the Company's announcement of 18 February 2019, SNPC has agreed to pay monthly instalments, commencing this month, of US$600,000. These payments will be applied in settlement of monies owed by SNPC to the Company. Before any payment this month, the sum owed amounts to approximately US$9.5m and mostly relates to SNPC's share of the costs of drilling TLP-103C. SNPC has undertaken to send the Company a signed payment schedule confirming the payment plan.

SNPC has also asked the Company to re-open negotiations to exchange a portion of SNPC's equity interest in the Tilapia field in exchange for the forgiveness of the remainder of the debt outstanding once agreement is reached. SNPC has confirmed that it intends to continue making the monthly payments during the negotiation, and on that basis the Company has agreed to restart negotiations."

They should have taken them up on the offer! There is still a chance of that happening now i guess, no wonder they have not been paying up, when they dont even want to be involved.