Member Info for itisagame

“ The principal terms of the new funding under the Financing and Settlement Agreement are that the Company will be entitled to draw down a base amount of £250,000 per month (subject to upwards and downwards adjustments primarily based on trading volumes), and each month convertible loan notes will be issued to the Investor which it will then be able to convert and sell prior to the next tranche. ”

The same bs style of funding again, If it goes to plan this will be another 2 YEARS+ of monthly dilution, how much did they originally buy in to GSN for before offloading it into WDC?

EGHOS are extracting cash from the stock market, that’s all that is happening.

I still think Forum got a bargain, as it stands its a cheap shell when you look at cash & potential incoming cash to mcap, just the £1m coming in from Zen plus Forum cash = more than current mcap.
Just hard to think this raised £6.0m at 10p only 12 months ago, and now each £1m invested is worth ~£30k, making the equivalent £420k forum shares at one point on paper worth £8.4m.

Another question : In the end how much did AAOG actually get for the remaining 25,270,000 of the 109,311,011 shares issued under the ISA agreement?
Forum = 84,041,011 shares @ 0.5p, "£420,205.05, of which AAOG will receive £361,376.35 "

And how much did that average out at per share over the 109m shares?
It defiantly wasn't close to the £5,685,212.57 promised and far below the then 5p share nominal value which was the minimum it should have been raised at.

Many questions to think about but im currently more inclined to wait for Forums next move,

If Forum DO want to go ahead with the disposal then an EGM is a pointless exercise. - the result will be similar to last time, in favor of disposal with a few extra no votes counted.

If Forum DO NOT want to go ahead with the disposal and keep 100% of Congo then the EGM is a no brainer.

Best case = Forum put directors in, call a revote, put forward security for $3m financing to ensure the license renewal and running costs in the meantime, then raise some capital at a much higher share price when the license has been renwed and a plan of action has been made for how to go forward.

Worse case = where we currently stand, minus a few extra quid.

Doesn’t take a genius to take a quick look at zen, the bonds, multiple smaller placings, failure of one larger placing, lack of real updates, declining production figures, erratic attempts to buy many small assets, and walking away from others, all with huge admin costs involved, to figure out that Zen are pulling at straws, hoping that one might come in before the facts come out and costs spiral.

At 10% and unable to fill bonds The B rating might aswell be classed as junk. They need to attempt to sell secured bonds which need tsx and shareholder approval or it’s endless dilution for shareholders.

If there was any positive news from any asset AC would be singing about it and using it to raise capital.

Italian socks posts the other week were quite revealing and showed the struggle zen have raising capital, especially when they won’t even pay the “finders fees” to finance arrangers.

It’s not just AAoG with problems. Shareholders get screwed most places.

One for each new director ? ;)

Had 5 or 6 mm the last week on 0.3, they might be ??

A lot of the red are buys. Spread is very tight, trades have actually been almost matched last few sessions, for the very few trades that we have actually had.

All time low to buy. 0.31p
What happened yesterday?
Are We getting an update or not?
Hurry up and Show your hand forum, we need a director or two arranged if we manage to put an EGM forward.

Well a simple check on companies house shows that they have done something at least, All addressed as Argentina all satisfied in full. details under the charges tab.

23 Jan 2020 Satisfaction of charge 1 in full
23 Jan 2020 Satisfaction of charge 3 in full
23 Jan 2020 Satisfaction of charge 4 in full

Short particulars
The deposit initially of $150,000 credited to account…
Short particulars
Fixed and floating charges over the undertaking and all…
Short particulars
The interest in the deposit account and all money from time…

Tying up loose ends found in the audit.

Still no accounts update.

AC if you want the commission that i offered for new pics you didn't include the newspaper with the date on! come on im not paying for old stock photos, nice try though :)

That single tweet contains more positive PR for AAOG than our board have supplied for a very long time.

Could this be one reason why the board were so against align and them wanting to use “fishbones Technology “? I don’t think fishbones is a forum linked company.

If it’s linked To forum inc Look at the links forum have as an enlarged group, the knowledge, the technical teams that would be helpful to explain technical reasons for failure SMP in court, supply the products to frack the well, drill the well, get the well to production they have interests in other projects over most of the word.

If SNPC wanted reassurance that “AAOG” was the company to use.....

Or Maybe forum have just purchased a new client, billing that £500k as oil services and parts will be a drop in the ocean to what they might be able to bill in the future.

didnt find it originally because hes listed as an officer on companies house multiple times, unless the name and company name are purely coincidental...

https://beta.companieshouse.gov.uk/officers/oD3_lR0wVLpOU1kYRapUVS-1nUU/appointments
https://beta.companieshouse.gov.uk/officers/L85lZjT2Ivz_-QdsmQF-10U9pCU/appointments

no forum energy services but this is interesting

https://www.pxpenergy.com.ph/home/our-company/group-structure

Rechecking Companies house, was trying to find a link to Forum Energy Services and what i thought might be "Forum Energy Technologies Inc" didnt find it but i did find this link
FORUM ENERGY LIMITED
owned by
Pxp Energy Corporation
2/F, Launchpad, Reliance Corner Sheridan Streets,, Highway Hills, Mandaluyong City, Philippines

The link : FORREST, Paul - Previous director - Resigned. 31 May 2019

https://www.pxpenergy.com.ph/

Forum Energy Limited is a UK incorporated upstream oil and gas company with a portfolio of assets in the Philippines, which includes a 70% interest in SC 72 Reed Bank, offshore west Palawan.

God knows what debts they have, Untold things keep popping up and they wouldn't even give align the details when they were trying to put together a finance deal.

The board don’t have a clue or it’s BS. Settling the SMP for 0 to $150k would probably be the best option possible, even if they eventually won; the damage has already been done and it could take another year + to get anything back.

The board are still deliberately not telling us where we actually stand, in reality AAOG needs a audit.

A prime example was As Alex Put in one of the Align emails in Jan :
“ I confirm receipt of seventeen documents, however there is no financial information, such as management accounts, cash flow. opex, cash flow at AAOG, detailed creditor schedule at AAOG and AAOG (Congo), please could I have the outstanding items by return. The out of context numbers you sent me earlier in a brief email do not cut conventionally accepted due diligence.”

Even they didn’t get wind of a $2.7m creditors position.

Would be fun if the board did a $5m share buybacks back and screwed all the shorters over, this price is ridiculous

Fingers crossed for something tomorrow, not holding my breath as it’s only “ filing submissions” But you never know.
“The next procedural hearing has been set for 5 February 2020 for the filing of the Company's submissions.”

Is DS following the same playbook as David Lenigas? the synergies are many, DS is just 12-18 months behind.

Nada, minus that $2.7m, which still has not been explained, was that a really expensive new gate?

£500k cash
£500k share
This $2.7m (or atleast 80% of it)
$2m license
$5.5m work program
All To gain 80% of an unpaid $5.3m debt, plus what it can back bill SNPC and a well that is 6 months worth of our directors pay away from producing xxx bpd.

On the plus side for us it would be Zen shareholders paying for it.
On the down side AAOG shareholder have already paid for it, a few times over.

Maybe it would be worth putting that £500k of shares in to a secured zen bond if they offer one after failing to sell unsecured ones, in time we might end up getting the whole company back.

“ Zenith will also be assuming responsibility for the day-to-day operational costs at AAOG Congo and for the creditor position which is approximately US$2.7 million. ”