Member Info for itisagame

And yet we can still choose to take £400k for the isa shares instead of offers of £600k, or £800k. ;)

Don’t you just love how they have kept all details of debts to themselves, even when align wanted to invest they wouldn’t tell us all where the company bank accounts actually stand. They should have all debts logged and be able to us how much exactly they need, especially when they say the company is in dire straights.

That’s what one of the resolutions was for, to lower the nominal.
Who wants £45k of shares of our so say “worthless” shares? Is it to cover this months rent ? Surely it’s ATOGs time to pay it :)

Yea, tbh i do sometimes forget that we have a stake in actual producing and developing assets that do have a value and i do spend too long trying to decipher the boards intentions, i wont ever be one step ahead of them in this game so i can try to understand their previous moves to predict their next one, there are just too many parties involved to keep track of it all.

if the company needed £3m why is it so hard to get hold of? why are all offers in dribs and drabs.
Riverfort at the door offering £50k a month? Zen offering £83k a month? when we have cleared all our financier debts.

you need $2m to renew the license? ok no problem show us the bill and we will transfer it directly, here you go, here is the money and its secured against that 25 year license, if you default its ours and we will convert it in to a controlling stake of equity in your company. we know your shares will rally of the back of this financing so If you want you can pay it back early with X% interest or X warrants, all sorted.

Next you want some cash to drill? OK well now you have renewed the license and the share price has recovered just issue a few shares to cover the drill costs.

The company is struggling with cash flow? OK well the first thing we will do as a board of directors is cut and defer a large chunk of our pay and all expenses are being scrutinized. that should free up enough cash for the drill alone in 6 months.

even Align could scramble together £1m cash and £1.8m warrants over time, with a $5m bond in the making against the asset, while we cant get $3m secured against the whole company and when ATOG suddenly has $125m on the go yea ok?

The Game is being rigged, i hope change is afoot. :)

just checking the old circulars to see how long James, Sarah and Phil have left - reelected 29-6-18 for up to 3 years, which means there is only one way to remove them and take back control, it will probably include severance pay.

in line with the thread title i came across this little gem.. still share the enthusiasm James?

"Summary
The Company has continued to make progress during 2019, albeit not without delays and difficulties. However, I share the enthusiasm of our experienced team for the Tilapia project and I look forward to delivering a result for shareholders that will reward their patience and their investment.

James Berwick
Chief Executive Officer

27 September 2019 "

"operational matters related to the recent Anglo African Oil & Gas plc transaction?"
what operational matters could he be speaking of?

"Zenith intends to use the net proceeds for business development activities (including the purchase of new components for its drilling equipment), operational matters related to the recent Anglo African Oil & Gas plc transaction and additional working capital. "

talking of him...

I just noticed yet another ATOG company registered today.
ANGLO TUNISIAN ENERGY LIMITED 29 Jan 2020

https://beta.companieshouse.gov.uk/company/12431869/filing-history

Treat the asset as good as gone anyway, and if we keep any stake it will be a bonus.
As I said last week We only have the remaining 11.2% stake because it was part of the JOA that the operator needed to retain over 10% or its treated as the operator leaving and The JOA would have been nul and void, try getting $5m out of them then when they have a legitimate example of us failing to meet the terms of the JOA and zero leverage. It wasn’t for shareholder benefit that was a BS spin by the board, they would have dumped the lot if they could have.

If they renewed the license with the cash raised last year (and spent that cash on what they said it was raised for) AAOG wouldn’t have had an issue as they would have had an asset to secure debts against. additional finance, farm out, etc would have been possible at a much higher sp.

What were the “5 Ps” ? Proper Planning and Practice Prevents **** Poor Performance?

~£3m (~$4m) needed first half 2020 if we wanted to go alone.
And a change to the directors renumeration packages.

But first of all need to figure out what cash we can possibly get in from SMP and SNPC before any cash raise.

Which is why it makes no sense for the disposal to zen when they have no money. Forum on the other hand with >£12m cash....

So you don’t need to forgive the debt for the license renewal

I can understand why the debt might not be paid while the costs are being contested by AAOG Congo with SMP, if they agree their equipment was the problem and £500k/£1m/£3m whatever is credited then 40% of that is rightly SNPCs money. So it makes a potentially valid “excuse” for them to “delay” further payment until this issue is resolved and what is due is confirmed.

Even though I don’t agree with non payment, and know in reality They should continue to pay and then just be credited against their AAOG Congo account for continued project development and their other debts.

And that failed acquisition was only worth £750k.

“ The unaudited net value of Nordic’s equity presently stands at NOK 8,800,000 (equivalent to approximately CAD$1,270,000 or £750,000).”

They walked away from Norway on 9/12/19 for the following reasons, so how can they justify Congo with their requirement to fund around ~$10m in total?

“ Due to unexpected complications and potentially high costs to complete the Proposed Acquisition, the Board has decided not to proceed with the Proposed Acquisition. “

That was an odd amount to raise, no rounded figure in any currency so was it not taken up in full? or just the second part of the December to total ~£1.5m?

I’m wondering if zen shares locked for 6 months are such a good thing after all, find a point on their chart where they went up or stayed even for that period.
Couldnt AAOG just short sell them at issue with the holding as security?

https://newsweb.oslobors.no/message/494119

~£935k @ ~1.68p
a sweetener for selling the bonds?

Interesting ATOG document
"The acquisition was completed on 19th November 2019"
so they kept this information to themselves and it took nearly 1 month, from 19/11/2019 to 12/12/2019 to inform AAOG shareholders....... when we had the same directors and they knew at that exact point?
they kept this information to theirselves

good article. nice to see the well is producing as expected and lots of cash is coming in daily from it.

its been a while since ive looked at finances of hurricane but are they really debt free?
last time i was in here they had the $230m bonds outstanding. (most was still unspent and available in cash at that time) or is it that they have more cash in the bank now than the outstanding bond?
if they did pay if off what did i miss :)

Apart the the aaog specifics I’ve had the same templated email from the regulator in the past when I contacted them about other companies. Almost word for word.