Member Info for itisagame

11 - "The Company has also agreed to standard provisions which govern the day-to-day and usual operations of AAOG Congo" - a get out clause for Zen.

Zen / AAOG Deal

1- Zen to buy 80% of AAOG Congo which owns 56% of Tilapia Licence. (SNPC remaining 44%)

Before Deal : AAOG 56% / SNPC 44% of licence
After Deal : AAOG 11.2% / ZEN 44.8% / SNPC 44% of Licence.

2- "SNPC owes AAOG Congo approximately US$5.3 million as a result of the work conducted to date on the License"
Before Deal - AAOG due $5.3m
After deal - AAOG due $1.06m / Zen $4.24m.
Note : Somehow ZEN can magically have this repaid, yet to be made clear how.

3- "Zenith plans to commission a new Competent Person’s Report" - should have been getting done anyway.

4- "Zenith intends to begin preparations for drilling activities in well TLP-103C as soon as
it assumes operational control of the License. " - Instant boots on the ground?

5- "The Company intends to complete negotiations with the Congolese Ministry of Hydrocarbons to obtain a new 25-year license for the Tilapia oilfield once the SPA is effective. "
- should have been getting done anyway.

6 - "Zenith has agreed to acquire 80% of the issued share capital of AAOG Congo for a consideration of £1 million, of which £500,000 is to be satisfied in cash to be paid in six equal monthly instalments with the first instalment due on completion and the last being six months later, and £500,000 to be satisfied by the issue of ordinary shares in the share capital of Zenith to be issued at the volume weighted average price of a Zenith common share for a period of 14 trading days prior to Completion"
- £83k / month doesnt resolve instant cash issues for AAOG, Zen shares are at lows would equal around 29m ZEN shares, giving AAOG about a 6.5% stake in the enlarged ZEN.

7 - Zenith will fund AAOG’s share of an up to US$5.5 million work programme - 20% of a $5.5m work program is $1.1m

8 - 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. - 20% of $2m is $400k.

9 - "as at June 30, 2019, the unaudited balance of the intercompany debt owing to the Company by AAOG Congo was approximately £12.47 million at the GBP/USD exchange rate on that date. Under the terms agreed for the Acquisition, at completion AAOG will novate 80% of this debt to Zenith and will retain 20% on its balance sheet." so AAOG congo Owes AAOG PLC £12.5m, after this deal AAOG Congo will Owes Zeneth £10m and AAOG PLC £2.5m.

10 - "AOG will also be required to sign up to a tax covenant upon Completion, pursuant to which AAOG shall indemnify Zenith for certain pre-Completion tax liabilities which are not fully provided for in the accounts of AAOG Congo."
AAOG still on the hook for any skeletons in the cupboard that may be hiding.

Summary :
AAOG get £83k a month for 6 months, and around a 6.5% stake (~29m) in ZEN.
Zen gets $4.24m from SNPC / AAOG get $1.06m.
Zen to pay AAOGs 20% share ($1.1m) of a $5.5m work program.
Zen to pay AAOGs 20% share ($400k) of up to a $2m licence bonus
Zen get CPR on way.
Zen start work on TLP-103C asap.
Work towards obtaining a new 25 year licence.
AAOG loose £10m of debt owed to it by AAOG Congo, are left with £2.5m owed to AAOG
AAOG still on the hook for all of any tax payments due to be paid by AAOG congo in the current tax year up to transaction date.
ZEN has a get out clause if they find any skeletons

Net worth of deal to AAOG
£500k Cash + £500k shares + $1.06m + $400k - £10m in debt owed to AAOG? £~2.5m total - £10m debt = -£7.5m worth to AAOG.

Cost of deal to ZEN
£500k cash, £500k in shares, +$4.24m SNPC, -$4.4m work program, -$1.6m Licence bribe *sorry* "bonus", +£10m owed by AAOG congo? total -£1.85m + 500k shares + £10m in debts now due to ZEN = total +£8.15m to ZEN.

Solution / counter offer? AAOG keep the total $12.5m debt due to them from AAOG congo.

Ive been trying to get my head around this deal, if im wrong let me know and let me know your thoughts.

this deal is a steal for ZEN if they go through with it and have any positive results. It’s screwed AAOG LTH.

Has the cash returned to AAOG full cycle? I wish it could be tracked by blockchain.

July / $650k AAOG “The Company has the financial means to pay SMP's final invoice. Payment of the invoice “

July - Nov this cash plus more disappears.

ATOG 02 Dec 2019
Statement of capital following an allotment of shares on 15 November 2019 GBP 777,600 - on companies house.

ZEN 17/12/2019
The Company has successfully raised gross proceeds of NOK 7,700,000 (approximately £638,000)

24/12/2019 Zen to pay £500k to AAOG plus £500k in shares.

Fingers crossed this bumps the share price and In turn the ISA deal returned capital.

So 20% of 56% = AAOG are left with 11.2% of overall asset. / Zen 44.8% / SNPC 44% ?

I see it as a deal potentially securing $8.5m and £1m to AAOG. And keeps the lights on.

A CLN is more likely over a placing, sounds ridiculous but a Standard CLN with a 20% conversion discount over the 20 day VWAP with the option of repayment at xx% interest (say if SNPC pay up it some cash magically appears) should actually increase the sp from here. It’s come down to robbing Peter to pay Paul just to keep the roof over our heads.

you dumping any more today Milton? Still in the 40ms?

Volume and trading has been tight since the last rns.

Aaog are suing SMP for $3.2m, they actually owe them $650k (plus court fees now) but in their wisdom Aaog didn’t put the $650k in escrow in July when they said they had the cash available to pay it, seizure orders were put on their drc bank accounts and assets which were joint owned by SNPC, SNPC got ****ed off and stopped paying repayments of their remaining $5.3 debt to AAOG.

also just noticed they took on a new Director last week.

https://beta.companieshouse.gov.uk/company/11899484/filing-history
20 Dec 2019 Appointment of Mr Jon Taylor as a director on 20 December 2019

Funny you mention that.

ATOG 02 Dec 2019
Statement of capital following an allotment of shares on 15 November 2019 GBP 777,600 - on companies house.

ZEN 17/12/2019
The Company has successfully raised gross proceeds of NOK 7,700,000 (approximately £638,000 or CAD$1,123,430) to subscribe for 35,000,000 common shares of no par value in the capital of the Company ("New Common Shares") at a price of NOK 0.22 per New Common Share (approximately £0.02 or CAD$0.03).

£638k + £150k = £788k thats pretty damn close to what ATOG raised. (+/- a currency fluctuation?)

wonder if AAOGs coffers are around £780k short anywhere, after all we were told "The Company has the financial means to pay SMP's final invoice. " only back in July.

It has new management tying up loose ends from multiple countries and multiple businesses to go through, better to take a bit longer and have them right instead of having unexpected bills pop up down the line, I.e the court settlement where the majority of the recent placing money went.

was disappointed by the comment "Unfortunately, due to lack of preparation by previous management prior to the General Meeting on 26 November" just shows one way they were almost intentionally screwing the company, the audit and accounts work should still have been done, especially been as we know how much the board have been getting paid the last 5+ years, they have had millions out of the company over the years.

Was looking to buy today but couldn't free up cash from elsewhere, 0.14 was my latest finger in the air target, as it looks a good bet from here for me, will have to wait and see how the few trading sessions left of the year go, ill probably miss out but wish you all luck from here. Dont let a temporary drop in the SP ruin your Xmas.

So current hope is Fingers crossed a Partial asset sale (or try to use the idea of one atleast) to raise the sp which In turn reincarnates the ISA deal to something that helps covers monthly costs.

PS- Couldn’t get a quote to sell into the rise when bid was 0.7, could only sell a reasonable amount when the bid hit 0.55 then it would bite my hand off for whatever I offered.

Guessing Miltons sell orders are still in background at 0.6p+?

been a few pairs like that, but each to their own trading methods.

23-Dec-19 14:19:07 0.022 18,481,667 Sell* 0.022 0.024 4,066 O
19-Dec-19 13:21:10 0.027 18,481,667 Buy* 0.025 0.027 4,990 O

20-Dec-19 08:33:33 0.023 6,617,163 Unknown* 0.022 0.024 1,522 O
19-Dec-19 13:17:17 0.0268 6,617,163 Buy* 0.023 0.027 1,773 O

19-Dec-19 14:27:30 0.0231 6,522,574 Sell* 0.023 0.025 1,507 O
19-Dec-19 13:19:57 0.0268 6,522,574 Buy* 0.025 0.027 1,748 O

19-Dec-19 14:04:52 0.0266 5,509,276 Sell* 0.026 0.028 1,465 O
19-Dec-19 13:24:01 0.027 5,509,276 Buy* 0.025 0.027 1,488 O

19-Dec-19 16:19:01 0.023 4,193,090 Sell* 0.023 0.025 964.41 O
19-Dec-19 14:41:57 0.0246 4,193,090 Buy* 0.023 0.025 1,032 O

20-Dec-19 10:41:03 0.0221 3,539,464 Sell* 0.022 0.024 782.22 O
19-Dec-19 14:01:55 0.028 3,539,464 Buy* 0.026 0.028 991.05 O

19-Dec-19 16:23:55 0.023 3,417,642 Sell* 0.023 0.025 786.06 O
19-Dec-19 13:45:38 0.028 3,417,642 Buy* 0.026 0.028 956.94 O

20-Dec-19 08:43:58 0.0221 1,842,607 Sell* 0.022 0.024 407.22 O
19-Dec-19 13:33:04 0.028 1,842,607 Buy* 0.026 0.028 515.93 O

13-Dec-19 14:35:25 0.022 683,974 Sell* 0.022 0.025 150.47 O
10-Dec-19 15:18:57 0.0234 683,974 Buy* 0.021 0.025 160.05 O

Odd, CFEP are on both bid and ask?

Pretty much on Administrative costs and old bills, and due diligence on an asset for ATOG to buy.

The £5m ISA deal was a load of crap. Basically An inventive way to give shareholders the dilution without the cash.

Sorry but I can’t make the past sound any more positive, but one can hope tides are changing ?

They didn’t raise £8m technically only raised the Milton placing.

Anglo African Oil & Gas plc ("AAOG" or "the Company")
Response to Speculation
Anglo African Oil & Gas (AIM:AAOG) notes the recent speculation surrounding its financing plans. As disclosed on 11 December 2019, the Company is examining its financing options in light of the continued non-payment by SNPC. One such option is a sale of a controlling interest in the Company's wholly-owned subsidiary, Anglo African Oil & Gas Congo S.A.U., which holds a 56% interest in the Tilapia field in the Republic of Congo.
The Company has received a number of expressions of interest in this regard, including from Zenith Energy Limited, and is currently in negotiations. However, there can be no guarantee that any transaction will be concluded or on what terms. Further announcements will be made in due course.
In the meantime, the Company is managing its creditor position and has sufficient capital to allow it to continue as a going concern until at least the beginning of February assuming receipt of the £150,000 owed by Anglo Tunisian Oil & Gas Limited (of which £50,000 is to be paid to the Company today with the remainder due to be paid by the end of this month) and no unforeseen claims. The Company is therefore in negotiations with providers of structured equity finance with a view to providing further working capital for the Group. Again, there can be no guarantee that such financing will be available or on what terms.