No they haven’t got to sell 17 m at present. But they may have to sell a fair chunk if they can’t refinance the debt. AMP are selling what they can daily depending on the volume. Hopefully with Morgan being a director in both companies they maybe able to find some buyers of stock on good phase 3 results. However the lender may just take the stock as it’s security against the loan. We shall know more by month end.
gmcc may i suggest you read the RNS dated 18 February 2019
ANGLO AFRICAN OIL & GAS PLC ("AAOG" or the "Company")
SNPC Costs Reimbursements
Anglo African Oil & Gas plc (AIM: AAOG), an independent oil and gas developer, is pleased to provide an update on the repayment of funds owed to the Company by Société Nationale des Pétroles du Congo ('SNPC'), the Congolese national oil company, in regards to SNPC's 44% holding in the Tilapia Licence ('the Licence') in the Republic of the Congo.
As a result of the work conducted to date on the Licence, including the successful drilling of the TLP-103C well ('TLP-103C' or 'the Well'), SNPC owes approximately US$10m to the Company in respect of SNPC's share of the total costs. The Company had proposed to SNPC that it would accept the transfer of a substantial portion of SNPC's 44% interest in the Licence in satisfaction of the debt.
The Company has, however, now received an initial cash payment of US$663,000 from SNPC. SNPC has also informed the Company that it will propose a short-term payment plan to meet the remaining debt of approximately US$9.5m.