We paid £200k for a license that expires next week, and legally we have no recourse if that license somehow wasn’t renewed. As it happens I think they will renew the license but I see next to no chance of us getting the $5.3m as again once the license expires they don’t legally have to repay those funds and on that basis (and this is Africa) why the hell would they?! The fact that this hasn’t been tied up months ago puts us in a shocking position as negotiations continue. Aaog shareholders agreed sale on jan 13, AC met president late feb, and to be in this position now in mid July Is quite frankly unacceptable .. I don’t know why I expected anything different judged on every single previous experience with zen
We’ve spent £200k on a license that expires next week, and 5 months from the apparently successful meeting with the president we’re still conducting negotiations with the relevant authorities! That clearly puts us in an incredibly weak negotiating position.
People were told last Tuesday that the vague pumpy rns would lead to another raise , and of course they were spot on ! Although the blindly optimistic tyb told us with his deeper understanding of the modus operandi here that there was clearly no raise coming. There will pretty much be a raise every month because there is zero chance of any drilling activity happening in 2020. Same old story months and years drag on with nothing concrete ever progressing apart from yet another fund raise
MG if you read my post I didn’t suggest he has been gifted most of his shares and I didn’t say he had stopped buying in the last 6 months when they backed away from azer. I said if he was honest he would look back and say he was more than a tad naive/deluded about how certain he was that we would succeed in azer, and also around how much of his own wealth he continued to throw at it (I should know as I did the same!) I estimate 90% of his financial commitment into buying shares was done before the start of this year and therefore based on success at azer. I also said he was proud and he’s going to throw everything at this to try and turn things around and save his reputation . I personally think he’s showing a similar naivety in dealing with the Congolese authorities but time will tell . GL one and all
Carlosan for what it’s worth I think AC has built up the shareholding he has over the years because he truly believed that Azerbaijan was going to be a tremendous success, even last Oct on a video he was still insisting that our share price should be 20p based on the quality of that asset and the reserves it held alone. Clearly nonsense. I think like a lot of us once he was committed he just kept buying and averaging down believing that success was surely just round the corner. I think if he was being honest now he would look back and say that he was more than a tad naive/deluded himself about how easy he thought it would be to succeed in the junior oil and gas sector , he’s a very proud man, and a lot of what he’s done over the last few months in trying to acquire multiple assets in Africa is a last attempt to try and rectify a car crash of a situation and turn the company and his reputation around. Unfortunately through all the many promises and constant failures the company has gradually acquired the uninvestable tag and until he delivers something of genuine significance that will clearly continue .
Ezhik you’ve completely nailed it there, experiencing a 100 rns’s that lead you down the path to nowhere are certainly enough to give giant sized clues on the modus operandi . Smoke and mirrors, smoke and mirrors
MG What’s naive and absolutely typical of zen over their lifespan Is putting out an rns on the 27th Feb saying they were in advanced negotiations to get a drilling rig and intend to commence drilling tilapia in Apr. And no covid didn’t stop them moving/achieving on that rns because there’s been no lockdown of any sort in the Congo, so why do it? I can only assume they wanted to keep their 100% record of over promising and under delivering
In BMD’s long language issue call with the ministry of hydrocarbons the other day, maybe Instead of bearing down the line what he thought was ‘we’re pleased to confirm that we’ve signed an agreement with zenith’ was in actuality ‘we’ve agreed we’re going to single out zenith to be punished’ !!
Loads of pi’s have looked and lost in this over the years unfortunately on the journey the company through its myriad failures picked up the tag of being uninvestable so it’s going to take a lot more than picking up a few promising licenses on the cheap to truly rid themselves of that title. Anyhow as I’ve said quite a lot previously, the $5.3m coming through would be the game changer for 2020 so I wait to see what the rns says !
I had 6m shares here at an average of 6p sold them all within a day or so of acquiring Aaog on 13th of jan for circa 2.4p, obviously taking a big hit but seeing after learning a lot over 3 years that it may be my best opportunity to get some funds back. Bought back in again for reasons I can’t go into late feb, and now hold 1.5m shares at 1.3p average and will sell if we get back to that level but experience has told me to believe and expect nothing and hope for the best and I truly believe the only way we will see 1.5p + this year is the funds coming through from snpc , I understand others may be interested in the longer view here, but I’m not anymore as I have too many other business interests to pursue . GL to all
Tyb And how do we fund our responsibilities in future development of the field ? It’s why the share price will never move on what you consider to be good news . I’ve said for ages the only thing that will shift the share price here is getting the 5.3m either in a lump sum or staged payments, or getting to a serious level of profitable oil production which isn’t happening anytime soon..Getting cheap assets is a start nothing more, the market knows they will all require a shed load of funding, and they also are aware of our track record. A few days ago you were expecting an attack on 1.5p on good news, well you’ve got what you thought to be good news and we’re currently 10% down on where we were at close of play Wednesday