Member Info for maestro1

Jim I don't think so, where have got got 2 years from. Aaog have said they would like license wrapped up before drilling, we have 2 years left on license, I believe they should have licence extended by end of Jan.

It's official we have two numpties on this board...

I for one won't let the rig excuse go, the company said they expect the large oil company to complete drilling in Jan so this means they are drilling, I just hope they don't say in jan we hope to get a rig once license extended, goal post move...

If you read the rns it states the discussions are at a advance stage to extend the license, maybe in Jan it will be concluded...

I think they have said they would like to renew license before they drill. Usually it's get renewed by 5 years or 10 years. Weren't you the one that was complaining they don't have long on current license?

Jim No share price fell another 30% because of further delay to drilling. The new guy was announced in sept but he can't do miracles overnight. If the board are telling the truth then rig should be available very soon unless the large company wants to drill another well..

jim which circumstances? you yourself said these guys are not experienced to get the drill done, they have hired a qualified person to do the job and you are still not satisfied.

Looking forward to the written interview by David Sefton next week. Interested to know our cash position...

Marineville Bod probably realised they were out of their depth and didn't know what to do. They brought in excellent experienced individual who has become operation manager to get the job done, he will likely know how to contract a rig and get the well drilled...

at least the options are still at 20p for directors, i agree once rig has been signed SP will be comfortably in 20p range. Another thing to consider in sept aaog said the large oil company has asked for rig to be tweaked and this was expected to be completed by mid october, aaog said they expected drilling to commence in nov and completed in mid dec. This gave assumption that it was a 45 day well, so lets say the large oil company commenced drilling on 20th Nov, so that means by 5th Jan 18, drilling should be completed. We may get another update on rig when they inform us about the license extension by the end of the year, which is not long 2 weeks. Interesting times...

cant wait for the interview, some valid questions set...

Great when's the interview.. one question for me What monthly cash burn at moment?

itsgambling the work-overs haven't failed they need rig for them, its an unfortunate delay.

'The residual fag-end licence that effectively is all AAOG now has is not really worth very much.' Jim, I dont think you understand the basic geology, our neighbours have found oil in the djeno horizon, each well is pumping between 4700bopd-5500bopd, our seismic data is indicating that there is charged pressure down at our target, its either fizzy water or hydrocarbons, with others finding oil in this horizon its a very good chance its oil, not a certainty but a good chance. 58mboe is highly material for a company worth only 7m, IMHO

"The state oil company, SNPC, holds the remaining 44 per cent. of the Tilapia Licence. PK is operator and has a production-sharing agreement and JOINT OPERATING AGREEMENT with SNPC."

jim snpc are not sleeping partners here, do not mislead....

What these two dont understand management have only taken 25% of there wage and the remaining 75% was on them reaching targets certain this year, with them failing to reach target they do not take it until they do. SNPC own 44% of the license, it specifically states that they pay their share. The license still has 2 years remaining, but it will be extended prior to drilling, it will be soon.

I think Aaog is fantastic prospect, 56% of the Tilapia field is owned by Aaog and the remaining is owned by SNPC, guess who the owner of SNPC is yes the Government of the Republic of the Congo. We have likes of ItsGambling waffling on that they wont front their share of the cost, we went along with his analogy to say worse case they dont pay up we will have to raise their share around $1.6m to get the drill completed. I just cant see SNPC not paying their share for the well as SNPC hold shares in various fields in Congo and they do partner Eni, they are not a small entity, $1.6m will be loose change for them. By the end of Jan 18 i believe Aaog will have around $3.1m-$3.4m in bank so they will have sufficient funds for their share of the drill. Whats positive is that nearby fields which SNPC has shares in are producing in the Djeno horizon between 4700-5500bopd PER WELL, its clear Aaog has stated the seismic data in djeno zone in our field is showing its charged, either its fizzy water or hydrocarbons. Djeno horizon is proven by our neighbours so this can get really interesting, bring on January.... This has fantastic potential.

Mr Guirand will be in charge of the drilling project now, as you can see he has extensive experience and knowledge working at senior operation positions in these large companies. Aaog have realised their mistake. "Mr Guiraud has held senior operational positions with several leading oil and gas companies such as Chevron, Elf, Petrobras, BP, Shell, Texaco, Phillips and ENIEPSA, on both offshore and onshore projects around the world. He has extensive experience of the Congo, including as Country Manager for Halliburton, the leading oil services provider, as General Manager and Operations Manager for SFP/SNPC, the Congolese NOC, overseeing onshore drilling projects, and as Country Manager for Caroil, an oil drilling company wholly owned by Maurel & Prom, the Paris-based independent oil group."

I loved the one where he called the well a "wildcat drill". Hilarious... Listen if the good news people are waiting for then you won't be able to buy at 10p. Yesterday and today volume hasn't been huge, hopefully pi's have realised this is bottom. Mkt cap 7m... bargain....