Member Info for maestro1

Ig OK good luck, the delays unfortunate but sometimes you get lucky when leverage holders bail, this what happened today.. Our share of the drill is $2m, I think we have around $3.1m in bank, like you state about sncp, if they don't cough up company has contingency plan, they will get the drill done without them if needed... If you talking about airline tickets you must be desperate...

Ig If that's the case, move on, not many were available when bid went to 10.5p. It's delay , we have around $3m in bank plus $300K owed to us by sncp. Directors not getting paid complete wage until targets reached...

It's only natural they would want to extend licenses beyond 2020. You spent over $5m on license. Eni maybe commenced drilling in late Nov, last updated suggested they were drilling one well, if it's still one well then hopefully early Jan the rig should be available.. If the contractors are faffing after that makes sense to sign another rig.. License will be extended by 31st Dec... Not the end of world.

Worth mentioning our share of licence is certainly worth more than $5m and cash will be over $3m. Bargain price, let the leverage out, it will settle...

They did say earliest the rig will be available is Dec, but into Jan now... Mkt cap is less than 7m now... bargain....

Easily 10 fold should they find the stuff deeper down, this is why when rig secured easily 150% rise from here.. IMHO..

Two weeks ago David Sefton was in the Congo, he must have been checking the progress of the asset. The rig should hopefully be available very soon, eni drilling will hopefully be coming to an end.. Mkt cap is only 9m, they have an asset with proven oil and the deeper exploration target of 55m boe, this same horizon is producing prolifically in nearby fields...

Oil rich I think you are clutching at straws, we have joint ownership of field, to this day they haven't said they will not pay their share. Let's take your point and say sncp don't cough up, they won't get a free ride. We will Probably raise another £1m and we can go it alone. Another scenario by the end of Dec we get rig, sncp and us get drilling. Sp over 30p... This likely option...

Aaog last update gave us rough idea whats happening with the rig, by mid oct they expected the upgrades to the rig to be completed, then a further 2 weeks to get the rig to ENI site and hopefully by early Nov commence drilling. If that was the timetable then drilling should take between 30-45 days and mid dec estimation was given as the "earliest" for Aaog to receive the rig. An update would be nice next week or the week after... The chances are very very likely of one...

this is the only reply i got from him. below is email david.sefton@aaog.co

Dear *******, Thank you for the email, and I can confirm that the rig we want to use is still under contract with a major oil company and that we aim to take that rig once it becomes available. In respect of SNPC’s share of the costs, we have not been informed by them that they will not meet the capex call, but we wanted to be clear as to our funding position to the market. Since the entire purpose of AAOG is to drill the new well and prove out the Djeno and Mengo layers I do have a contingency plan in case SNPC could not meet its share as it is my most important responsibility to ensure that the new well is drilled as soon as possible and I cannot allow a situation to develop where that does not happen. We will provide an update to the market soon and in the interim I hope that the above helps. Kind regards, David Sefton Executive Chairman ================================ this email was sent early last week

jim The operator is in charge of the field they make the payments and partners pay when requested, i know this happened with other companies, for example SDX in Egypt. Mr Sefton stated to me "...In respect of SNPC’s share of the costs, we have not been informed by them that they will not meet the capex call, ", this was last week. The aim is to drill well quickly and prove up resource, should SNCP fail to cough up aaog have contingency plan. It wont be the worse thing to happen to us, we may get a larger share of the field, already have 54%, we may get alot more.." David Sefton "....Since the entire purpose of AAOG is to drill the new well and prove out the Djeno and Mengo layers I do have a contingency plan in case SNPC could not meet its share as it is my most important responsibility to ensure that the new well is drilled as soon as possible and I cannot allow a situation to develop where that does not happen." The drill will happen once the rig is available...

oilrich Aaog are the operators of this filed as they own the majority 54%, so the operator usually fronts up cost and partners pays up when is requested, Like i stated previously, should the problem arise that SNCP cannot meet there share of funds, company said they have contingency plans to get the well drilled as soon as possible. As of last week the rig was still in contract with large oil company and SNCP have not given any indication of not being able to afford $2m. At current mkt cap it looks like a steal, the uncertainty has brought it to this level, once confirmation of drill and finance this can easily double, in mean time investors get opportunity to buy cheap shares.. imho

Director wages are tailored around the success of company I don't think cash burn is £250K.

Mengo Sands Horizon - an undeveloped reservoir from which wells on neighbouring fields are producing at rates of 200 - 800 bopd Djeno Sands Horizon - a deeper exploration prospect from which adjacent wells are producing approximately 5,000 bopd, the Djeno Sands is extremely lucrative if it comes in, i believe wells nearby producing from this horizon bodes really well, estimated to have 50m boe, current mkt cap only 9m, potential multibagger. Interested to find out whether Eni has found

in your opinion what is the monthly cash burn? its not as much as you think.. At the moment the reason for delay they have given is the well is contracted with large oil company nearby, we will get the rig next. One can speculate eni just wanted to drill one wel based on the estimates aaog gavel, so if they commenced drilling in beginning of nov then 45 days to complete drilling takes it to around mid dec. January is a strong possibility.

itsgambling we are talking dollars here not pounds, our front for drilling is round $2m not pounds.... :-) SNCP still owe us $700k for drilling equipment, in Sept aaog had $4,1m cash. How much cash burn you expecting? This is worse case if we are to believe you scenario that our partners wont front cost. BUt if they dont front cost we will take greater share in field and then the value of company increases, they will easily raise £1m. I believe sncp will front drilling cost and the rig will be with us next month, all is well... Stop scaremongering...

Itsgambling As of sept 17 the cash balance of aaog was $4.1m, they have budgeted $2m for their share of the drill, so we are looking at complete budget for drill at around $4m. I believe SNCP owe us $700k for drilling equipment also on top. lets say and take worse possible scenario SNCP dont front there share of 46%, we can easily cover with the current cash balance and get a greater share of the derisked field, but lets say we raise £1m at current price, isnt aaog worth more than current value? These difference horizons are proven nearby, so we have good chance of striking oil. I believe this is a strong buy now based on current value... imho What will you do if rns comes and say we have raised cash and drilling contract has been signed, do you think you will get your 10p a share. No chance this will be 24p+..

Itsgambling The rig is still contracted to large oil company as of few days ago, i was told we will get update soon.. I still believe Jan we will drill...

It'sgambling I asked company if Sncp won't be able to front their payment for the drill, the reply I got was that they haven't been informed by sncp that they won't be able to front their part of cost. Rest assured he has contingency plans in place should it happen, seftons aim is to prove up resource as soon as possible.. Worth remembering if like you say they can't front the cost then aaog will get greater share of the license too. Imho Price is too low at present....