AAOG Board not answering questions2 Jan 2020 20:00
Please provide more information on Oxford Energy - where is it incorporated and who are the directors / shareholders. This will depend on which vehicle will be used. As previously stated Oxford are privately held. This is for good reason and remains the wishes of the shareholders. They will be disclosed in good order at the appropriate time under the correct terms of confidentiality, once the terms have been agreed. We shall fully comply with all anti money laundering and KYC requirements. The releasing of Oxfords name in your RNS of 31 December, without the prior agreement of Oxford was not acceptable, but we can move forward from this.
Who are the funding providers that are mentioned in the Oxford Energy Letter. As per point 1.
What terms are attached to the debt? These were outlined in the draft Term Sheet. You have announced these in an RNS, yet now claim to not know what they are?
When is it able to be drawn down? It mentions certain milestones re the licence renewal? This is for AAOG to define, as per my earlier email.
What triggers repayment of the debt? Is this recovered from monies received from SNPC? This is for discussion. Again this makes the RNS from this evening without having sort any clarification seem even more bizarre.
When will you have a binding commitment for the debt element? When the terms are agreed with the Company.
Will the Opex in Congo be funded from the $5m debt facility? This is for discussion with the Company. How can we define this without having seen a cashflow model?
As well as the Opex in Congo are you assuming that all capex i.e. the re-entry programme and any signature bonus will be debt funded? How can we understand this without having seen the documents as per point 7
Why do you think it likely that a new AAOG management team (Alex and Matt) will be able to unlock the monies owed from SNPC? In our correspondence pre Christmas you were of the firm view that it would be better if AAOG were to distance itself completely from Tialpia. Please read the letter from Alex MacDonald released yesterday.
The equity element assumes a placing of £600k and purchase of the ISA shares. Is Jub the sole placee? This is for Jub to clarify.
Do you need to conduct any due diligence? How long is this envisaged to take? We have already provided you with a list of our basic due diligence requirements. We are looking to expedite this, however until everything is received, this is an impossible task.
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