Member Info for OofyProsser

Cyan2: ocelot is right in this instance, isn't he? It’s not 2nd of the month, it’s the first Friday of the month that they've committed to buying shares.

The commitment did stipulate that individuals’ buying would be subject to their individual circumstances. It’s thin, I know, but it’s a get-out.

Irishmouse: SEL’s owner, Paul Forrest, introduced Anguish Energy to its Poundland project. It hasn’t produced annual accounts yet, has managed to avoid doing so since it changed its name from Wingas. Its accounts were overdue at Companies House for almost two months but will soon be available on the Companies House site. Judging from the recently-filed accounts of Mr. Forrest’s other company, Forum Energy Services, there’s unlikely to be any significant assets in it, other than its 49% interest in the dodgy Poundland scheme. For such a company to be guarantor of the £12mm. Poundland loan seems farcical.

All anyone can do in this AAOG is wait and see, in any case.

HITS: I didn’t know until recently about the payments to the CEO’s and the COO’s respective private companies. I’ve never come across a similar arrangement before. I should say that virtually anything is possible with this company.

Why would anyone continue to hold shares in it? It’s perverse. Perhaps they've swallowed the shills’ line that you haven’t made a loss until you sell the shares!! Ridiculous.

HITS: could the explanation be that they’re no longer taking salaries and are instead paying similarly large sums to private companies owned by the Directors?

Mirasol: please don’t be too hard on Ozzy. After yesterday, he must be Shell-shocked. Sorry, make that UKOG-shocked. As for what to do now, he doesn’t appear to know whether to stick or twist.

If you can find a use for those accumulated losses, they’re worth something to you. There’s unlikely to be any value as loan collateral in them. I’m not an expert in tax matters and don’t know the specific circumstances in which such losses can be used by an acquirer to offset against future profits.

Petroleum1: well, they’re not exactly giving it, they’re offering to take possibly 90%+ of it in return for half their stake in the very dodgy Poundland gas field. And that’s after AAOG has raised £1mm in the equity market. 25% of Poundland is extremely unlikely to be worth £8mm! Anguish would bite off the hand of anyone offering them £16mm. for their half share.

I can only conclude that Mr. Forrest may think he can take advantage of, and has a use for, AAOG’s tax losses. In any case, he’s not going to lose money out of the deal, if it goes ahead. And either way, there doesn’t appear to be any value remaining in AAOG itself.

Have you not been topping up today then?

Ozzy, don’t be like that. These bitter comments are not very manly. This is your chance to back your judgment. Top up. Average down. You haven’t made a loss until you sell it. Any more stupid aphorisms I may have missed?

“I wouldn’t want to be out of this tomorrow. GLALTH. ATB. DYOR. NORWICH ??”

petroleum1: I’m afraid gkb47 is correct. There’s no chance whatever that AAOG would be able to take advantage of its “tax losses”. Mr. Forrest may possibly be able to use them. Otherwise it’s hard to see why he’s wasting his time here. In any case, even if that is his motive for being interested here, I doubt that Poundland as currently constituted will ever be in a position to benefit from AAOG’s “tax losses”.You’re somewhere near the ballpark in terms of dilution. I think it would be worse than you’ve suggested. I think Mr. Forrest might prefer to use AAOG shares’ nominal value.

It’s the same with Anguish. Shareholders were misled for six months last spring and summer over the state of their finances and progress at Poundland. Yes, the FCA should definitely be taking action in both cases but they appear merely to be a box-ticking setup. Whether it’s lack of funds, lazy staff or absent leadership, they’re toothless and largely missing in action. The London Stock Exchange should be involved too, in my view. The AIM market was surely not set up to bring the UK’s financial regulatory system into international disrepute?

I think Mr. Sanderson would struggle to secure for himself a senior position in the exploration department at either Shell or BP, what?

Ozzy: have you filled your boots (in either sense of the expression) this morning, or have you reserved some of your firepower against the chance that the share price should suffer a further inexplicable fall?

petroleum1: the share issue to SEL will precede the re-admission to trading of the AAOG shares and is dependent on, among other things, a successful share issue by AAOG to raise £1mm. I should expect the number of AAOG shares to be issued to SEL to be eye-watering as far as existing AAOG shareholders are concerned. A really massive dilution, giving SEL total control of it.

It all looks like a re-arrangement of the deckchairs though, doesn’t it?

petroleum1: dilution is the result of any issue of shares, whether to existing shareholders (specifically, shareholders who choose not to take up their entitlements) or to other parties. In this case, see the final sentence in this extract from the 5 May RNS:

“The Company will enter into an option agreement (the "Option") with Saltfleetby Energy Limited ("SEL") to acquire a 25% interest in in the Saltfleetby gas field, East Lincolnshire. SEL holds a 49% legal and beneficial interest in Petroleum Exploration and Development Licence 005 (the "Licence") and is a party to a joint operating agreement regulating the operations under the Licence (the "JOA") . On exercise of the Option AAOG would also become a party to the JOA. The consideration for the exercise of the Option shall be the issue and allotment to SEL of such number of ordinary shares in the capital of AAOG as is equal in value to £8m.“

So, assuming this deal were to go ahead, AAOG shares to the value of £8mm. would represent a truly massive dilution of existing shareholders’ interest in the company.

COuld it have been just before that 100mm. share sale the other day?

Oh no, I didn’t think people would take my message addressed to Ozzy seriously. I’ve been wondering why it got 10 likes. Now it seems they’re from the shills and the ramping squad. How very depressing.

Ozzy: top up now while these prices last.. average down.. don’t sell, you’ll have made a loss.

That’s what a Turkey does. not a goose. Geese hiss. Nul points on every point so far. Though I dare say Turkey will gobble what few resources remain to the account of UKOG, what?

..you’re