Member Info for OofyProsser

gkb47 is correct. The link between the two Forums is Paul Forrest, who was the Filipino company’s company secretary until May 2019. He appears to have had links with Gazprom/Wingas as well.

Once again, this £8mm is not money and the shares can’t be sold to raise money. There’s no market for them, no market price and no means of trading them. They’re aiming to get shares to the value of £8mm., but it’s not the market value, it’s the nominal value that is the basis for the valuation. The shares have a nominal value of 0.1p. £8mm divided by .001p = 8bn. shares. There are 499mm. shares currently in issue, so this would be quite a big dilution. The current issued 499mm. shares have no market value. There is no question of a sum of £8mm. in cash (or any other form of finance) being paid. It’s 8bn. shares with a nominal aggregate value of £8mm. but no market value. An accounting entry. For people on this and the Angus site to extrapolate from this figure a value for Poundland (Saltfleetby, to those who haven't followed this) is not appropriate and some of them should know better. It’s highly misleading.

Forum/SEL’s prospective ownership under this option of 95% of AAOG would give them total control of it. AAOG seems to have large tax losses. How and in what circumstances these might be used to defray the new owners’ tax bills is a mystery to me. I don’t know of any company owned by Paul Forrest that has income the tax on which could be offset with losses acquired with AAOG.

This is what the 11June announcement of the Riverfort convertible said:

· “First drawdown of £160,000 to be advanced to the Company today;

· Further drawdowns of £100,000 per month (the "Drawdowns") to be mutually agreed between the Company and the Lenders up to the Commitment Amount;”

I too doubt Riverfort will want to extend further tranches of the loan to AAOG in the circumstances..

gkb47: where does Paul Forrest come from and has he got any money? There doesn’t seem to be much in SEL. He was Co. Secretary at Forum Energy from 2015 until the date of the Angus/SEL Poundland deal in 2019 (when he resigned), and sole director of Forum Energy Services from approximately the same date (2015) until the present. I can’t find a record of SEL being paid by Gazprom, though I accept it’s possible that some money changed hands. Not £15mm., though, surely?

How would he use large “tax losses”? You need larger profits to do that. In view of the absence of significant resources in Forum Energy Services, is he acting as agent for someone bigger? If so, who? If not, what difference does his presence make? Are the AAOG losses usable by a company acquiring or merging with AAOG? The AEWB3 losses appear to be usable only within that company.

Do you think this is just another Angus Energy “Shell Offtake Agreement”-style ramp to get friends out/get a placing away at an inflated price? I can’t see how it will improve the chances of a Poundland loan. It’s more likely to delay one, in fact. Though I think a loan is quite unlikely in any case. It’s not adding any money to the pot. This talk on the Anguish site of an injection of £8mm. is hopelessly uninformed nonsense. It’s an accounting item, to do with nominal value of shares . It’s only relevance is in the degree to which it disenfranchises the AAOG “stale bulls” (quite a lot, by the way, though the outlook hasn’t been good here for ages, has it?). There will be no money for Poundland arising directly from this deal and no meaningful addition to SEL’s resources/assets. And in any case, it’s just an option as it stands. It’s unlikely, surely, to proceed to completion?

So it looks to me like a scheme to ramp Anguish shares - either for a placing or to enable one of their friendly shareholders to get out at a much better price. Anguish’s price shouldn't be affected but I’d bet it will be tomorrow. Not for long though.

Ocelot: how many companies become insolvent when they have no debt?

You don’t need debt to become insolvent. Solvency depends on your ability to pay your bills when they fall due. If you’re not making enough money to do so, and can’t raise any more from banks, or from sale of shares or assets, you can become insolvent quite promptly. Angus Energy, for instance, has a loan outstanding of £1.4mm., but is under no apparent pressure from the lender. It’s earning next to nothing and would presumably have a share placing if it could. Its ability to raise £12mm. to finance the only asset it possesses with the power to give it meaningful cash flow is in doubt, 14 months after they started negotiating with banks for it! It’s spending significant sums every month. You may soon see a company become insolvent while being under no pressure at all from its lenders.

I haven’t been following these AIM oil minnows for long but I’m amazed at how long it seems to take for the penny to drop. The chances of losing your money in them is shockingly high, while their directors earn quite large sums by gulling small investors to part with yet more cash (sometimes several times per year!) in share placings. Actually, it’s worse than that. They place the shares at a discount with friendly parties, who feed the new shares into the market for a profit (sometimes it seems they sell shares before the placing, which, if true, is naughty), leaving a lower share price for longer term holders. I believe these are known as “lifestyle companies” . Exactly.

Thanks, Mirasol.

Skwizz: what are they applying to do at HH? Do they just pour water into the drill holes they’re not using for oil extraction? If they’re using hoses, at what water pressure do they arrive at the definition of “fracking” and who monitors this on site?

Re the Turkey well, I hope it finds commercial quantities of oil and that investors here will see this back to 1p. plus. I just think investors should be properly aware of the risk/reward balance in this endeavour. It seems to me they’ve bet the shop on this Turkey well and I wonder what will be left for shareholders if it’s a dud.

Re Ozzy52, does Ocelot maintain two or more accounts on LSE?

It seems to me it’s taking a lot on trust to believe this hype about Turkey. Oil drillers are not always keen to farm out interests in oil prospects for which they entertain high hopes.

Re Ocelot, I’ve watched one or two of these sites for a while and many of her posts read like PR-speak, to me. I may be wrong but personally, I discount all of her pronouncements. There is talk on another company’s chat site (though it too should be taken with a pinch of salt) of demands for an inquiry into the company concerned. If this were to happen, the activities of PR and stockbroking companies would be part of the investigation. Inexperienced investors need to be very careful about what and whom they believe on these boards.

Cynderlad: I think there’s some unusually well-informed posters on this bb and you are one of them. Keep it up, please.

Are these Surrey Frack Free people correct about there being no legislation in place requiring regular monitoring of pollution etc. at abandoned onshore oil/gas sites? If so, this nicely relieves all these AIM Weald producers of any requirement to make adequate financial provision for this. It’s not all that surprising, if this is the case, that people don’t want them in their back yard. I wouldn’t want them in mine.

The Church of England is part of the catholic Church, just not the popish Roman Catholic church. It has, arguably, more in common with the early church than does the Roman version. St. Cuthbert and St. Edmund the Martyr have both been regarded as patron saints of this country in earlier years, supplanted by St. George in the 14th century. Both the Apostles’ and the Nicene Creeds, which are fundamental in the Anglican liturgy, emphasise belief in the holy catholic church. “Catholic” means “universal”. We've at least as much right to St. George as does any other country. I prefer St. Cuthbert but we’ve had nearly 800 years with St. George and a change back would cause unnecessary divisions. Just don’t run his flag up the flagpole in Turkey..

Oops, sorry, make that UKOG Board! I can’t imagine why I confuse them..

Primula: I’m sure the Angus Board will be much gratified by this ringing endorsement. “No more corrupt than other firms on AIM”. Excellent. Box ticked, then. Carry on as you were, chaps, what”?

Penguins: I think you’re discussing investment and Ocelot is discussing gambling. To him and many others in the AIM. it’s merely an alternative to the bookie’s shop. A share can easily go from 0.8p to 11p in days or weeks on AIM with no fundamental justification - there’s no control or oversight on the lies that are told and the obfuscations that are offered. That doesn't make it a good investment. It makes it a betting slip. Or a game of pass the bomb. As with the horses, the bookies are the people who make the money. Some punters make money on the way but they're merely the more ready to be fleeced next time. I suppose that, assuming everyone knows this is how it works, it's a bit of fun and you never know, you might hit on something early that takes off. Do most people understand this, or are they under the impression they’re participating in a stock exchange? I think there’s an argument that the FCA should pass responsibility for the regulation/oversight of AIM to the Gambling Commission.

seadoc: ours was thin and wizened but possessed that natural authority which almost no teachers possess. Even the unruly element were in awe of him. Where does that come from?

Qwerty59: what’s placerat?

Caesar adsum iam forte...

seadoc: I had the chance to do Greek but had too much on. Got a good Latin A level though. It had the unfortunate residual effect of making me write English in long complicated sentences.

seadoc: what’s that about Milas and Millate? I take it from your moniker that you became a doctor?

hits: I think it stands in the place of a noun - a demonstration, a proof. That would make it a gerund. If it were a gerundive, it would stand in the place of an adjective and there’s no noun around to which an adjective might apply. I’m willing to discuss it further though! What’s periphrastic about it? Don’t tell me you did Greek?