Member Info for pawnsacrifice

Until they RNS what the actual deal is suppose its true we don't know whether it will be death spiral or not.
The Deal that Winnifrith wrecked with his leak and subsequent slamming when he lied and called it Death spiral finance has gone now which is a shame.
If however the non exec have turned it down due to the bad press the deal and EHGOS got who knows what they'll accept in its place.
They might put a CLN deal in place themselves just because it what the other AIM co.s do so they feel safer doing it if you get my drift.
What we do have in holders favour is the fact that £2.5m at least is definitely being put through at 5.2p which gives a base price for a third of the placing at least.
Hopefully will know soon enough.

zengas SAVP have been a basketcase since Nigeria. They got involved in one of Africas dodgiest states thinking they could pull off a coup and they've been mired in politics and delays ever since.
When did they last drill in Niger?
Whens the next lights on placing?
When the next tranch of emergency cash going to be needed by 7 to keep going ?
Hope they do come good for, will be made up if you do but in truth there are so many questions and so many reasons for the 7p price targets to be appearing now.
What you say about the licence here though is true think thats well known. The licence is there in principal but not signed yet and as you say probably can't be until the PSA is settled. These issues also stopped the CPR (that and no flow rates) but really do believe you'll find most know and accept that .

Don't believe anyones arguing thats not true Zengas and pretty sure we're all aware of the risk there. (Apologies to anyone who is in thinking theres no operational risk)

Take some issue with you regurgitating this issue though..
"Listen carefully to the interview re licence. A 25 year licence offered yes but the detail still being worked out by civil servants. Don't know enough what the new PSC terms are. Will they be as favourable or more costly as to who shares what? The detail does not even appear to be in the licence yet."
1. because like yourself we're aware its a risk without your sage council and.
2. You're exactly the opposite with the huge risk re SAVP completing their long running deal which looks like costing them at least another lowball placing and thats if it ever happens at all.
All you ever post there is patience, everything will be fine which has turned out to be utter nonsense.
Do thank you for taking time out from your own disasters to let us know we're taking a risk here though. Thank you!

Theres nothing to pay back. Sefton and berwick after being turned down by the board and the major shareholders then claimed they could set this new co. up and repay the co. from their profits.
It all appears to have gone awry though. Newsflow on advfn forums last week stated the seller didn't like the convertibles either and the sale hasn't gone through.
I think they should have listened to the board and the major holders and just quietly shelved it. Instead they've made an admittedly large writedown an embarrassment by foolishly chasing it without access to real funding to do so.

" would say that setting up a company that is now implied to be intended to be part of AAOG "
Haven't read that anywhere. Where did that come from?
Also why would AAOG have to RNS that further directors have been brought into ATOG?

"The truth of it is that it is extraordinarily opaque to operate a second company within a company, if that is what is being suggested as an excuse"
Not sure where this claim has come from either. Who's told you ATOG is a co. inside AAOG? Genuine question as you seem to have this in your head when it doesn't look true at all?

Maybe, I think it can largely be put down to two mens ego's.
They spent £580k on plans to reverse into this asset couldn't get a placing away, came up with a stupid CLN idea for funding it which the board and major shareholders rightly rejected.
They should have listened to them and dropped the idea but instead set up a co. with this European fund as junior partners, promising no doubt to recoup all the co's losses and more then promptly got turned down by the seller as well.
Would have been end of story but Tom the one who's leak wrecked their emergency placing found out about it through the bb's and promptly turned 2 and 2 into 5.
Think that covers most the basics left wondering what the funding package will be and hoping the 5.2p average is held at least.

Effugium do you think the major holders were wrong to tell AAOG not to go ahead with the reverse takeover using death spiral finance then?
I'm glad they said no way for the holders sake. A £24m asset on CLN's?
Doesn't bear thinking about.

Yes you could be right HeidHoncho, no denying that.
re them having nothing good to update.This from zengas on advfn 8th July shows the deal had likely gone awry and there was nothing good to report..

" According to our information, the new firm has already struck up talks to pick up all or part of Indonesian oil group Medco's Tunisian portfolio. Since 2014, Medco has held stakes in eight blocks, seven of which it operates. Two of these, Adam, operated by Italian major ENI, and Bir Ben Tartar already produce some 16,000 bpd. But the discussions seem to have hit a snag for the moment. It appears the financial firm overseeing the sale of Medco's shares, Askell, headed by American national Rick Crist, is reluctant to validate the transaction. When contacted, neither Crist nor Sefton wished to comment. '

Maybe they have been updated on this aqcuisition along the way better than pi's.
It was in AAOG's finals with a promise to update once there was something to report. Just Tom got there first..

Overall strategy

At the moment, the focus is on production from TLP-103C. We have also progressed plans for the full development of the Tilapia field. In addition, we have progressed discussions on new asset opportunities that fit with the Company's continued strategy of becoming a lean, profitable oil producer with a focus on the bottom line and a clear and unswerving commitment to the payment of dividends. Any new assets must bring accretive value to the shareholders
We look forward to progressing these discussions further and will keep members updated on progress. By the end of 2019, we expect the value of, and prospects for, the Company to be very different from what they are today.

Was reading on the ADVFN forums this deal had gone a bit awry due to financing concerns from the seller or some such thing so maybe they have nothing much to report yet anyway and we all know they mushroom pi's on such occasions so no change there.

Suppose we'll find out who this one is by TR1 after the event? Given sentiment its a big investment to make.

"In the meantime, the Company confirms that the major investor in the Placing (subscribing for 49,288,347 shares (£2,562,994 at a price of 5.2p per share)), as announced on 3 July 2019, has reconfirmed its commitment to that investment."

They have a terrible name and if this was their standard deal and not an equity sharing agreement we'd all run a mile.

Bennyson can't. he sold at the 5p level and wants them cheaper. he's said as much several times. So there'll be nothing positive from him til he's bought back in.

Thanks truthfactory, appreciated.
So Djeno then? 5000BPD+

"Following consultation with the Company's major shareholders, it was agreed that the best strategy for the Company was to focus on its existing asset."

If its true they consulted with their major holders before making any decisions it can't be said they were acting underhand..
Did always think this was to obvious to be too dodgy sound more illadvised imo which appears to be their their forte. lol

Thought that too Duc but its an equity sharing agreement and its on better terms than they had before so may not be all that bad.
They do seem (belatedly) very much against diluting holders any more than necessary.
Not been up long enough to get my head round the rest of the news.

He's done this before stillbite. Think he likes the attention. Doesn't always shoot the price up as its normally stuff we pretty much know but doesn't mean placings either.
I enjoy the vid updates myself, but I don't try to trade on them. Was lucky and got in early so can afford to be patient and let it unfold now.

Joined the fray for a few. Only dipped my toe in EOD as surprised by the sp action after such positive vibes.
Will tuck away and hold for updates.
ATB to the holders,

Thanks for the link..
"1400BPD if not beyond" during the 2 weeks testing period? Never heard him state that before. Just wonder what it can do tops once they have the infrastructure to support it all?

As already posted thats the obsession of the bears and shorts t123ham so probably no.

See they're down on their news today too. 5% now greater loss than this one.