Member Info for petroleum1

I was wondering whether ZEN has legal standing against AAOG for the purchase
of Tilapia in the event the licence extension do not go through by Congo Ministry of oil.
AAOG stagnation is in parallel with Tilapia purchase.

To me it is so clear that SFI , SEL etc ... are asking AAOG to come tap dancing blind folded
with them in a mine field. Why cant Sara see that? Please Sara our lives are in your hand.

I thought that when you delist a company it is gone. So how can you use its tax
losses.

I also bought at 10p and averaged down to 2.2p. I am hoping to get my money back.
I thought yesterday a 2nd RNS was released saying today there will be trading. This RNS was
deleted?

Does anyone remember petroceltic? The major shareholder at that time took over the company through a court case , delisted it and turned it into private company. All PI lost their shares. I hope nothing like that happen here. Here is a snippet from Wik:

“The Company's shares were delisted on the AIM of the London stock exchange and the ESM of the Irish Stock exchange following a process of examinership, approved by the High Court of Ireland. The company is now a private company owned by Investment Funds under the management of Worldview Capital Management Limited.”

Irish: The (i) attached to AAOG (i) has gone on the watch list. But then so is RMP(i).

I find it unbelievable that ZEN for £200,000 bought Tilapia( almost proved undeveloped field). On top of that a well almost ready to flow 5000 bopd that cost £10. m with oil installation already in place. Also they are expecting £7.3m to be paid back by the government. Among the offer they are making is brown envelope , signature bonus and Covid gel. Something is wrong somewhere.

MrEMC2 It was reported that Zen paid less than agreed amount for Tilapia pending the verification of the licence by the Congolese Gov't. Please check.

As I understand AAOG is entitled to payment from ZEN at the completion of licence renewal. Now that this has taken place zen is obliged to pay. Also ZEN will soon be producing 5000 bopd from Tilapia and it would be in their advantage to use the tax allowance(£20-30m) that AAOG can offer them. So may be combining the two companies together is the best course of action.

Ezhik is a good poster on ZEN BB. He said today the following regarding Nigerian marginal fields awards by the Nigerian Govt.
"I doubt that Zen are in the right ballpark for any of these fields. Govt would be looking for significant financial ability in addition to the award costs. 50million plus. Zen would struggle to cover the costs of just making the application at the moment."
I think the same goes for Tilapia and its development.
I posted Miton share price rise during the last 2 months but it was deleted. I am posting it again:
https://uk.advfn.com/cmn/chrt/chrt_wrap.php?epic=LSE%3APMI&name=&type=1&size=2&period=2&ind_type1=1&ind_type2=0&ind_type3=0

Tiburn
On ZEN bulletin board there are posters who claim that 25 years licence renewal will be settled by brown envelope and signature bonuses to Congo Gov't officials. I have always thought that the dispute between them and Sefton was based on principles and refusal to accept the misconduct of the latter.

I do know why . Probably It cost money and Congo Gov't did not want AAOG under Sefton to do any more work on Tilapia. A CPR would have attracted more contestant like ZEN.

"I still am not sure if talpia was such a great asset" Irishmouse

Seismic data indicate that the reservoir horizon of Mengo and Jeno extend from the nearby areas where Majors are producing into Tilapia area. Seismic data also indicate it is best developed offshore and therefore an expensive offshore platform will be required. AAOG decided (on the cheap)to drill from a rig onshore to offshore. It emerged the the rig was not suitable to do the job. But they managed to confirm the existence of Mengo and Jeno through well logs and oil seepage to surface from Jeno through cement plug as confirmed by lab analysis.
Congo Gov't want 48% of the field which make it unattractive for majors to move in. However there are other operators who will accept that.
In conclusion you have 99.9% of proved undeveloped reservoir that everyone is killing themselves to own and develop. What is required here is big money and technical expertise.

Irish
There are shoddy financial companies in London whose job is to seek
companies that are in financial difficulties and offer financial help to them. At the end they become a prey to these shoddy companies and end up dissolved and dismembered. AAOG was in this situation as a result of Congo Gov't withholding funds. I do not see the difference between ZEN and these shoddy companies. These beleaguered co's can do nothing about that and it is not illegal to conduct a business like that. ZEN was first offering £1.0 m to AAOG but changed that to £200,000 later when they saw the severe difficulties AAOG was in. But the Congo gov't who has created this situation stepped in and refused the licence to ZEN. In my opinion to come out of this with your skin intact is a testimony to somebody who must have been working behind the seen

Fifty people died in Congo gold mines as a result on rain flooding.
https://www.mirror.co.uk/news/world-news/breaking-50-people-killed-gold-22669649
Can AAOG help in this respect?

Irish
You have nearly a proved undeveloped oil field there that require minimum expenditure
to develop. Look how many oil bodies are lining up and are killing themselves to own it,

Tiburn
Zengas was well known poster on ADVFN. He seemed to know Congo well. He has just posted
that the Congolese Minister oh Hydrocarbon did not agree to the sale of AAOG assets to Zenith
and the field was run by Congo National oil co.

Interesting post by ZENGAS on Zenith bulletin board which says that the Congolese Minister of Hydrocarbon did not agree to the sale of Tilapia to Zenith. The world has not abandoned its principles and values. Well done Sir.
" Official the Congo's national oil company Société Nationale des Pétroles du Congo took over the field after the minister of hydrocarbons Jean-Marc Thystère Tchicaya refused to accept AAOC Congo's sale of the asset to Zenith Energy in a letter dated 4 June (Africa Intelligence, 17/08/20)"

bbr391
The majors have been operating in Congo for tens of years and most of them do not do workovers or rehabilitation work. It is probably a good place for ZEN to be in Congo to work on these fields at this time. Also ZEN helped toward stopping AAOG dismemberment resulting from
withholding funds by government. So probably some one will reward them.
old field.

Tiburn
You can fool market, you can fool shareholders, you can fool some people but you can't
fool every body. These African know that to develop Tilapia you need money and technical expertise both of which ZEN do not have. Also The African need to develop their country through foreign investment and liquidating AAOG shareholder in not in line with this objective.
So making PPE(personal protective Equipment) did not help. I am amazed at the extent some
people go through to achieve financial success.