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I think the picture they tweeted with the results of the MSS survey is gold dust.

No time to amplify now but probably will over the weekend.

If you interpret it in a particular way, with a little help from Google Earth and the various He1 presentations, then it is all there.

They could have chosen to publish the picture without overlaying it onto GE, but they didn't.

I think that picture alone is sufficient to explain the renewed interest in the shares...

Hi dai,

Sorry I haven't had a chance to verify the trees in the background (not much time this weekend), but I'm 99.9% certain this is Tai-1 for various reasons.

1. There is a dot on the latest released photo for the MSS survey at this location - why?

2. Looking at the location on GE, you can see a squarish pad with two small discoloured areas within it around 20 metres apart - we were told Tai-2 was 20 metres from Tai-1.

3. We were told that the roadway to the pad sits on a seismic line, this is shown in the MSS imagery, and the seismic line can be traced on GE leading NW from the pad for several miles.

4. The roadway from the pad leads from the pad in a SE direction, this would be the shortest route to the Tanzam Highway which then leads to the coast.

5. Most crucially the latest GE photo is dated 30-9-2021. If you use the historical imagery tool on GE the next earliest photo is dated 23-3-2019 - in this photo there is no pad, no roadway, and no seismic line extending NW from the pad. This is a location where not much happens on the ground from one year to the next (or even one decade to the next) so these new indicators on the ground since 23-3-2019 suggest something major has happened at this location.

Hence this is Tai-1.

Also of interest is that the MSS survey showed helium present at surface around 400 metres +, from the location of Tai-1. This would accord with the figure 5.1 on p 91 of the prospectus where the fault line, and hence significant seepage of helium, surfaces at a little distance from the location of the underlying helium reservoir. Obviously we don't have access to the detailed geological information, but 5.1 could indicate what we are seeing at ground level in the MSS photo.

Again suggest that Tai-1 was drilled in the right place and Tai-3 will likely utilise the same pad, should they decide to do that.

One question, what happened to the shallow 400 metre drilling, is that going ahead - it was still referenced in the November 2021 presentation?

Part 1/

So here goes...

On 15 April 2005 the operator of the SGF, Wingas Storage UK Limited (WSL) changes its registered office to Building 3 Chiswick Park 566 Chiswick High Street London W4 5YA .

On 1 June 2015 a new company Angus Energy Holdings Limited is created. On 18 March 2016 its registered office is changed to Building 3 Chiswick Park 566 Chiswick High Street London W4 5YA . On 14 November 2016 Angus Energy lists on the LSE – ANGS, its registered office remaining to this day 566 Chiswick High Road.

On 26 October 2016 the controlling shareholder of WSL is listed as The Russian Federation c/o The Federal Agency for State Property, Moscow 109012.

On 28 February 2017 Wingas GmbH, a subsidiary of Gazprom announces that Wingas Storage UK Limited will be transferred from a JSC to the sole ownership of Gazprom.

The Theddlethorpe gas plan was shut down in 2017 leaving Saltfleetby (SGF) stranded and unable to export gas.

2017/8 major changes in directorships at Wingas relating to persons with Russian sounding names.

15 October 2018 Wingas Storage UK Limited changes its registered office address from Building 3 Chiswick Business Park 566 Chiswick High Road Chiswick London W4 5YA to 20 Triton Street London NW1 3BF.

In early 2019 there was a boardroom coup at ANGS leaving the company in the hands of new directors many of which had former CIS/Russian associations.

On 17 June 2019 SGF transferred from the ownership of The Russian Federation to the ownership of Paul Forrest via a change of ownership of Saltfleetby Energy Limited (SEL) formerly Wingas Storage UK Limited to Forum Energy Services Limited (FESL) .

There are two curious aspects to this, firstly the sole director and secretary to SEL and FESL is Paul Forrest who from Companies House just appears to be a one man band provincial accountant (although he until shortly before FESL existed, was company secretary to a Philippine oil outfit Forum Energy Limited, no relation it appears to FESL). Secondly the SEL accounts show that upon transfer from Gazprom it acquired £14M in cash for “decommissioning costs”, which was allegely the liability cost of decommissioning SGF.

Two days later SEL sells 51% of SGF to ANGS for £1, paying them £2.5M in decommissioning costs for their share, this liability subsequently reduced to £1.75M, and further reduced in the SEL accounts to £700K.

cont/

Part 2

So if decommissioning was to be only actually costing somewhere between £1.4 to £3.5M, what was the purpose of the other £10M+ in cash received by SEL on transfer from Gazprom?

Additionally SEL was handed £61M in losses (having made a huge loss in 2016) to be set against tax liabilities.

Ariund this time there was another Aim listed company in financial difficulties Anglo African Oil & Gas, AAOG, which on 3 July 2019 announced it had organised a fundraising of around £8.5M with EHGOSF. Riverfort made an alternative proposal of an immdeiate £2.5M in immediate cash and upto £5M in deferred shares to be issed at a later date.

This funding was completed on 17 July 2019 with Riverfort, who was also ANGS financier. The funding of up to £8.5M was supposedly to arranged to redrill a highly prospective drill site in Congo, but in reality most of the money was used to pay off pre existing debts.

Hidden in the small print was that the Chairman of AAOG had control of all the shares which were to be issued to Riverfort, even when those shares had not actually been issued or paid for, giving the said Chairman effective control of AAOG.

During the autumn of 2019 AAOG issued several RNS's about contracts to finance and drill Congo, the shares falling from 5p to 2.5p, due to the constant monthly issuance to Riverfort under the financing deal to finance ongoing operations, and payment of debts at AAOG.

On 2 December 2019 ANGS announces that the transfer of ownership of SGF to ANGS/FESL had been approved by UK authorities.

On 11 December 2019 AAOG announces it had run out of cash, had no realistic means of raising further funds, and was curtailing all operations. The shares, predicably, fall to 0.5p.

On 23 December 2019 AAOG announced it had an offer to buy its existing Congo business, and on 27 December 2019 announces an AGM for the sale of Congo to Zenith Energy for £1M. On 6th January 2020 Brian Moritz an AAOG director of 20 years standing, resigns.

On 13 January 2020, following the rejection of alternative offers, the AAOG Chairman uses the unissued Riverfort shares to force through the sale to ZEN.

On 20th January 2020 FESL buys up the remaining shares yet to be issued to Riverfort for 0.5p (a 43% premium to the market price!) for £420,000 using part of the £14M Gazprom bequeathed to SEL.

Issues to note here, I believe, are the timing of the AAOG “we're broke” announcement, just 9 days after the UK approval of the transfer of SGF to ANGS/SEL, the predicatable effect it had on the share price (collapse), the use of the Riverfort shares to force through the proposal to turn AAOG into an “investing company”, which then set the clock ticking on delisting, and following the share price collapse FESL was then able to buy up a cheap 25% or so of AAOG, giving them effective

cont/

Part 3

continued...

control of the company.

Following some delays in Congo, on 4 May 2020 AAOG holds a GM to approve the sale of all of Congo to ZEN for £200,000, FESL using its 25% shareholding to push through the proposal. This sets the 6 month clock ticking on suspension, and the 12 month clock ticking on delisting.

On 8 May 2020, just 4 days later, ANGS files the planning application necessary to re open SGF.

On 23 September 2020 ANGS announces it is negotiating a £12M facility to develop the SGF.

On 4 May 2021 AAOG announces it is to delist the next day.

On 5 May 2021 at 8.00am AAOG is delisted, having failed to find a “suitable” investment opportunity.

That same day, 5 May 2021, AAOG signs an option with SEL to invest £8M in SGF via a share issue, price not disclosed.

On 13 May 2021 ANGS enters into a £12M finance facility to develop SGF, this facility being guaranteed by SEL.

This finance facility is coincidentally roughly the same amount as the remaining amount in the hands of SEL, £12M left to it by Gazprom, after purchase of the AAOG shares and some property.

On 6 January 2022 ANGS announces it is on the receiving end of some form of bid.

I must say the fact that ANGS has always shared the same registered office as Wingas/SEL has floored me somewhat.

The coincidence of dates, times etc and the suspicion that the demise of AAOG, (given its financial problems in mid 2019 the demise is not surprising), the ANGS links has all been carefully choreographed.

I had thought that the scheme went back to around 2017, but maybe it goes back even further, possibly to 2015. The suspicion is that the transfer from Gazprom of the SGF with the £14M cash and large tax losses could be part of a wider scheme (can't really say more than that!).

To conclude, I believe it is the SGF which is the only really valuable asset here, everything else is smoke and mirrors, and AAOG and ANGS are mere pawns in a much wider transaction.

You could even argue that the sole (real) reason for the existence of ANGS was to enable SGF to be developed, and partly financed with AAOG being there to ensure that ownership the asset ultimately ended up in the correct place.

The possibility exists that in the belief of the new owners SEL holds much more gas than publicly disclosed hence this tortuous, tautological means by which ownership is being transferred under a plan which, so far, appears to have had a gestation of some 7 years.

And it ain't over til the fat lady sings.

Only question is, who is the fat lady?

On the other hand I may be barking up the wrong tree completely. You have to make up your own mind.

Hi IM, well spotted - yes it is just a confirmation statement with no updates, filed yesterday.

https://find-and-update.company-information.service.gov.uk/company/04140379/filing-history

Funnily enough I haven't had an email from CH saying there is a new filing, maybe that will come Monday.

CH isn't behind a paywall, so you should be able to access.

I had covid the week before last, so was able to do quite a bit of research, posting etc, but was back to work this week, hence the (relative) silence.

European gas prices may be about to rocket (again) over the next month or so, interesting that Saltfleetby is in play now and that there is continued interest in keeping AAOG 'alive', whilst everyone associated is quiet as a mouse (but not IM!), website now completely offline, director uncontactable etc.

May post again over the weekend, if I have time, partly along the theme at the end of my timeline -

12-10-20- Forum creates new subsidiary Saltfleetby Energy Europe Limited
4-11-20 - AAOG suspended
4-5-21 - AAOG (to) enter(s) into agreement with Saltfleetby Energy to buy 25% of Saltfleetby gas field for £8M in shares
5-5-21 - AAOG delisted
13-5-21 - ANGS agrees £12M loan facility for Saltfleetby with Forum Energy Services as guarantor
17-5-21 - Forum registers charges at Companies House

From 4-5-21 - "as a result of the Company having not yet made an acquisition, or acquisitions, which constitute a reverse takeover under the AIM Rules, or having otherwise sought re-admission as an investing company with the attendant requirement of raising at least £6 million, the cancellation of the admission of the Ordinary Shares to trading on AIM is expected to occur at 7.00 a.m. on 5 May 2021 (the "Cancellation")"

"The Company will tomorrow 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."

Why was it necessary for AAOG shares to be cancelled from admission on 5-5-21, a matter of a few hours prior to it entering into the Saltfleetby option and just a week before the £12M ANGS financing came through, which financing had been under negotiation for 8 months plus.

Could it be that had it entered into the option agreement BEFORE cancellation it could then have satisfied some (or maybe all) of the requirements of an investing company and the shares not have been cancelled?

The last thing Forum (or its backers) may have wanted is AAOG shares being traded at this present time, and thus acquiring an increased value via speculation, which may have resulted in them having to pay more for newly issued shares whenever an RTO was carried out. The cancellation was a necessary part of their scheme, hence all the haste to get rid of Tilapia, at whatever cost, exactly 12 months prior, which then set the clock ticking...

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