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How do we know the new zen asset is next to atog and not part of the atog asset itself? Atog financed in exactly the same way with an off take agreement and charge back. Look at recent entries at Companies House.

irishmouse, doing fine thanks - AAOG shareholding excepted!

Whilst all oil shares have been hammered recently ZEN is down around 65% since the Tilapia deal was approved - simply amazing destruction in value. Apart from a few loyalists (who them?) most of their shareholders are furious, particularly with AC.

Tiburn - I hadn't seen the latest Q&A in the ANGS website. Another lot of fairly disgruntled shareholders though. Their reply below is fairly open but does put a bit of spin in matters.

""Paul Forrest who runs Forum Energy Services Limited is well known to Angus and, having bid successfully for the Saltfleetby Asset, brought Angus into the transaction on terms already disclosed. The joint Directorship has been disclosed to the Board of Angus and these arrangements do not present any conflicts or confidentiality concerns as the Orwell Group Limited is not involved in the hydrocarbon industry. As such there is no need to disclose any further information.""

It is like Paul Forrest introduced them (Angus) to the Saltfleetby asset, but for the previous three years they had already been sharing a registered office address with the owners Wingas Storage UK LImited, which became Saltfleetby Energy Limited when the Russian Federation sold out and Paul Forrest took over.

Of course we know very little about Paul Forrest, even though he is CEO of our 24% shareholder. FES hasn't even got a website.

I know I made jokes about Paul Forrest and his mate Derek doing double glazing and a bit of landscaping, but Paul Forrests only previous oil and gas experience, so far as I can find, is with Forum Energy Limited the PXP subsidiary, which until 2015 was listed on the LSE.

And yet from scratch, as a one man band he (supposedly) is successfully bidding for UK gas licences and then bringing in other players to operate the licence.

I don't think so.

And Saltfleetby Energy actually had £14.2M cash on the books as at the last accounts (31.12.2018 - approved 17.6.2019 - immediately prior to the sale to FES). They paid around £2.5M to Angus to take on 51% and operate the field, which was equivalent to the decommissioning costs, but now they have decided to recommission it and Angus should have cash left over from that.

The remaining £12M or so is equal to the abandonment costs, so I assume that money has stayed in the Saltfleetby accounts and was not taken back by Gazprom on sale. If the field is now not to be abandoned for another 10 years or so, then some of that money could be used for other purposes.

It is also noticeable that until recently Paul Forrest's Companies House records gave the impression of a small time accountant. All those previous directorships have now been abandoned, including his own accountancy firm to concentrate on Forum and Orwell. Moving up in the world?

I wonder how long we'll have to wait for that TR1?

Courtesy of some hints on the ANGS bb there are a few interesting links floating around -

We have Forum Energy Services Limited

https://beta.companieshouse.gov.uk/company/09903234/filing-history

with Paul Forrest being sole director and having sole control (75%+ shareholding) taking a

a) a 24% stake in AAOG (us!) and

b) 100% of Saltfleetby Energy Limited (which used to be Wingas owned by The Russian Federation) with again Paul Forrest being sole director and £12M in the bank, which in turn owns 49% of the Saltfleetby Gas Licence pedl005 having sold off the remaining 51% to Angus Energy plc.

http://www.angusenergy.co.uk/management/

Angus Energy plc has been going for quite some time and has as one of its directors Carlos dos Santos Fernandes appointed to the board on 6 March 2019.

Forum Energy Limited (which used to be a plc) and which is owned by PXP Petroleum of the Philippines used until 31st May 2019 to have Paul Forrest as secretary published a Confirmation Statement on 1st April 2019 showing Philex Petroleum Corporation (now PXP) as the major shareholder but also a Mr Carlos dos Santos Fernandes on the shareholder register, who appears to be the same Carlos dos Santos Fernandes who is now Angus Energy FD.

In addition since March 2016 the r/o of Angus Energy plc has been Building 3 Chiswick Park 566 Chiswick High Street London W4 5YA and between 2009 to October 2018 the r/o of Wingas Storage Limited, now Saltfleetby Energy Limited, was, yes you've guessed it, Building 3 Chiswick Park 566 Chiswick High Street London W4 5YA.

So quite a few links here between the Saltfleetby players and between Forum Energy Services Limited who own 24% of AAOG and Forum Energy Limited the latter whose owner, PXP, appears to be at pains to distance that company from the other Forum - our Forum.

It makes you wonder why PXP want "their" Forum Energy Limited not to be linked to "our" Forum Energy Services Limited when there are some fairly clear links in terms of ownership, shareholdings, personnel, addresses and previous business relationships.

No smoking gun, but I do smell a whiff of cordite in the air.

" Forum has the clearest vision and best contacts that will enable it to deliver value for shareholders in the long term." - Sarah "I haven't a clue" Cope

"Paul Forrest, Chief Executive of Forum, commented "Forum has, through its investors and network, access to sources of funding as well as exciting and viable projects in the natural resources sector."

Why so secret?

...you learn who has been swimming naked.

I would say that it is difficult to see how ZEN can raise sufficient monies to complete some or even any of its present projects.

Following a week of historic falls on the S&P this last week, only exceeded by those in 2008, 2001, 1987, 1940 and during the Great Depression risk will be most decidedly off, and expecting people to pile into ZEN bonds, even at 10% return, when the oil price is collapsing, I think is a step too far.

History teaches that markets are likely to bounce next week, prior to one or quite possibly more further plunges.

Markets appear to have turned against even the strongest oil stocks and ZEN is if anything something of a weakling, present market cap, for all the heat and light, around £6M.

So I cannot see how the authorities in Congo will approve the ZEN deal or extend the licence, unless they are completely desperate. And even if they did ZEN could never get it drilled. Their recent RNS's all give the impression of being written by DS - total spin, no substance.

And bear in mind when the tide goes out here on the FTSE, it goes out much further in Congo, who are almost wholly reliant on oil revenues to keep the place ticking over. So less chance on monies from SNPC.

So that does indeed leave our 24% shareholder Forum Energy Services Limited - who may or may not be owned by PXP Energy Corporation (which does own Forum Energy Limited) whose market value is still £192M, despite crashing by 65% over the last year of so - as probably our only hope.

What are they up to exactly? I really don't know.

But this article

https://www.rappler.com/business/215445-dennis-uy-manny-pangilinan-pxp-energy-deal

suggests that Dennis Uy's Dennison Holdings owns 15% of PXP and Dennis Uy's other company Phoenix Petroleum is doing an on/off deal with CNOOC to build a gas import terminal in the Phillipines in which PXP has the right to a 49% stake.

Tilapia may likely be of interest to New Age in Congo, as New Age is now owned by CNOOC and Tilapia was originally carved out of New Age's Maritime III licence.

It is a long shot - but if the ZEN deal falls through then Forum control AAOG and Tilapia which could then be used as a sweetener for New Age in PXP's dealings with CNOOC in the Phillipines. Congo would not turn down a transfer or licence extension to New Age or CNOOC.

If they got a decent price for Tilapia, then we might just be worth something.

And as itisagame (DS) pointed out (sort of) the latest share issue for £44K is equivalent to 4.92% of AAOG so we will find out, by virtue of our ever collapsing share price, very shortly (if they stick to the rules?!?) who our 4.92% or 7.91% shareholder is. and if it is 7.92% then that same outfit got the 2.99% last month.

And if Tilapia is worth something, then that cheaply acquired 7.92% shareholding (cost £90K) would have been a great deal.

Cue TR1.

"Had a reply from PXP, guess I was wrong... but it is the same Paul Forest.

“No, Forum Energy Services is NOT an entity owned by PXP. Mr. Forrest was previously corporate secretary of Forum Energy Limited which is the subsidiary of PXP. “"

From "itisagame" - one of his many avatars.

As is Papa "George Sneddon" 9911.

(Cue howls of anguish)

Anyway...Paul Forrest.

That Paul Forrest - who used to work with PXP subsidiary Forum Energy Limited (until 2015 listed on the LSE) , but is now CEO of Forum Energy Services Limited, (which isn't officially owned by PXP but does have a very similar name to a company which is owned by PXP) which just happened to buy Saltfleetby Energy Limited a few months ago from The Russian Federation (never heard of them) which in the last accounts just happened to have £12 million in its bank account and which is sitting on £60 million tax losses.

And of which Sarah "I haven't a clue" Cope said on 20 January 2020 (a whole month ago) "Forum has the clearest vision and best contacts that will enable it to deliver value for shareholders in the long term".

Bearing in mind ex CEO of AAOG Alex MacDonald, together with a much better financial package, was passed over in favour of Paul Forrest, those contacts must be quite something.

Maybe it was one of his other companies which attracted Sarah - like Ground Up (North) Limited - looks like gardening setup, or Conceptual Windows Limited - presumably double glazing.

Maybe Sarah wanted a bit of landscaping doing, or a new set of windows.

Paul Forrest said "Forum has, through its investors and network, access to sources of funding as well as exciting and viable projects in the natural resources sector that could be suitable as acquisition targets for AAOG."

Doesn't sound much like a guy with a spade and tape-measure to me.

That sounds like a guy who could buy assets off Prez Putin and has the backing of a multi national oil company.

And hang on a minute "through its investors and network" - investors, what investors?

According to Companies House it is just Paul Forrest and his mate Derek going 50/50 on Forum Energy Services Limited.

https://beta.companieshouse.gov.uk/company/09903234/persons-with-significant-control

It seems to me some people are trying to have their cake and eat it.

On the one hand it is Forum Energy - vision, network, projects, funding - dealing at the top table with Mad Vlad.

On the other is Paul Forrest and his mate Derek with a couple of spades and a beat up Land Rover doing landscaping and drilling for a bit of oil on the side.

And PXP says (allegedly) a la Manuel "I know nothing".

It is one or the other.

Can't be both.

But Forum Energy Services Limited - or rather their very shy "investors" - don't appear to be ready to make a move just yet.

I hadn't notice The Times article previously -

https://www.thetimes.co.uk/article/dotcom-financier-robert-bonnier-linked-with-sentiance-bid-6ljrwkcg6

Makes interesting reading -

"A financer best known for his rise to prominence during the dotcom boom and for the fall of Scoot.com during the bust that followed is behind a cash shell attempting to take control of a Belgian technology company and to list it in London.

Robert Bonnier, 50, made a name for himself as the former chief executive of Scoot, an online directory valued at more than £2.5 billion during the dotcom boom. His stake in the business was valued at about £130 million before his star, and that of the business, fell early in the new millenium. Scoot’s main business was sold to BT in 2002 after its shares slumped and it ran out of cash.

He was fined £290,000 by the City regulator in 2004 for misleading the stock market a dozen times in a seven-week period over his interest in Regus, the office services group. He has since made shortlived attempts at stock market comebacks, including through Future Internet Technologies.

Now it has emerged that he has links with Mesh Holdings, until recently listed on the Nex exchange, which has been buying shares in Sentiance, an automated intelligence company based in Antwerp. It was planning to take a majority stake and to submit a draft prospectus to the Financial Conduct Authority to seek admission to the London Stock Exchange’s main market, but missed a deal deadline.

Mr Bonnier does not appear to be directly involved in Mesh, but Nashida Islam Bonnier, his wife, is the largest shareholder, with a stake of almost 10 per cent. Other investors include Chris Akers, who sold Sports Internet Group to Sky for £300 million in 2000. He holds 3 per cent. Mr Akers worked with Mr Bonnier at Swiss Bank Corporation and introduced him to Scoot’s founder.

Mesh’s chief executive and chairman was Marc de Smedt, 58, a former director of Scoot, but Mesh said yesterday that he had left and had been replaced as chairman by Michael Power, 55, a non-executive director.

Mesh was incorporated in 2000 and has changed its name several times. It raised £500,000 in November 2018 at 16p a share when it agreed to invest in Sentiance and to change its strategy to “disruptive investments”.

It completed a £5 million private placing at 35p a share in June and the next month agreed to exercise an acquisition option to increase its stake in Sentiance to 80.05 per cent. The acquisition was to be carried out through special purpose vehicles that are owned by Mr Bonnier’s wife.

In October Mesh secured an extension to the option until November 5 after increasing its stakes to 16.8 per cent, making it Sentiance’s largest shareholder. It said at the time that it planned to submit a draft prospectus to the Financial Conduct Authority to list on the main market in London."

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