Member Info for skittish

Just a few observations on recent events, in no particular order.

I'm not particularly concerned by the words themselves used in the RNS.

It is typical "lawyer speak" using their arcane language, hedged about with this and that, which is what you get when the lawyers write your RNS's for you.

What concerns me more is that

1. Obviously the requirement to "perfect" the security was not anticipated by either Anglo or Zenith, otherwise they would not have been talking about end January for the loan

2. What other unanticipated surprises may there be coming down the line Congo-wise - obviously the Congo experience of the three current directors is limited solely to running AAOG into the ground - and bearing in mind this is a complicated deal, no-one on either board has any experience of dealing with SNPC & Co

3. It is clear that current expenditures at AAOG are currently around £180K per month, and the £360,000 sale of 20% of the issued share capital to Forum will be gone in around 2 months.

Point 3 is maybe not surprising if AAOG is still funding the Tunisian and ATOG companies by providing them with offices, addresses (see Companies House), and who knows what else - bearing in mind we already appear to have funded their due diligence, "success fee", and for a time all their drilling engineers.

The Anglo Tunisian Oil and Gas Limited charge dated 8th January 2020 is now available to view

https://beta.companieshouse.gov.uk/company/11899484/filing-history

The document gets the Registered Office wrong - it isn't 3 The Paddock (DS's old haunt) it is 12 Berkeley Street, Mayfair - AAOG's offices and was clearly prepared prior to JB jumping ship.

And it also reveals two new companies ATOG Petroleum Limited (registered in the opaque British Virgin Islands) and ATOG Ventures Limited (also probably likewise). Conveniently being in the BVI it is impossible to tell by investigation who the shareholders of those companies are, although the document does reveal that the 125,134,652 shares of $1 in ATOG Petroleum are held by Anglo Tunisian Oil and Gas Limited.

The charge secures the money lent to purchase the assets and future monies to develop the Tunisian assets and is a charge over the shares in ATOG Petroleum Limited which obviously is the actual owner of the assets.

As for AIM regulation I'm sure DS and JB and the other directors will have anticipated all manner of complaints and will have dealt with matters in anticipation of such complaints - that said they appear to have been dead set against Alex MacDonald or Align getting anywhere near minutes of board meetings etc. And if it turns out that TLP-103C could never have produced due to it being damaged then many of the 2019 RNS's could definitely be considered to have been misleading. Time will tell - assuming of course Zenith ever drill Tilapia.

As for Forum Energy Services Limited I'm surprised at their lack of recent activity.

They buy 20% or so of the company and then ........nothing.

Obviously it didn't really cost them that much and maybe they are awaiting further information concerning Askells and any other matters which may come out of the woodwork prior to committing further. Bearing in mind 20% of the shares get them three board members, that is quite some deal.

As someone pointed out earlier it is worth following Angus Energy to see the present state of play with licence PEDL 005.

As has been pointed out earlier at 31st December 2018 Saltfleetby Energy Limited

https://beta.companieshouse.gov.uk/company/00953066/filing-history

(owned by Forum) had £14.7 M cash on its accounts, presumably to cover £12.8M of decommissioning liabilities on the field. Saltfleetby Limited also had an eye watering £61.7M of tax losses on its balance sheet, making Anglo's accumulated £22M losses small by comparison.

Following the year end accounts Angus bought 51% of the Saltfleetby gas field and Saltfleetby Limited paid Angus £2.5M to cover the costs of reconnection or abandonment of the field to be paid by Angus.

It was unclear at that time whether the field was to be reconnected or permanently abandoned - thus incurring decommissioning costs.

Angus has now (today) decided to reconnect the field and an earlier RNS stated production sometime in summer 2020.

If profitable production can recommence then decommissioning would be potentially put back by many years and then that circa £12M still sitting in Saltfleetby's accounts may be going begging.

Quite who is behind Forum/Saltfleetby remains unclear, but I still think that there is some hope for long suffering Anglo shareholders, even though it may come with considerable dilution.

What Forum is waiting for I'm not sure, but presumably they would prefer to make their move sooner rather than later.

And why go for Anglo in the first place, with all its accompanying baggage?

A clean shell would have been much better, surely?

Unless there is another objective.

And I'm quite sure DS & Co still haunt these boards, possibly in several guises.

Presumably the Tranche 1 share issue at 40p completed on 24th January 2020.

Confirmation tomorrow with revised (upwards) shareholdings for Nigel Wray and Chris Ackers?

Tiburn - it is difficult to know where to begin with the Russian power play theory.

That the Russians are interested in Congo there is no doubt, but I doubt if it was really necessary to nearly bankrupt Anglo in order to achieve their objectives of taking Tilapia, and putting one over on the Chinese.

That Tilapia is valuable, if drilled correctly appears quite likely. Alex MacDonald appears to think so. The market doesn't, perhaps emphasised by the fact that Zenith share price has gone nowhere and the value of that company is barely £6 million. And they are rescuing us!

But they do appear serious about taking over Tilapia -

https://www.africaintelligence.com/aem/exploration--production/2020/01/21/tilapia-zenith-energy-snaps-up-one-of-gabon-s-star-advisors,108390292-gra

not behind a paywall but you do have to log in.

Also interesting that Zeniths new well connected adviser André-Brice Boumbendje used to work for Maurel and Prom. Maurel and Prom used to own Tilapia. Maurel and Prom also used to own 75% of Marine III which they later sold to New Age. Small world.

But again the market appears to ascribe no value to the recent deal - so is it a feint? No doubt the next 12 months will tell, but with the put and call option I can't see Zenith being in any hurry to develop Tilapia.

Were Sefton and Berwick just incompetent and way out of their depth? I have difficulty in believing that they were so incompetent that they breezed through £30 million of shareholders money and achieved no result, apart from to live the high life for 3 years, and get Tunisia for themselves.

Certainly all the prevarication from April 2019 onwards and the massive write-offs in the last full year accounts suggest that they knew the game was up some time ago. The ISA financing was bound to push the price down without news leaving the company vulnerable and without resources.

Accrued tax losses shown in the last accounts amount to £24 million, probably nearer £30 million now. This alone, would make AAOG a tempting target.

Paul Forrest - who is he? Companies House suggests that the companies of which he is a director are typical of a small time accountant, assisting very modestly sized businesses. Certainly nothing which suggest "the big time" until the appearance of Forum Energy and Saltfleetby.

The previous registered office 3 Linkfield Road Isleworth is a very run down property.

So Mr Forrest is a front. Question is for whom?

This may give a clue.

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

Mr Derek Sipke Brouwer

Quite who he is - another front for someone?

The next accounts for Forum are due by 29th February 2020, so we may find out something then.

As for this - one can but dream..

https://beta.companieshouse.gov.uk/company/00953066/persons-with-significant-control

But one thing is for sure - it is all very odd.

It is PEDL005 on the left side you need to click on.

I must say when I saw the RNS concerning the sale of the 82 million shares at .5p I was furious.

One week the shares are used to defeat the interests of private shareholders the next week sold to some opaque company for peanuts.

There is no doubt that David Sefton and James Berwick are corrupt liars, who have raped the expense account, and lord knows how many £ millions are missing from Anglo's bank account.

And if seagreen on the other side is to be believed then James Berwick's glittering military career is a work of fiction also, one worthy of Enid Blyton. Maybe he was in the Catering Corps - but probably doesn't know one end of a gun from the other.

And I bet he hasn't even had to change offices, but still swans in and out of 12 Berkeley Street, Mayfair, just as before.

And I would include the rest of the board with them (with the notable exception of Brian Moritz who probably fought a lone and lonely battle to protect shareholders interest), but maybe (only maybe) I'm rushing to judgement.

So we have been lied to by professional liars, and those who were in receipt of phone calls and emails from Berwick prior to the December bombshell will know exactly what I mean.

So where to now?

Around 20% of the shares are now held by Forum Energy Services Limited

https://beta.companieshouse.gov.uk/company/09903234/officers

A company with one director, one employee and 2018 accounts reveal assets of around £10,000. So a one man band operated since 2015 by Paul Forrest, although he only owns 25% - 50% of the shares.

So far so opaque.

Clearly it is intended that there be some sort of RTO at some stage. Will shareholders be diluted - very likely.

So what could Paul Forrest, one man band do for us, and why was his offer considered "better" than that of Align and our ex CEO Alex MacDonald whom the vast majority of pi's would have preferred.

Forum Energy Services Limited is registered at Second Floor - 32 Grosvenor Gardens London United Kingdom SW1W 0DH on 8th January 2020.

Other companies are also registered there one of which is Saltfleetby Energy Limited, again with Mr Paul Forrest as the sole (present) director.

Forum Energy Services Limited is listed as having significant control of Saltfleetby Energy Limited since 17th June 2019 and owns more than 75% of the shares.

https://beta.companieshouse.gov.uk/company/00953066/filing-history

Prior to Forum Energy Services limited buying the company on 17th June 2019 the person with significant control was listed at "The Russian Federation".

This web page gives more details of the company -

https://suite.endole.co.uk/insight/company/00953066-saltfleetby-energy-limited

scroll down and you are directed to the company website, which immediately redirects to

https://www.gazprom.com/

Continued/-

Continued/-

Now I'm not suggesting that we are about to do a JV with Gazprom, and after all the Russkies did sell out to Mr Paul Forrest in June 2019, and all the Russian directors resigned on that date, but it may be that Mr Paul Forrest is slightly better connected than may at first appear to be the case.

And Saltfleetby Energy Limited owns 100% of the PEDL 005 Saltfleetby licence area.

So there may be something on the horizon.

"I still dont know why SNPC didn't just buy the stake, its cheaper than the debt owed to them and would give them the controlling interest, they can drill mengo or whatever as they please"

But that isn't the "Master Plan".

The Master Plan is to secure 56% Tilapia ultimately for Sefton and Berwick.

Hiving it off out of Anglo is just the first stage.

How do you do that?

Well, in easy steps.... -

1. Bankrupt the company.

2. Have 20% of the shares under the control of the Board so as to swing all votes your way.

3. Sell off 80% of the asset to some dodgy Italians for £500K, whilst retaining 20% for "future upside" just to persuade any wavering pi's that there is some hope (there isn't - at least not with SC, JC and PB in charge).

4. Do it over Christmas so there aren't any competing offers - bash any opposition as much as you can, if, and when they get involved for example Align.

5. Mortgage the remaining 20% of Tilapia for a quick £250K advance from the dodgy Italians , supposedly to be repaid from the £500K purchase price.

6. Just to make sure you can never pay the £250K back, produce a claim from your previously very dodgy Tunisia deal for £1.7M (NB. got to make sure Anglo doesn't get the Tunisia assets, but sure does get the "success fee" bill from the brokers of the deal)

7. The brokers intercept the £500K for Tilapia - Anglo can then never pay the £250K back, so the 20% is added to the 80% and Zenith sure fire does get 100% of the Tilapia interest.

8. Just to make absolutely 100% sure - enter into some really weird put and call option just in case, heaven forbid, Anglo can pay back the £250K.

9. Use your 20% shareholding to get the deal through.

10. Whoops! Zenith get 100% of the 56% - after all you don't want to end up with a divided share, and having your ex company sticking their noses in for years and years down the line.

11. Get Zenith to muse enthusiastically about 4000bpd and the Djeno, and Berwick's drilling master plan all of which will wind up SNPC no end and make drilling TLP-103C-ST go nowhere fast.

12. Get Zenith to bung SNPC a few million dollars to renew the licence

13. All the while having done some dodgy option deal with Zenith allowing some obscure BVI or Cayman Islands company (or some such) with an opaque ownership structure to buy the Tilapia asset several years down the line.

14. Whilst at all times making sure that you have all the directors do your bidding, that they don't give up the 20% shareholding, and refuse all other offers, no matter how much better they are than the Zenith deal.

15. Make sure no other directors such as Alex MacDonald ever get on the board as they know where all the skeletons are buried and will forensically examine the accounts.

16. Voila! Promising company and asset to basket case in under 12 months.

17. Asset snaffled a couple of years down the line.

So more of the truth comes spilling out.

So even now Align are willing to put up £520,000 to buy the remaining 80 million ISA shares from Riverfort and Yorkville @ .65p and that offer has been rejected by the Board as they have "another bidder".

Bearing in mind that .65p is around 80% more than the current mid price, it would be interesting to see what the "other bidder" was offering for circa 20% of the company.

And, even following the EGM, Align are willing to put in other monies as well to stabilise matters, notwithstanding all the various financial difficulties surrounding Anglo. And have warrants at around 3 times the current sp?

And if Align are willing to put in £520,000 for 20% of the company, that values the whole of the company at around £2.6M.

Our current market cap is £1.4M

But this board have just sold 80% of our only asset for £500,000! And mortgaged it for even less, £250,000!

Let us see who the "other buyer" is for those 80 million shares and what they are offering.

I'm not going to hold my breath though on another RNS "explaining" the situation.

One thing is for sure, the board appear determined to keep hold of those 80 million shares until the bitter end, as without them they lose the power to direct the company and run roughshod over the interests of the many other shareholders in this company.

Those 80 million shares, which are not paid for, and whilst issued are not in the market, control the voting, and had they not been in the hands of Sarah Cope at the recent meeting, the sale to Zenith would have been overwhelmingly defeated.

http://www.aaog.com/archive/circulars/GM-proxy-votes-130120.pdf?v=b

The 80 million keep control of the company in the hands of this crooked board, even though they themselves have never spent a penny on a single Anglo share, and they are desperate to hang onto them to keep the truth from coming out.

The truth about such matters as -

1. How come we have a £1.7M bill from Askells?

2. How come DS and JB insisted on going for the Djeno when -
a. our state partner SNPC wanted the Mengo?
b. and SNPC said they wouldn't pay the £5.3M if we went for the Djeno?
c. why were shareholders never told SNPC's view?

3. Where did the £2.6 million from Miton go?

4. Why were all "our" engineers transferred to the Tunisian company - and why were we never told?

5. Why are the Tunisian companies all shown as resident at 12 Berkeley Street, Mayfair when that is the office address of Anglo?

6. Why were we told there was no money left, only when there was literally no money - at all - left?

7. Is James Cane really on £240K per annum plus perks when our market cap is only £1.4 million?

8. Why were directors of the company trolling on bulletin boards - and ex directors continue to do so?

And that is just for starters.

Papa9911 - I'm sure you will appreciate, the more know about the goings on the better from a Karma point of view.

And The Times is already on the case - article from 31st December 2019 - I'm sure they won't mind me posting it in full as it is a few weeks old (paywall).

They refer to a rumour, but don't actually say what the rumour is, looks like the article has been eviscerated of the juiciest bits, no doubt on the advice of lawyers (a la Maxwell) - no doubt DS had an opportunity to comment, no doubt the lawyers did the commenting for him.

They do get in the July 2019 £8.25m fundraising though, and 5 months later the entire company was then worth £1.8M - read between the lines.....

https://www.thetimes.co.uk/article/chairman-quits-over-african-oil-group-rumour-fb0dfgp30

And The Times also did an article recently on how difficult it is to hide in this digital age -

https://www.thetimes.co.uk/article/world-of-the-digital-footprint-leaves-spies-with-nowhere-to-run-3bd89l7qz

"The chairman behind the restructuring of Iconic Labs resigned yesterday morning, on the day of its annual meeting, after financial traumas at a company he used to run.

David Sefton said that he was stepping down after “rumour and market speculation” over his role at Anglo African Oil & Gas, an explorer focused on the Republic of the Congo.

Iconic said that Mr Sefton had felt that his presence on the board “was having an adverse effect” on the company.

He became executive chairman of the loss-making, London-listed Iconic last February and set about turning it into a new media and technology business. The company, valued at just over £1 million, acquired Gay Star News, an LGBT publisher, and signed heads of terms to buy Social Alchemist, a social media agency. Iconic had been founded to pursue opportunities in stem-cell storage, including the promotion of a related insurance product. In October, Mr Sefton outlined how those ventures had “never achieved any commercial traction”.

He floated Anglo African Oil & Gas on Aim, the junior London stock market, in March 2017. As executive chairman there, he presided over an £8.25 million fundraising in July before resigning in September.

In the run-up to Christmas, it emerged that Anglo was in talks to sell its key asset in the Republic of Congo for about £1 million to Zenith Energy. The proposed deal was confirmed last Friday, with Anglo saying that it would “become a cash shell”. The group is now valued at less than £1.8 million.

Though Mr Sefton has resigned as an Iconic director, it said that he would “continue to be involved” in its operations and that “David has had no involvement with Anglo” since he left the company. John Quinlan, Iconic’s chief executive, will be interim chairman"

It will all come out in the wash eventually.

RoJo, it was never "his" company as he never owned any shares.

But more importantly he wanted Tunisia for himself, and ultimately got it, when the shareholders allegedly didn't back him, and then also wanted Tilapia for himself.

He got Tunisia, but in the process AAOG have just been landed with a £1.7M bill, and that's after spending £650K on due diligence.

The shares started their final death plunge from 10p in April 2019, which was just a month after the Djeno/Mengo decision was taken and the original Tunisia deal was rejected. Curious99 started his daily trolling that same month, followed tout suite by Angela.

The Djeno was the "obvious" decision or so DS said - well it would have been - but our 44% partner SNPC, who just happens to be the state oil company, was dead against it. But shareholders were never told that.

And as a result SNPC said they wouldn't pay. Shareholders weren't told that also.

So that was a quick £5.3M down the drain - or held on account until the magic word M-E-N-G-O was uttered.

And as a result the ISA would never work either, as no good news was ever intended to be forthcoming. But no shareholder was ever told this.

Although both Curious and Angela both seemed to know the intent and effect of these things.

And AC is at it again - mentioning "Djeno" and RNS's about 4,000bpd - which are just guaranteed to wind SNPC up something rotten.

And then after the last fundraising the £2.6M from Miton was all spent - on experienced drilling engineers - who just happened to all end up at Anglo Tunisian Oil and Gas. Shareholders weren't told that either.

And shareholders weren't told about Sefton's bottles of wine at £3K a bottle either on the flights to the Congo, and bragging about it.

That was meant to be spent on drilling.

And there have been lots of recent filings at Companies House to reflect the recent changes.

But what hasn't changed is the addresses of the Tunisian companies, which as of today are all still at 12 Berkeley Street, Mayfair - rent no doubt still paid by AAOG, but others getting the benefit.

Anglo African Oil and Gas Limited - 12 Berkeley Street, Mayfair

http://www.aaog.com/

Anglo Tunisian Oil and Gas Limited - 12 Berkeley Street Mayfair

https://anglotunisianoilandgas.com/

https://beta.companieshouse.gov.uk/company/11899484

https://beta.companieshouse.gov.uk/company/11899484/officers

ATOG Midco Limited - 12 Berkeley Street, Mayfair

https://beta.companieshouse.gov.uk/company/12270869

https://beta.companieshouse.gov.uk/company/12270869/officers

ATOG Sahara Limited - 12 Berkeley Street, Mayfair

https://beta.companieshouse.gov.uk/company/05247439/officers

You would have thought the existing directors would want to distance themselves, and would insist on that address not being used, but no, they are still too close, far too close, to Sefton & Berwick - the crooked Tunisia Two.

But as yet the plan is not even half complete.

Angela6611 and curious99 were both David Sefton, trolling his own company.

I suspect that is why admin has now removed both. He probably also has other avatars, but they appear silent at present, job done.

As I have said for the last month or so, since March 2019 (which was when the "Djeno" and "Tunisia" decisions were taken, and Angela6611/C99 started their regular trolling) this company has been designed to fail. And well designed at that.

Money coming in from SMP? I don't think so.

All SMP have to do is ask for security for costs prior to the case going forwards - ie AAOG have to stump up a load of money to pay into court, as if AAOG lose and SMP win, SMP will be mightily out of pocket as they're unlikely to get any money back off AAOG - and then the Paris court case is going nowhere fast

AAOG has no money to pay their own legal fees, let alone those of SMP if they lose.

Especially if we are to believe that James Cane is on £240K per annum, probably nearer £300k if you include expenses and pension etc.

And if ************* is right there is a £1.7M claim coming in post haste from Askells.

And people think that DS didn't design the Tunisia deal so that AAOG wouldn't end up with the success fee bill from Askells? He made sure AAOG didn't end up with the assets but did end up with the bill.

And the 3 directors who remain Cope, Cane and Beck are all DS appointees, and be in no doubt he remains in charge of this company, whatever Companies House says.

The only hope that this company has is a complete clearing out of the board - and whilst that is not impossible, it is probably unlikely at present. I live in hope, but there are probably too many skeletons about.

"Angela" always did "her" 5p-4p-3p-2p-1p-0p bit (and yes, I freely admit that I was one of the non believers) but the end game was always 0p, and we're not there yet.

Maybe DS is a bit Jekyll and Hyde. CEO DS is charming Dr Jekyll, but his alter egos are the terrifying Mr Hyde.

And "Angela" also said DS and JB were going to snaffle the Tilapia asset.

So before any Zenith shareholder gets excited about drilling towards 5,000bpd per well - hold your horses. AC is already talking about drilling the Djeno, the same plan JB came up with in the summer. That is exactly the opposite of what SNPC want. So good luck with that one. And who ever heard of a CEO needing bodyguards at a GM ?!?

So I wouldn't be surprised if Tilapia wan't quietly hived off to some obscure BVI or Cayman Islands company with opaque ownership sometime next year - but we all know who will be behind it.

Is there commercial oil at Tilapia? Probably.

Hence New Age divesting everything in Africa except Marine III. And Wing Wah has now moved its rig from "N3" and it now appears to be at "C", which was first drilled mid 2017. Now you wouldn't re drill if there wasn't oil there - Mengo only, mind.

Board clear out - the only hope.

I haven't posted much recently, as all the corporate activity had my head spinning.

It is possible that ZEN have just got themselves the deal of the century, if indeed the oil is actually there and they can get it out.

There was a nice clear view of Tilapia this morning, so here it is - if there are any Zenith shareholders lurking then this is what constitutes a clear view!

https://ibb.co/F5C96Sp

I had earlier speculated that in early December 2019 objects had appeared on the pad, whereas it had previously been clear, however that was based only on a single clearish image.

Today's image does indeed confirm that there was activity on the pad in early December 2019, and this is a comparison of images taken on 3rd December 2019, 28th December 2019 and earlier today showing that a number of objects appeared in the first two weeks of December 2019, and that there was some disturbance around the well head of 103C.

https://ibb.co/9p5jhQ4

Going through old images the objects actually appeared between 3rd December 2019 and 11th December 2019.

It is unclear what the objects actually are.

By coincidence the "we have run out of money" RNS was on 12th December 2019, Berwick resigned on 16th December.

So what were they doing in early December? Sweetener for Zenith?

As regards Wing Wah the rig on pad N3 started dismantling earlier this month and has now gone. It was drilling for around 50-60 days so it probably targeted the Mengo. Some equipment has been left on the pad so it was likely a successful drill.

Regarding New Age it looks like they will be getting rid of nearly all their African assets with the exception of a Cameroon licence and Marine III in Congo. They are too valuable to lose.

https://ibb.co/4d3sFgQ

For completeness here is a plan showing where the Wing Wah licence is, and pad N3, and the New Age "leads" on Marine III which just happen to be next to Tilapia.

https://ibb.co/TR9c9z7

It takes a special kind of ineptitude or corruption to destroy something potentially so valuable.

I thought I'd post an email which Mrs Skittish has just sent to Sarah Cope outlining a significant error in the "Notice of General Meeting" which would potentially put smaller private investors, most of whom will be voting by Proxy at a serious disadvantage.

Dear Sarah,

I have been reviewing the documentation on the Anglo African Oil & Gas plc website relating to the EGM on 13th January 2020 - in particular the Notice of General Meeting and your letter.

On page 10 of the letter headed "Action to be taken" it states that Forms of Proxy need to be returned and received by the Company's registrar not later than 11.00am on 10th January 2020.

In other parts of the document it states that the Forms of Proxy need to be returned and received not later than 11.00am on 9th January 2020.

I am seriously concerned that shareholders, in particular smaller private shareholders could be seriously disadvantaged by this error in the Notice of General Meeting, as the majority will be voting by Proxy. Smaller private shareholders are also unlikely to read the document in its entirety and are more likely to refer to the section entitled "Action to be taken" and thus be deceived as to the likely date by which their Forms of Proxy are required to be received.

In the event a larger shareholder were to rely on the date of the 10th January 2020, then I am also concerned that their votes would be discounted.

This error potentially renders the entire voting procedure invalid and open to legal challenge.

Bearing in mind the seriousness of this error and its ramifications to the entire voting procedure, will you allow the EGM to be postponed until further Forms, with correct dates which are all in agreement can be produced.

I look forward to hearing from you,

Yours sincerely,

What's not to like about £12 million?

We have been deluded into thinking there are only paltry returns to be made here, as a result of many months of the falling share price.

But if Align/MacDonald get their deal through then there is a real chance of resurrection and decent returns.

I've just been looking through the 2nd January 2020 AAOG RNS.

Under the Zenith deal we get 11% of Tilapia, no control, lose 80% of the asset and 80% of the £5.3 million and get 5% of those nose diving Zenith Energy shares, together with £83K per month for 6 months.

Under the Align deal we get:-

£100,000 immediately via 10M shares at 1p

£722,000 immediately via the purchase of Riverfort shares

So that is an immediate £822,000.

Then we get the loan of $5M or £4M, so we've almost immediately got £4.8M in the bank.

With that the shares should rise significantly.

Following on from that there is the 120M warrants at 1.5p value £1.8M. These are likely to be triggered soon after the deal goes through as the market will know that with new management the company will no longer be being driven into the ground and the shares will rise accordingly.

So that brings the kitty to £6.6M, probably within a few weeks of the Align/MacDonald deal going through.

Then Alex MacDonald has to say the magic word “Mengo” to SNPC and a further £5.3M flows our way.

That is a total of £11.9M under the Align/MacDonald deal.

So we get £11.9M, keep our 56% of the Tilapia asset, and limited dilution.

Under Zenith we get 11% of the asset, no control, £83K per month for 6 months, £1M when SNPC pays, and 5% of dodgy Zenith shares.

So very roughly under Align/MacDonald we get £12M and keep 100% of the 56% of Tilapia.

Under Zenith we get £2M and 11% of Tilapia.

The Align/MacDonald deal is worth at least 6 times more than the Zenith deal.

Probably in time, multiples of 6 times the Zenith deal.

It really is a no brainer.

Unless you are a board member of Anglo African Oil and Gas plc, that is.

Icing on the cake, DS and JB will be nowhere near the drinks cabinet or expense account.

Under Align/MacDonald there can be a decent return.

As there always should have been in the first place.

Yes - agreed.

Sister SA - do they still own shares? The RNS's and company web page don't agree.

Miton - I'd assume they're furious - £2.6M down the drain in a few months - they're hard headed, but I'm sure Align are in touch with them trying to reassure.

As for PI's, most don't vote, but maybe this will be different.

It would be interesting to know how many shares Align and others allied have bought over the last few weeks since the 12th December RNS. Don't forget Alex MacDonald set up a new company with Matt Thompson 3 days prior - they've been preparing this for a little while, and no doubt knew it was about to go belly up shortly before we knew.

It wouldn't cost much to build up a sizeable holding at these prices, if you really wanted to swing things in your favour.

Further comment will have to wait til tomorrow, I'm afraid.

There is so much going on here that it is difficult to sort out the wheat from the chaff.

I'll give a brief summary, in no particular order, but will probably miss quite a bit out that others consider important.

AAOG down 16% today to not much more than the Zenith deal offer price, suggesting Zenith are in the ascendancy. But Zenith are down 7% - so not a great vote of confidence there.

Brokerman Dan response - why get involved? And where do you start?

Firstly he says it is a proposal to buy the whole of AAOG - it isn't.

He says he is a substantial shareholder in Anglo via "Sefton Resources" - news to me that "Sefton Resources" has any interest whatsoever in Anglo.

He goes on about the two companies being involved with recent creations and share capital of £2 and £100. Well ATOG Sahara which people on here know well has an issued share capital of $1, and has just bought an asset which was worth $114M in 2014.

And just too many other errors to comment on there. And the £600K cash being raised for Anglo is probably less than he fleeced from that bank in an armed robbery all those years ago. Nuf said.

As I see it SC and BM are the "good" guys. JC, PB and NB the "bad" guys. But SC is in a bind. The Tunisia Two have left no money in the kitty. If she goes with Align (which is obviously the better offer for shareholders) and they fail to come up with the money then shareholders get nothing as the company will be bust at the end of the month. Zenith atm is the safer, but much poorer option. So she needs to do good DD on Aligns offer to make sure she doesn't fall between two stools, and we're not all saying in a month's time - "at least with Zenith we'd have got something".

That this is happening over Christmas/New Year is no coincidence. Anyone visited the business district of a major city today? I did. Empty. No one is back til Monday. So if Align are struggling with certain legal details and proofs it is because the Tunisia Two have designed it that way.

I'm surprised - really surprised - Alex MacDonald's letter of yesterday hasn't generated more comment. The Tilapia plan immediately post 103C was to produce from the Mengo by end April 2019. That changed around April 2019 to the Djeno because of the "leaky plug". The CPI confirmed it only because they were asked to comment only on the Djeno option.

Alex MacDonald says "The Ministry have made it clear that if AAOG proceed to drill the Djeno then there will be no cost recovery allowance for this."

Continued/.....

Continued/.....

It is clear now that SNPC and the Congo Ministry have been dead against the Djeno option all the way through. By DS insisting on the Djeno it guaranteed that SNPC would not pay the £5.3M owing or any other sums involved in drilling the Djeno. Nothing in any RNS's about that eh? It is amazing that we got the sums paid that we did.

DS and JB clearly wound up SNPC no end, quite likely deliberately, from April 2019 onwards.

In turn that guaranteed that Anglo would fail - because no £5.3M meant the ISA would also fail, as there would never be any good news. Spend loads of money on crap – like high-ranking personnel you'll never need, court cases etc and Anglo ends up destitute - guaranteed.

No coincidence I feel that April 2019 is also around the time when the Tunisia Two started to go it alone on Tunisia.

Which leads us to the two offers, Zenith and Align. Both appear confident of getting the £5.3M – as neither have any real ready cash. Why so? Because they'll immediately agree to produce from the Mengo, which is what SNPC and the Ministry have wanted all along – low risk cashflow.

They'll need to build trust and respect also, as DS and JB apparently treated SNPC like ****, so that may take longer, but presumably MacDonald will be the man to do that.

Which brings us onto the trolls. Angela says she “worked out” ages ago that Anglo was going bust by reading the accounts. I've already said “maybe”. But you would only know for sure that Anglo was going bust if you knew the relationship with SNPC was wrecked because DS was insisting on the Djeno, whilst they wanted the Mengo, so there would be no £5.3M, no good news, no good ISA returns and everything would be going rapidly south.

That knowledge was not well known – certainly I didn't know it and I can't recall it being posted here.

I don't know who Angela is (sorry luv, but I just can't be bothered going through all your posts to find out – nothing personal) but I'm quite sure all the major players are here, and by that I mean most of the Anglo board, and their predecessors. Curious99? He is DS – look at his posting history, exactly what he says and when he says it and he really started laying into Anglo from end March 2019 onwards.

Very convenient.

And “The Times” has still not told us what the “rumour” is surrounding DS, but I'm sure someone will be on the case, after all that is what journalists do.

Looking forward to that one.

Continued/....

Continued/.....

There are others, here and elsewhere, posting from time to time who are close to the present action - they're not all “trolls” some are now the “good” guys, but may have appeared to be trolling in the past because they knew Anglo had been deliberately set on a course for ruination and were “critical” of management.

If the Zenith deal goes through we are a cash shell, with money for 6 months and 11% of Tilapia. The definition of insolvency is an inability to pay debts as and when they fall due. If we get no money within 6 months we are bust, whether or not we own 11% of Tilapia, although that could probably be sold for another 6 months money and then it is lights out. And never any investigation of how we arrived at this point – very convenient for some.

And after Zenith gets Tilapia and the £5.3M I expect they'll sell it on.

The Align deal, if they can prove it up once their lawyers and bankers return to work, is streets ahead – but time is against them.

And I've just seen the RNS – this is the most interesting point

“At present however, certain of the conditions precedent in the Jub Proposal make it undeliverable. In particular, the Company cannot accede to the sale of the Ordinary Shares held by Riverfort nor can it defer or amend the terms of the General Meeting on 13 January 2020 without exposing itself to potential liabilities under the SPA signed with Zenith. This would not be in the best interests of the Company”

So Anglo appears to have somehow stitched itself up prior to the EGM and could now be liable for penalties to Zenith? When we have no cash?

You really couldn't make it up.

JC, PB and NB are certainly watching the back of the Tunisia Two.

The best thing Align and Co could do is deal directly with Riverfort to buy all their shares off them @1p, Riverfort will do well as their 20% will be larger, Anglo will have a bit of cash and the maths will move a little in favour of Align and Co.

In my view all this has been designed – I've said it before – but the revelation that DS and JB engineered a big row with SNPC really confirms it.

As I said at the time, the Mengo was always the really sensible option, a no brainer really, unless of course you wanted to completely wreck the company, and who would really have thought they wanted to do that, or would do that?

It ain't over yet, although some may want us to think it is.

More information here than in the last 20 RNS's from Anglo!

The masks are falling; and a light is being shone on what has really been going on.

http://www.alignresearch.co.uk/anglo-african-oil-gas/aaog-statement-from-proposed-director-nominee-alexander-macdonald/