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TF - the masks are beginning to slip a little, as some parties appear desperate (too desperate) for the Zenith deal to go through.

It will bring closure to everything which has been going on for the last 12 months, and could easily lead to the winding up of the company within the next 6 months.

You would at least think that people would like to see Align's ideas, especially as they have an ex CEO of Anglo on board.

And again, no coincidence that all this is happening over Christmas/New Year when many movers and shakers have taken two weeks holiday, and many will be abroad, so making things difficult for any counter offers to get their act together.

The last thing ex Board members will want is Alex McDonald going through the company books and emails, and asking questions of those staff whom are left.

The Times' hatchet job, sorry, article yesterday

"Chairman quits over African oil group ‘rumour

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."

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

(behind a paywall) was careful not to actually mention what the rumour is - I suspect The Times' lawyers excised the juicy bits of the article, leaving it somewhat eviscerated - but they did manage to get in the £8.25M fundraising in July and that the company was now worth in total £1.8M. So I guess reading between the lines gives you the gist of things.

But timing is desperate, and as others say there may be some waiting in the wings for, maybe the Zenith deal to fail, and then pick up Anglo assets from insolvency.

Maybe if they thought that Anglo were not about to become insolvent then their hands might be forced also. The main thing is to keep the lights on for the next month or two. No mention of SMP anywhere, so what is going on there?

And on a slight tangent - Wing Wah pad "N3" , 7km from TLP-103 still appears to be drilling after 50+ days or so. The pad has been imaged almost everyday in high resolution since 10th November 2019. The appearance of pad "C" around 4 km from TLP-103 has changed recently and that may be the next pad to drill. "C" was drilled, presumably to the Mengo, in mid 2017, maybe they will go deeper this time.

For newbies, these are the pad locations

https://ibb.co/TR9c9z7

and this an original Anglo drilling schedule, showing how far you can get, assuming no problems. Wing Wah are very experienced drillers.

https://ibb.co/BshdPx4

irishmouse - I'm not sure Sarah Cope can simply appoint AM and MT to the board. She has to get board approval.

My reading of this is as follows.

There are 5 members of the board at present.

Sarah Cope - Non Exec Chair (no longer interim) DS appointee January 2018
James Cane - Interim CEO and FD - DS "aligned" July 2016
Phil Beck - Non Exec - DS appointee January 2018
Nick Butler - Non Exec - DS appointee January 2018
Brian Moritz - Non Exec since 2001

At present the board is unanimously recommending the Zenith offer as there is no other offer formally on the table and the lights will go out (literally) at the end of January 2020.

Desperate stuff.

But simply getting AM and MT appointed, even at an EGM gets Align nowhere, as theoretically the new appointees would still be outnumbered 5-2 at board level.

Unless, in principle, Align already have 2.

In which case it would be 4-3 in favour of Align.

And Align only want to appoint 2, so they must already have 2.

Align talk about getting rid of the "majority" of the board - 60% is a majority - so that would be 3 to go, 2 to stay.

I earlier talked about 2 being outnumbered over the last year or so 5-2, then 4-2, and still 3-2 today.

seagreen talks of 3 still being aligned to DS and blocking alternative outcomes to Zenith at board level.

seagreen, elsewhere, talks of Sarah Cope having to flirt with an ugly man but she is hoping that a Knight in shining armour will come running down the aisle to save her.

seagreeen (who may or may not be Tom Winnifrith) appears to have some admiration and a bit of a soft spot for Sarah Cope.

So presumably she will be 1 of the 2.

Brian Moritz is respected and a survivor, presumably he is the other 1.

So at present it is James Cane, Phil Beck and Nick Butler blocking anything other than Zenith, with Sarah Cope and Brian Moritz willing to consider (and maybe even dealing with) Align and Alex McDonald, but their hands are tied at board level without a firm funded proposal from Align, and alternative resolutions for the EGM.

Hopefully we'll get those early next week, and then we will see how the cards will fall and whether the split in the board then comes out into the open.

High stakes games being played out here, and not just for shareholders.

We have an interesting offer on the table from Zenith, but it is impossible to know what to make of it in its entirety until we see the counter offer from Align.

Tiburn makes a really interesting point in deciding what to do – the requirement to understand exactly how we have arrived at this point, this pitiful position in which Anglo now finds itself.

12 months ago this was a go-go company, drilling, finding oil, Mengo, Djeno, the future was bright, the future was assured, 50p, 100p a share, once production was flowing.

Now we are teetering on the brink of insolvency – how has it come to this?

And how did some trolls (not all trolls, for not all trolls are equal) work out that the shares were going to be borderline worthless at some point in the future?

Now, over the last 12 months Anglo has raised theoretically a total of £14.25m, if you include the £6m in January and the theoretical proceeds from the July fundraising of £8.25m. And Anglo spent around 1 month of that 12 months actually drilling, but still went through the £14.25m in one way or another – quite some achievement – but some of the trolls seem to have known that could and would happen.

I would never have believed it possible myself, but some of them did.

Was it just poor (very poor) decision making?

Or a hidden agenda at work?

It would be possible to construct a scenario whereby whenever there was a major decision to be taken, the sensible decision was junked, in favour of the more high risk, and much more expensive option.

That the high risk option would always be preferred, because the cumulative effect of such decisions would inevitably lead the company to penury.

For example, you would decide to use a rig (let us call it SMP-102 – the one Alex McDonald didn't want to use) which wasn't really suitable, or hadn't been checked out properly;

then you could have problems drilling, then not cement to bottom of the well properly and not collect all the required information;

then you could begin a big legal dispute over the rig (always good for sucking up cash);

then spend £600K on some work on some juicy assets, in say Tunisia, before mentioning it to shareholders, who knock you back;

then commission a CPR, which you knew would never be completed, because you never collected the right information, but wastes quite a bit of time and money, then go for a CPI from your ex Ophir pals, the remit of which is so narrowly defined as to give the answer you want;

Continued/....

continued/.....

then go for the Djeno – the high risk option, over the Mengo – heaven forbid the Mengo(!), as that would give you early cash flow, which is the very, very last thing you want;

then you need money for the Djeno, first port of call, some death spiral finance, which could, nay would, result in the financiers (who just happen to be buddies) owning most of the shares in the company;

oops! Dropped a big one there, bit of publicity knocked that one back. Quick swerve, and so we'll go for a different finance deal, which fixes the number of shares in issue, but not the amount to be raised, and to be successful requires regular flow of good news to create a market into which to sell 300K new shares each day. But you are determined there will be no good news, not this month, not next month, not ever – and the share price is only going one way;

then hire a load of experienced, expensive, ex-Ophir, chaps on fixed term contracts to do all that drilling that you won't be doing, before letting them go a couple of months later, to your new company, and having to pay them the full contract amount – but hey – that sucked up a couple of £ mil just on its own!

Whilst all the time raping the expense account.

Then resign – when there isn't even enough money left to pay the next electricity bill.

Job done – viable company to basket case in under 12 months.

But not quite job done - is it?

Because you would really like the asset (lets call it Tilapia) owned by the company (lets call it Anglo), so how do you get hold of that?

Receivership? Hang on a minute! Eeek! That brings in “external forces” someone who might have integrity and sell the asset to the highest bidder. And that might not be you.

So, having failed to get your financing buddies ending up owning most of the shares, you need a co-operative third party. Someone who might not be quite as white as white, and might be interested in a bit of dodgy dealing for a fast buck.

Someone who has been arrested in Italy and convicted of securities fraud.

Continued/....

Continued/....

Enter Zenith Energy – another serial disappointer on Aim – with barely enough cash reserves to keep going itself, let alone go after assets in Congo.

Get them to meet with SNPC first – before anyone knows what is happening. Anglo can't get a meeting until January but our Italian guys can get in there quicksmartwith their sharp suits and glinting smiles.

Perfect.

Rewind – Quick - What about that leaky plug – the one leaking that Djeno oil. You can't leave the company in limbo with all that oil leaking out in the Congo. There is just enough in the old girl's coffers to get a new plug fitted and to safe the well Thank goodness we did that – the well can now be left for a couple of years, if necessary, no problem.

Or no problemo, as Andrea Cattaneo della Volta would say, CEO of Zenith (he's a Marquis, you know).

Until we are ready.

So, Zenith takes over Tilapia, in a bum deal, at least a bum deal for the shareholders, but then they haven't got a lot of choice, the company is virtually bankrupt. It is this or nothing.

Heck! - or nothing! “Or nothing” is insolvency. So we'll bung them a couple of grand so the leccy won't be cut off before the EGM.

Question is when is the most opportune time to have the EGM and precipitate “the crisis”.

Christmas.

“Crisis at Christmas” – perfect, as everyone will be on hols, and this will limit the ability of any pesky “alternative offers” to get off the ground.

So the bad, but only deal gets passed at the EGM, Zenith gets Tilapia. The schmucks get 11%, but no control.

Whoops – fast forward to mid 2020 and Zenith is struggling a bit with Tilapia – actually it is doing nothing with Tilapia, but it can make a big fuss of appearing to struggle, until some nice gentlemen from Tunisia, backed by producing fields, and high finance, step in to take it off their hands.

Job done.

No problemo.

Of course, that is just one scenario – but the unfolding of events, and the sustaining of significant losses by all present shareholders – for there can be none who is actually in profit – leads one to believe that could actually have happened. I would not have believed it could be remotely true even a couple of weeks ago, let alone that I could have been writing this as a scenario.

Shareholders, for the most part are mere spectators.

The people making the decisions, and who know what is in the company coffers at any one time, are intelligent and highly paid. Anglo hasn't had bad luck, oil prices haven't plummeted, there hasn't been a revolution in Congo, all these wounds are self inflicted, whether by design or ineptitude, and lead us to the pitiful state the company is in today.

continued/....

Continued/....

Some will say it wasn't just DS or JB taking the decisions - it would have been board decisions. So it was – but maybe the two leaders are very persuasive and maybe the votes in the boardroom were 5-2, or 4-2 or 3-2, and the “2” were persistently outvoted.

And if you were one of the “2” in this scenario what would you do?

What if you suspected things, but couldn't actually prove anything?

Resign, and leave shareholders to the tender mercies or ineptitude of the rest of the board?

Or fight back as best you can.

The Zenith “selling” Tilapia to the “Tunisia Two” isn't my scenario, that comes in a post from Angela.

I never blocked any of the “trolls” - maybe if I had I'd have had more of an excuse for sticking with this, but I read all her, and the others posts, and grimaced when she went through her 5p-4p-3p-2p-1p-0p routine.

But we are in the 0p saloon at the moment, so anything he/she says now I take more seriously.

And when she says the Zenith offer is part of a plot by the “Tunisia Two” to take Tilapia for themselves I take notice. She may of course be wrong – but she does have something of a track record.

Angela says she “worked out” that this was going to 0p. Well maybe.

There are a few on the boards who, with hindsight, appear to have known a lot more than any ordinary PI would or should have known.

Tom Winnifrith knew things and had sources who also knew things no PI would normally know. seagreen on the other side (who may or may not be TW) certainly knows a lot more than any disinterested observer would or should know.

Occasionally the mask slips slightly from another avatar and we can see who may be lurking there. I don't know for sure their real identities but I suspect that some are much closer (and I mean much closer) to the action, including the present action, than might be supposed from a mere bulletin board avatar.

If they used their real names we might all sit up and take notice, and be much more enlightened in the process.

But they cannot.

So, when seagreen says Sarah Cope is waiting for a Knight in shining armour, who may or may not be able to get his ducks in a row in time, I am willing to take note, and wait.

And losing big time on Anglo is like getting rinsed, but if the Tunisia Two get their hands on Tilapia in a private capacity, then that would be like getting put through the mangle.

So I'll do anything to try to avoid that.

And every day for the last month a PlanetLabs satellite has been taking high resolution images of Wing Wah's pad N3, located around 8km NW of Tilapia. That is the result of a specific request from somewhere and it costs money – so someone is really interested in what is going on there. There is oil down there, lots of oil and people know it.

I haven't posted for a while.

I've been fairly stunned by the recent and rapid unravelling of the share price, and if any investors were led to invest by my over exuberant posts, then I apologise unreservedly.

I can only say there was no attempt to mislead, and that I too have suffered significant losses.

Clearly some were more prescient than myself, although I suspect some of the “trolls” have more direct knowledge than they actually are prepared to admit.

I recently ceased to be a shareholder, although Mrs S retains a significant holding, so I regard myself as still being what you might call a “semi-detached” shareholder.

I wasn't going to post again here, but recent events are intriguing, so I thought I'd add my two'penneth, for whatever it is worth.

But first there is the missing £2.6m invested by Miton. Indeed, as appears the case, Anglo can barely keep the lights on - there is around £3m missing since the beginning of July 2019, taking account of the amount remaining from the last half year, the SNPC payments and the ISA arrangement less expenses.

Tiburn speculated it may have gone on “bribes” to get the SNPC rig on which SNPC then reneged.

I suspect not. I suspect an equally dodgy but legally more watertight arrangement.

Firstly DS and JB will have been paid off. The evidence is that the RNS's announcing their resignations didn't say they hadn't been paid off, so that means they have. They would both have been entitled to that deferred “bonus” for finding oil, around £100k each and would likely have received other payments in lieu of salary, say another £200K each. So that would account for around £600K.

Then in the June 2019 presentation, now removed from the AAOG website, they announced that 6 highly experienced oil and drilling engineers had joined the “team”, mostly with Ophir backgrounds.

https://ibb.co/P9bQpj9

None would have come to AAOG without a secure contract, possibly with a term of 1-2 years, and I earlier speculated that the £2.6M from Miton was to prove to them that AAOG had the funds to pay them. There would likely have been more than 6 in total, but only 6 were in the presentation.

One was Jonathan Taylor. He was appointed a director of ATOG Sahara on 19th November 2019 and since then a director of ATOG Midco and Anglo Tunisian Oil and Gas Limited. He also set up his own company AT Oil and Gas Ltd on 30th October 2019 (possibly for tax reasons?).

So Jonathan Taylor is definitely at ATOG, having left AAOG, and I suspect the rest are also. If AAOG had engaged him on a 2 year contract to drill at Tilapia at say £150K pa (I'm not sure what the rates are for top drilling bods, but they can't be far off that), and then told him after a few months they had no need for him, then AAOG would be on the hook to pay him his contractual £300K.

Continued/....

Continued/....

If there were 6 of them who were “let go” then that is £1.8m down the drain.

Add to the DS and JB payments, you are up to £2.4m.

Of course you can juggle the figures how you wish, with numbers of people and salaries, but that is where I suspect the Miton, and other money, has gone.

Speculation of course, but the money, and it is a lot of money, has gone somewhere.

Of course, if some or all of those people are now at ATOG then it could be a neat way of transferring money out of AAOG in the direction of ATOG, but would only be fraudulent if you could prove that the original contract was set up with that purpose in mind.

It isn't however a crime to be stupid, or over-confident, or run a company badly (usually).

The presentation dates from June 2019 and the ISA agreement from July 2019 and supposedly everything was going swimmingly then.

DS resigned on 12th September 2019, and Sister SA who had been invested at Tilapia for the best part of 20 years, began selling at that time. We don't know when Kilkenny sold.

The presentation with the 6 bods on it disappeared at the end of September so it appears they had left AAOG by then.

ATOG Midco was set up on 18th October 2019, to revive the Tunisian deal which then completed on 19th November 2019. It looks like DS and JB were in a scramble to revive the Tunisia deal, although DS appears to have now resigned from all those related companies.

Clearly something happened during September and AAOG (and others) knew by late September 2019 that it was most unlikely that they would be able to complete the drill of TLP-103C-ST, hence Sister SA selling, and the 6 bods leaving, but they didn't tell shareholders until a couple of weeks ago when the money was actually close to running out.

Which really brings us to the present parlous state of the shares and the waiting arms of Zenith.

Is the Zenith deal a good one? I really don't know, better than going bust I suppose but Zenith shares seem to have been on a pretty precipitous decline over the last few weeks, so that suggests that their shareholders are not happy with any such deal. They have been trying to raise EUR25 million by way of debt over recent months but not much appears to have come of that.

And people seem to be speculating that the SNPC debt of £5.6m, of which they'll get 80%, will fund the $5.5m work programme. SNPC may have agreed to pay the debt (they would, wouldn't they?) but it is unlikely to be anytime soon, and if they were going to pay it soon then there would be no reason for AAOG to do the Zenith deal in the first place.

So Zenith will have to either place for $5.5m or raise the money by way of debt. Tricky, maybe.

And then there is Alex McDonald.

AAOG put out its RNS concerning interest in Anglo and mentioning Zenith at 13.09 on 23rd December. Zenith put out a confirmatory RNS at 13.34.

Continued/....

Continued/.....

Align tweeted that they were attempting to get rid of “almost all” of the Board (suspect Moritz is safe – maybe he was opposed to much of the AAOG 2019 activity but couldn't say?) and install Alex McDonald at 14.04 the same day.

Zenith then confirmed the intended deal and its terms in an RNS on the Norwegian Stock Exchange(!) at 19.34 on 24th December 2019.

I suspect there will be a bit of a tussle between the two parties, Alex McDonald/Align and Zenith over what scraps are left of AAOG.

Alex McDonald is of course the former CEO of AAOG who was ousted by DS following a boardroom bust up in December/January 2018.

If you look at the RNS's from late 2017/early 2018 Alex McDonald was demoted from CEO to “Country Manager, Congo” whilst on the sick, and then resigned “as an employee” whilst presumably still on the sick.

From what I read from Seagreen on ADVFN Alex McDonald was opposed to using the SMP-102 rig, which in the event turned out to be a bit of a disaster.

So there is no love lost between DS and Alex McDonald and Alex McDonald no doubt believes in Karma.

Following AAOG Alex McDonald joined Dunraven Resources as CEO with operations in Tunisia (I'm not making this up!) but recent presentations show he resigned from there in November 2019. About the same time when the ATOG Sahara deal was completing and AAOG was in serious trouble.

Did he resign from there with the intention of attempting to take over AAOG, knowing what was likely to be coming, and the Zenith deal by the present board is an attempt to scupper that?

Most of the present AAOG board are DS's people, and arrived when Alex McDonald left, and Alex McDonald, I'm sure would really like to look at those books and accounts.

That there is a bit of a scramble for control of Tilapia suggests that there is indeed value there.

Whether we, as shareholders (semi detached or not), will see any of that value is the question here.

I am considering the possibility of reinvesting, depending on how things go.

Maybe others with much deeper pockets are watching also?

However, I do keep remembering the words of DS in the Chairman's letter in the Annual Report dated as recently as 28th June 2019 -

“By the end of 2019, we expect the value of, and prospects for, the Company to be very different from what they are today.”

Ouch. In every sense of the word.

And Alex McDonald's reply to Align's 23rd December 2019 tweet -

“On the case”

Bring it on.......

I've been looking around Planet Labs over the weekend (either that or Christmas shopping - no brainer).

I've overlain the licence areas onto google earth and then added in Wing Wah's drilling programme, and come up with this -

https://ibb.co/Y3FbmDV

showing the wells drilled by Wing Wah (my lettering), their real names, where available, and the year the pad was built.

The 2014 wells were pre Wing Wah, the 2017 wells built close to Tilapia, before moving outwards in 2018.

There is an error with N4, as it was actually built at the end of 2018. In July 2018 there was nothing there, August 2018 the roadway appears, by 27th August 2018 the pad appears, by 29th October the rig appears, having disappeared by that date from BN where it was previously drilling, and then by 7th January 2019 the N4 pad is again clear.

How could i have missed that?

So N4 appears to have marked the end of a ten well 2017/2018 programme. It seems to have been a bit of a wildcat, far away from any of the other drilling.

Of interest is my PL image of N4

https://ibb.co/QjcvVr1

has actually attracted more hits than the recent image of Tilapia. Odd.

Wing Wah activity then appears to have ceased completely for 6 months - then between 3rd July 2019 and end July 2019 an 8km roadway is built from around the vicinity of E4 via E5 to N3. By August there is a pad, by September equipment on the pad and by 27th October a rig, which is still there.

Thus far there are no other roadways appearing, so N3 may be a "one off", although a large quarry has been excavated nearby, so that may be a prelude to more road building.

But as I alluded to a couple of weeks ago N3 has been imaged by PL at high resolution almost everyday since 10th November, just after the rig arrived, so someone is really interested to see what is going on there. Interested enough to ask PL to get their satellite to specifically image that site, daily. The imagery would be good enough to count the number of pipes they are using, so it would be possible to work out how deep they are drilling, amongst other things.

Recently, there also appears to be some renewed activity at BN and C, so the rig may be moved there in due course, if no new pads are built.

A large area also now appears to have been cleared to the north of the Chinese Fish Processing plant, possibly a prelude to some major construction. Oil or fish related? Do the two mix? Other than in a can of Tuna? I'll keep an eye out.

I've then overlain the New Age map of Marine III from here

http://www.newafricanglobalenergy.com/wp-content/uploads/2019/01/Congo-Marine-III-Block-Scale-Map.png

over the other two images, and got this

https://ibb.co/37RcqjT

which when added to the Wing Wah well locations gives you this -

https://ibb.co/TR9c9z7

Continued/....

Continued/....

What really stands out to me is how close we are to the massive Nene/Banga field, and the New Age leads and how the Wing Wah drilling, and the leads almost completely surround Tilapia. The area to the east of Kayo Nord is not allocated, hence no drilling there, apart from E5 (ZK182) in 2014 - when there was a blow out.

Wing Wah seem to be going to an awful lot of trouble, if, as some would have us believe there is no recoverable oil in the vicinity.

And others seems to be very interested in finding out what they are doing.

And Tilapia seems to be a bit of an oasis in the midst of all that oil related activity - but then of course JB is playing all his cards very close to his chest.

And this is a close up of all that nearby activity

https://ibb.co/Q6Kg4Fx

To me it screams oil, but others may disagree.

I haven't posted for a few days, but there are a couple of points I'd like to make on what others have been posting.

Tiburn makes a valiant effort to keep our spirits up, but on the mediation issue relating to the court case I'm not expecting news soon.

Mediation is precisely that. It is an attempt to get the parties to agree on some or if possible all the issues, dates, times, places, so time is not later wasted on arguing matters that are not in dispute. It is not a judge saying one side has won. It is probably unlikely to resolve the court case, although the parties could agree to settle at any time. If mediation hasn't worked then the final hearing could be 6-12 months away, at least.

COdey also makes a point about JB/DS feathering their own nests a la WDC/ICON, saying they have benefited from whatever has gone on there.

JB has never had anything to do with WDC/ICON, in any shape or form.

DS is a director of WDC/ICON, was a director here, and earns £90Kpa from ICON. DS via Linton Capital bought 35M shares in ICON at around 0.32p in April. He still has them. They are now worth 0.085p.

So as a nest feathering exercise this has been spectacularly unsuccessful.

BC also makes an interesting point about the licence, saying essentially after 18th July 2020 we haven't got one and any new licence could go to a major with deep pockets. True, possibly, but as per the admission document, the last licence was renewed in January 2015, and I'm expecting this renewal to take place shortly after 18th January 2020. Within 6 months of the end date.

Also giving it to a major, wouldn't look good, especially with the IMF breathing down everyone's necks. And SNPC would say goodbye to their 44% stake, they'd be lucky to get 15% and a free carry, as they have with most licences awarded since 2000. They certainly wouldn't get anywhere near the 44% they have got now, and effectively a free carry as now from AAOG.

If anyone needs reminding they're broke, so they are really stuck with us, as we are with them.

Continued/.....

Another cryptic post by doodlebug6125 today.

Yet again, as with the previous two posts, there was unusual buying activity in the hour and a half prior to the post being made.

Matters are obviously progressing towards some form of conclusion.

I don't believe that it has anything to do with rigs, or court cases, or Tilapia per se, but is more geared towards corporate activity.

The old New York, London, Paris, Munich type of thing.

That it is the "first piece" suggests some way to go yet. We may find out what was meant in around a week or so.

On 15th November 2019 Anglo Tunisian Oil and Gas Ltd had in issue 777,600 £1 shares. Multiply this by 1.28 (the £/$ exchange rate) and you get $1M. Presumably this was the deposit for the Tunisian assets. The original holdings in Anglo Tunisian Oil and Gas Ltd were held 25% DS, 25% JB and 50% EHGOSF.

Maybe DS and JB provided some cash, EHGOSF a loan.

ATOG Midco Ltd bought these shares and in return issued 1000 shares, which presumably are held presently in the same ratios.

Whilst ATOG Midco now holds the Tunisian assets, these shares though are not worth much as Medco Energi holds a charge over all of ATOG Midco including the Tunisian assets.

The next stage is likely to be to inject cash into ATOG Midco to discharge the charge. Whoever injects that cash will be issued with vastly more shares and will effectively own ATOG Midco and the Tunisian assets.

The only real question is where is that cash to come from?

As to other matters the Chinese are getting busy again in our locality.

https://ibb.co/L5hyB0M

This is the new pad I've dubbed "N3", and which I found a few days ago - a nice clear view with a "blob" in the middle - that is a drilling rig and it has been there for around 4-8 weeks. I expect it will be there for around another few weeks and it will then move here -

https://ibb.co/zHxKJ1x

This is another new pad, which I'll dub "N4", around 10km north of the Kouliou River, that is obviously prepped for drilling. If I'm right then it is likely the blob will disappear from "N3" and then reappear a week or so later at "N4".

I'll scout round at the weekend to see if I can find any other pads under construction in the locality - from previous drilling by Wing Wah at Banga Kayo and on our doorstep in 2017/8 this is likely to be a multi well drilling programme.

One thing this renewed activity does show is that the Wing Wah 2017/8 campaign on our doorstep was likely to have been successful.

As for Tilapia - this is yesterday morning

https://ibb.co/HKPczzj

Whenever our rig arrives, I believe it is quite likely that AAOG will have significant production in early 2020.

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