Member Info for skittish

Look at directors, non Execs and Operational Management - pedigree is outstanding!

http://www.aaog.com/archive/presentations/AAOG-company-presentation-270619.pdf

Last post didn't turn out correctly - this is the complete version...…

"Very interesting trades today.

More going on than is immediately apparent, I think.

We had two 155,000,000 trades at 09.47 at 0.3p and 0.302p when the bid to offer was .33p to .34p, so well under priced. This was followed by a 85,000,000 and 75,000,000 at 0.3p at 09.56 when the spread was 0.33p to 0.36p, again well under priced.

So as the fund bought at 0.4p, and supposedly will be compensated for the difference between that and around 0.34p, I can't see that they'd sell at a 10% loss.

The total number of trades is 465M, which just happens to be 33.3% of the total shares in issue. Or each trade is 11.1%.

A similar situation occurred on 9th May 2019 when there were 2 x 100,000,000 trades at 0.3p when the price was 0.37p/0.40p and 2 x 50,000,000 trades again at 0.3p when the price was 0.31p/0.36p.

Again that total just happened to be around one third of the shares in issue, and at the same significant undervalue - 0.3p.

Those transactions were never RNS'd, so we never knew who bought/sold.

To me todays transactions, and those of 9th May 2019 all look to be by the same party or parties.

On 13th May 2019 WDC RNS'd that it was to carry out an" investigation" of the shareholder register, so I suspect that DS and Co also didn't know who bought and sold around a third of the company at that time.

"The Company acknowledges that there have been considerable changes to the size and composition of the shareholder register over recent months and has requested a shareholder analysis to be undertaken. The Company will update the market and website once the results of this analysis are complete."

DS was doing a presentation this morning for AAOG at the "Oil Capital Conference" scheduled for 11.00am.

He was late.

Speculation - but late perhaps because some unknown parties had, again, just transferred one third of the company, and he was trying to find out who it was? So desperate to find out that he was late for his own presentation.

If the fund was indeed out, I think we'd see a natural rise to around 0.5p. We haven't and their modus is to sell in 1/2.5/5/10 million blocks. I suspect they still have quite a few to go - but am not certain as we're awaiting RNS's from them also!

So who is buying/selling 11.1% chunks of the company? I'm sure DS would like to know, but it does suggest WDC has caught the eye of a serious predator - and one who doesn't play by the established rules.

RNS due? I won't hold my breath, just yet."

Very interesting trades today.

More going on than is immediately apparent, I think.

We had two 155,000,000 trades at 09.47 at 0.3p and 0.302p when the bid to offer was .33p to .34p, so well under priced. This was followed by a 85,000,000 and 75,000,000 at 0.3p at 09.56 when the spread was 0.33p to 0.36p, again well under priced.

That site has actually been up for at least several months.

Our address - www.iconiclabs.co.uk

Their address - http://iconic-labs.co.uk/

The logo's are different, as is the design of the website. Their website also has news from 2017.

There is also an Iconic Labs in Germany and one in the US.

I'm sure news will come soon, but I don't think this is it.

Not sure that is the correct Iconic Labs?

They still have a valid CPR in place - it just doesn't take any account of the recent drilling.

The previous one can't be "out of date" just because doesn't take account of well 103C.

In any event the last CPR was dated October 2016, which just took account of updated costs information, and which was essentially unchanged from a CPR dated April 2016.

So they managed to raise finance in January 2019 based on a CPR produced in April 2016, some 3 years previously, but just 5 months later you say that is now "out of date" and useless.

Or are you saying that we now have less oil now than we had in January 2019?

(Don't forget Angela had everyone running for the hills a couple of weeks ago over the possibility of Ebola zeroing in on Tilapia and causing all AAOG's staff to leap into the sea and commence doggy paddling to Brazil.)

And DS had the authority to place until last week - but now he hasn't.

"No CPR no transactions of any sort"

Then how did DS get a placing away as recently as January 2019?

As irishmouse once said - "Has someone stolen our oil?"

You've got to love 'em though!

They'll go to any lengths to put people off - I wonder why?

The latest line appears to be that AAOG haven't cased the well with cement and just kept drilling, and drilling and drilling.

A bit sort of - "Journey to the Centre of the Earth" - ish.

Why bother with cement eh?

Result - the well is totally messed up.

Zero evidence to support this conjecture, of course.

Problem with that theory is our intrepid aeronaut Pierre Lecocq just happened to overfly the Tilapia site on 4th November 2018 and helpfully took some nice piccies.

This one

https://ibb.co/mJtXPM0

just happens to show three cement hoppers next to the rig.

So next week it'll be something along the lines of - Meterorite Heading for Tilapia - Sell! Sell! Sell!

www.youtube.com/watch?v=wv3Wv3BHOr4

Where are Morgan Freeman and Frodo Baggins when you need them?

Possibly - but I guess there could be a problem with direction of flow.

I suspect most of the oil refined at CORAF comes from the Djeno Terminal, and some from Pointe Indienne. So the flow will be towards the refinery.

If we started pumping 5Kbpd (subject to pipeline capacity) then I suppose CORAF could just take less from the terminal.

But we may not get the best price for it, and Djeno oil may be of such high quality as to be unsuitable for CORAF. I don't know the technicals.

Maybe this is one reason DS wants to limit production to 2Kbpd initially - within logistical (trucking) limits.

Once were producing something decent lots of other things will naturally fall into place.

On a slightly different topic lots of people are talking about a placing.

Guess when DS's last authority to pre emptively issue shares expired?

Yesterday.

Until yesterday he could place up to 44M new shares without needing any further approvals.

But he let it expire.

Now he needs to get fresh authority at the AGM. Getting authority to issue shares isn't too much of a problem - he only needs 50%, but to disapply pre emption rights (ie to do a placing) he needs 75%.

I'd say a very tall order in present circumstances.

And at the 17th December 2018 EGM he got the 75% because the alternative was the death spiral financing from Sandabel.

This time - no pressure.

I don't think he'll get the 75% anyway - but he seems pretty relaxed about it also - unless it is blockbuster news this week (proxies have to be in early next week) - and there is no sign of that thus far.

I could be wrong, of course, but that 75% just seems an impossible hurdle.

So clearly we live in interesting times.......

Laying 17km of pipeline in 3 weeks is quite some achievement.

I'm sure it would be expensive, but thinking about it long term it would probably be much quicker and simpler to lay a pipeline from Tilapia, out to sea and then link up with existing seabed pipelines to deliver the oil to the Djeno Terminal.

These are the existing undersea pipelines (2016 - so fairly recent)

https://ibb.co/KxBc15B

But all the pipelines appear to go direct to the Djeno Terminal.

This map (from New Age)

https://ibb.co/2FRBtXf

shows some land based pipelines - but the closest is at Pointe Indienne around 10km from Tilapia and it again shows the sea based production going straight to the Djeno Terminal rather than being piped onto shore and then using land based pipelines.

I know the Eni website states the pipeline crosses land - but I can't find a map showing this.

Linking Tilapia to say the Litchendjili pipeline could be an alternative to land based transportation, especially if New Age develops their Marine III assets right next to Tilapia.

That said Eni uses water injection in their M'Boundi Mengo wells around 25km directly inland from Tilapia. Pipeline(s) deliver salt water for injection, I can't find them on the maps, although there are some unusual straight lines running west-east near Tilapia (where you would expect nothing) so maybe this is them. So there are pipelines possibly laid nearby, albeit carrying water.

As an aside, Eni may well be interested in the geology of our Djeno find, as if it underlies the Mengo at our location it may well underlie the Mengo at M'Boundi.

As another aside, the TLP-101V well drilled in 2006 appears to have been only around 170 metres short of hitting our upper Djeno layer and may then have been one of the first Djeno discoveries in Congo!

Luckily for us they didn't keep drilling!

Although I have found a bit of information which suggests that some of the people who may have worked on TLP-103C were also helping to drill on the site around the time of TLP-101V. So there may be a very considerable depth of knowledge there - literally.

Lets see what tomorrow brings.

I get the impression the share is under attack everywhere - BB's, twitter, private boards - interesting situation, but tomorrow is another day.

For anyone born after 1975 -

https://www.youtube.com/watch?v=YD22a4APsCg

That would give us a market capitalisation of a heady £60 million.

Wow - outrageous!

From some of the comments on here you would almost think Jed Clampett had drilled our well.

In fact you would think no one had ever drilled a well before, and DS and co, having discovered oil (that's black gold, to you), were now completely stumped as to how to get it out of the ground.

Hint - oil wells have been drilled before, and they're not.

But he has a plan.

I doubt if anyone is forward selling placing shares because at present there is no authority to issue shares.

At least not if they want to be in a job after next week.

www.fieldfisher.com/publications/2017/02/forward-selling-of-placing-shares-leads-to-public-censure-and-fine

Anyway, as has already been pointed out, DS had authority to place until recently under last years' resolution, and chose not to do so.

Mick2020 - the original timetable certainly included provision for casing etc

https://ibb.co/J54KMqv

so I assume, as they kept roughly to this timetable (excluding all the delays and difficulties) it was completed.

The last Djeno section may not have been cased (maybe that is part of the problem with the plug?) as from what I understand they encountered very high pressures.

DS appeared to suggest originally (from what I recall reading) that the amount of mud pumped into the well may have damaged the drilled formation to prevent it producing, however he seemed to change his mind when oil came to the surface.

I think there will be a number of constraints on production initially.

The CORAF refinery at Pointe Noire 17km from Tilapia, has a present total capacity of 21,000bpd, and it generally works at close to 100% of this capacity.

www.industryabout.com/country-territories-3/67-congo-republic/oil-refining/157-coraf-pointe-noire-oil-refinery

There are proposals to increase the capacity closer to 30,000bpd, but not for a number of years. The refinery has something of a chequered history, being completely shut down between 2010 and 2014. Even in 2017 it was shut for in excess of a week for "maintenance".

So it won't be just a matter of getting a couple of tankers and trucking down the road.

The alternative, which DS appears to be going for is taking it to the appropriately named Djeno export terminal operated by Total.

This is around 40km distance to the south of Pointe Noire, and so would have to be trucked through the city. I think this has a capacity around 300,000bpd, so no initial problems there, although Congo is hoping to produce more than that in future years.

Ideally we would need to link into the pipeline system at Pointe Indienne, around 10km south of Tilapia, but then again there are capacity constraints there, particularly if one is talking 5,000bpd+ within a year or two.

Congo's new Russian friends are talking about building new pipelines, so our problems may be solved as they arise, however the investments required to get Tilapia producing at its theoretical capacity will be very significant.

And that is before we even talk about the gas, which can be no longer flared on new projects.

But I'm quite sure DS will have been thinking about such for a while now.

JV partner definitely required at some stage.

Good to see it quiet.

Quiet is good.

Well, what can I say.

RNS crisis at WDC this morning - share price whacked.

AAOG share price walloped, yet again, this morning.

DS at the centre of the storm.

DS does Pro Active interviews on both around lunchtime.

Cool as a cucumber, reasoned, even a little jolly at times.

If ever anyone was in a crisis situation, DS is the man you would want at your side to see you through.

https://www.proactiveinvestors.co.uk/companies/stocktube/13764/widecell-s-david-sefton-clarifies-financing-agreement-with-institutional-investor-13764.html

AAOG at Oil Capital conference 25th June 2019.

PR starting up again?