Many moving parts here.
Forum Energy is a separate company, Paul Forrest also works for and just raised £2m in April.
Forum Energy is a holding company controlling most of PXP Energy gas field operations it seems
PXP Group own 72.2% of Forum directly
A Canadian concern FEC resources owns 6.8% of Forum it seems in top left hand box , but part of PXP Energy in any case:
FEC also mention the following:
"FEC also has an investment in a gold exploration project in the Philippines"
Dexter Ferreira is a Canadian Geologist - and obviously has links within PXP group subsidiaries for him to be appointed to AAOG in the first place:
"Dexter Ferreira is appointed Non-Executive Director. Dexter has worked in the natural resources sector for over 25 years, namely as a consulting mining engineer and geologist. He is currently a director of Independent Resource Estimations, a consultancy company for the mining and exploration market"
This link shows Dexter writing technical reports for Philex gold, based in Phillipines, owned by PXP Energy
"Ferreira, D.S., 2008, Technical report on the Boyongan porphyry deposit: Report prepared for Philex Gold Inc. by Independent Resource Estimations cc., 114 p."
Our Forum Energy Services Ltd , the AAOG 25% owner, also with Paul Forrest leading doesn't seem to be linked financially to Forum Energy that we know of, but could be the investment vehicle by which our FESL has been funded and will be going forward - the investment funding has to come from somewhere - this is the obvious link in the public domain.
All the funds ultimately look to be from PXP Energy Corp, which means AAOG development may have that large market cap backing going forward.
Beautiful description that.
"Over 20,000 feet (6,000 metres) stratigraphic column, Stacked plays from Upper Jurassic mega bank and reef systems throughout the Lower Cretaceous"
I count 16 reservoirs targeted as per slide 6 Fold B cross section, each with up to 1 in 3 chance of success
Perseverance 1 is the optimum first drill site targeting Fold B that BPC have evaluated over years of analysis and peer review - but Fold C is very promising aswell with 13 reservoir targets.
As Potter maintains, a lot of running room here - mapped structures over 70 kms long.
Next step is capital funding development on the roadmap to drill, $36m sourced so far, day drill cost estimates will have gone down in this period, BPC should hopefully push for two drills funding, plus contingency.
Statement just echoing what PI think perhaps - exasperation waiting on African and S American politicians and bureaucrats.
So we hurry up and wait.
Only positive was "Uncertainty throws up opportunities, We will see some of them. "
perhaps they are considering a variation of approach to expedite matters
NAAOG is UK registered company on AIM so assume don't need to operate in Congo to leverage it - also £60m of the tax loss comes from the Forum owned Saltfleetby asset , UK gas field and UK registered company.
Looking at NED cvs , it could be a battery metals play in Africa however, so you could be right.
Fair point on SP , but it was at 0.12p is another way to look at it!
Either way, SP down here is irrelevant at the moment or any conclusions either way to be drawn from it - we wait on material news of Forums plans - then we shall see.
SP drill ship selection criteria may have changed due to Covid, as price reduced and availability increased.
Stena form in Guyana not a small part perhaps, all helps build confidence.
It could be maintained that delay at this time plays into BPC advantage in strategic terms, they are funded until drill, the oil has waited patiently and can wait longer.
Delay is longer time for a Major to farm in or gain other finance/partnering for multiple drills, oil price to rise, BG to finally understand that their only viable means of GDP growth is through total involvement and backing to expedite oil production revenue by all means available to them.
This will go up and down on the slightest breeze until concrete news and direction of travel is confirmed by Forum.
There is nothing to "ramp" about.
This is a shell with some potential prospects established by some doing some background research - and nothing else.
The facts are Forum has some links to PXP Energy and Gazprom through past ownerships and staff, the shell has £90m in tax loss to leverage and it is assumed this will entail a reasonable scale of venture to make this worthwhile for the silent (as yet) backers. The future RTO target news could literally arrive any day.
Flights to Ghana start end June again it seems, BA are offering prices, so only 6 weeks from now.
That's enough time for CLON to plan talks and timeline for PA approval in country, they have already lifted their local lockdown so business starting to return - government is still in session.
I cant see Cope and Beck wanting to remain a second longer than they have to, as soon as Forum have completed the paperwork to end their contract asap they will be gone, leaving the floor to Forum and shareholders finally shot of them.
It would indeed be poetic justice if the ATOG venture goes south and Forum develop this new shell into a considerable concern. The combined £90m of tax loss to leverage could be indicative of the future scale of the company Forum may build - to gain the maximum benefit from the tax loss and so increased profits, a larger turnover is required.
Worth monitoring the Petrel board aswell in relation to any Ghana news.
IN RNS there today:
"While waiting for the Tamraz Group to pay for the new shares, the Directors of Petrel progressed the existing projects. This included high-level Ghanaian discussions, in relation to the Tano 2A concession offshore Ghana, in which Petrel holds a 30% interest. Postponed meetings will be re-scheduled when the current COVID-related travel restrictions are lifted".
So Covid impacted discussions, however the insolvency bill now law as of May 1st could mean matters starting to move again.
Whats encouraging is Ghanas response to Covid, praised by WHO - so if they are getting it controlled, lock down there eases and business can resume - including at the oil ministry and cabinet approvals of outstanding petroleum agreements work backlog.
Many thanks for response
It all correlates, how you spell out all the actions by Forum in the background, and what done by AAOG in last few weeks.
I think your right - this shows Forum controlling matters and looks very structured, fixed trajectory in the background, whats encouraging is this appears to be every efficient and driven, back to back actions in the order they have to follow.
It shows they want to get on with matters, so next key company steps any time perhaps.
Top up for some at these levels and entry for others for the next events.
The share could be suspended soon pending new CEO joining and his RTO investment plans announced, which should mean an instant rerate and then come back for trading. Anyone not in before this may miss the boat on early gains.
Timing of this could be any day now.
Cope has nothing left to say, Forum havnt yet terminated her contract and fully taken over with their new CEO and plans known. Its hoping this will be soon and some momentum can build - the better communications approach, the more transparent the board the more trust and support generally is true on AIM.
Im in a few shares where the CEO is great at doing interviews, update presentations where all aspects are evaluated, one of them calls it "the good the bad and the ugly" issues in his update - key is mitigations to known problems are outlined with a complete absence of spin.
Bahamas had substantial revenue from cruise ships and tourism in general, both not happening for what could be a year or two, and when it does come back, in what form - social distancing on the beach, in restaurants, bars ?
What are they going to do for alternate revenue? as numbers will be well down come what may as global recession kicks in - There is literally nothing else for them to develop apart from oil.
The development of the oil industry as a single company drive for sustained revenue should be a top priority for Govt - with appropriate Environmental controls it can be viable. The old argument of the anti oil lobby being that an oil spill effects tourism, well if no tourism what then? oil Tankers cruise through their waters every day so a chance of a spill greater in real terms compared to semi static FPSO that can un hook and get out of the way of hurricane path in 36 hours.
what could Govt do to support BPC at point and oil development in general?
A new licence round for all blocks in their waters would be a good start, create interest and have multiple exploration projects ongoing in due course. BPC has the lions share of blocks, even applications pending on 3 more as we know - prime real estate that needs partnering for development - offer sufficient tax breaks and reasonable royalty regime, adapt, innovate, drive it forward - if they can get some good advisors to overcome that this is the Caribbean and all is manana then they have a chance for their own sovereign fund.
waiting for that $25m mc you mention to leverage the $1.5m , we are not far off that now.
In last pres slide deck, they said " Expected net funding requirement for fast track full development – circa $3m"
Assume it allows for a number of wells at $500k each plus topside - so if $1.5m from this borrowing, $1.5m from cash , still leaves $1m in reserve - without any other funding sources.
glass half full better old chap.
CLON are the leader in that consortia, so PET just ride on their slipstream
Funding is always a tricky one - but the Tano basin is very prospective, CLON/PET Licence area is and surrounded by producing fields - Tullow were always a prime candidate to farm in and better positioned now following consolidation and sale of some of their assets to focus primarily on Ghana.