Thanks for the update Houston
Nominations for the four other crew members under deep consideration
No doubt about the Troll Mission rocket commander for me of course
Congratulations go to Angela for being an exemplar Troll
Awarded the Troll Iron Cross with Green Spinach Leaves (First Class) for outstanding strident fear mongering Trolling with no evidence base or any understanding, repetitive bizarre scenario posts ranging from an outbreak of boils in drill team to Global Thermonuclear war affecting the price of oil.
Even stevens, excellent strategy.
We need to keep up the defences, until Irish rocket test are complete in the French Guiana Space Centre ( or Ive heard rumours the launch site could be in the field behind Cable O'Leary's Pub in Ballinskelligs, County Kerry)
If it doesn't progress and no drill then its all over - why work a potential end game scenario when there is so much on the table to be positive about chap?
Past performance is no indicator of future events
And we have been over the "broken promise" issue - Mengo to Djeno route
Please can i ask I ask you a direct question - what is you understanding why they stopped going for Mengo and went for Djeno instead?
Your right , they should RNS the SNPC payment - throw us a bone.
for your blood pressure, please remember that the current SP is irrelevant pre production, we just need to wait.
Why havnt they RNS the SNPC payments?
Because in the grand scheme developing, its a by the by issue - nice cash to have, encouraging to see, but not material to
the current company priority at this time - sidetrack is planned, funded, bidder selected by now and will go ahead this year - that's all that matters.
The ISA will be cancelled once into production following sidetrack, its just an insurance policy.
Its designed to reduce overall dilution capped as 9m shares per month sales
Why would you need it for a year if oil being booked at 2000 bopd rising to 5000 bpd once topside improvement done via offtake finance = $3m net to AAOG p/m at 56% retained.
There are 3 targets to go for - 12m upper Djeno = found
Mengo/R2 = found
Middle Djen0 = expected as per very accurate modelling done to date
If all 3 don't hit by side-track for whatever reason - very unlikely - then the ISA $500k p/m is useful Plus SNPC repayments to build towards next drill, but it really wont be needed.
Repost, courtesy of Risehall1 04h27 -Newcrest webcast:
"Interesting bit about 49 minutes in when asked about Telfer and Havieron and he was saying they want to find out quickly whether Havieron is feasible quickly. The grades are high and particularly so for the paterson region, but how much is there? He was saying they will put as many drill rigs there as are needed. I wonder if they will do some big step outs, that would be the quickest way of assessing just how big the orebody is. The comment about grades being particularly high is interesting in itself because historically there has been quite a bit of drilling around Telfer so it looks like we are on a sweet spot. And he mentioned trucking high grade ore from Havieron to Telfer. To put Havieron centre stage in their presentation shows a lot of confidence. By way of comparison, Newcrest have a very large investment in exploration in Ecuador and Solgold, little mention of it."
Off topic - Interesting quote from Rommel:
"Men are basically smart or dumb and lazy or ambitious. The dumb and ambitious ones are dangerous and I get rid of them. The dumb and lazy ones I give mundane duties. The smart ambitious ones I put on my staff. The smart and lazy ones I make my commanders."
I do also admire your stolid defence against positive views!
Im not denying your points, AAOG not perfect and handled things badly this year.
But now JB is running things, notice aspects becoming shipshape, ticked off, more professional comms, no interviews by DS, no upload of Turner Pope presentation?
There are no trades at all, 3 today, so cant say that sells outweigh buys
But there will be much higher volume soon and position taking once drill selected and timeline set
Djeno is a world class reservoir, the Company has found oil there and is going back in to produce from what they found or middle Djeno where modelling confidence is high on it being there - there wouldn't be oil in the upper if there want oil in the middle - that's all that matters to me now, not how they got to this point surely?
Interesting that the purple 350 ppb top copper returns from the middle of the bottom of Scallywag area, two adjacent instances, going up NW towards the top of scallywag in a diagonal line , SE to NW
If you extend that diagonal further SE it goes right through the middle of some fantastic magnetic returns in the RIO licence
Extend the line further SE and there is even a small area of return in GGP owned land further in the furthest SW corner of 4701.
Extend the line much further to the NW and it goes through Black Hills.
The journey on AAOG has been complex and fraught with problems, many observers still don't fully understand the switch from Mengo - perceived 100% production after stimulation for a week back in April - to now and Djeno route following delay and dilution - 400 bpd reducing asset to 5000 bpd is the answer but many cant believe or dont want to - as that's a Major level prod and surely couldn't be leveraged by a minnow like AAOG - even though its true.
Add poor comms along the way, CPR paused, other sentiment reducing aspects and the SP languishes here with trading all but halted, 1 trade today!
But the scene is fully set now
All impediments removed
production plan in place, funding sorted, two bids received with rigs in Congo no less so no shipping costs
Come on AAOG
I'm not deceiving anyone Curious
come up with your own cash flow calcs and source data for sidetrack cost instead of just insulting me - oh of course, you wont.
And by the way - Djeno route was chosen months ago and SNPC continued to pay their way, reconfirming their intention to pay and that the amounts may increase - as stated in Finals - check for yourself
payments have been made in an ad hoc manner each month and also RNS the same way, we should hear in due course, but why on earth stop now pre Djeno sidetrack?
I agree, Riverfort not needed imo I posted this previously:
Looking at the cash flow, the staged monthly payments structure with ISA isnt necessary , just insurance.
The agreement is non binding:
“The Company entered into a non-binding term sheet that envisaged the possible entry into an Investor Sharing Agreement.”
“Within five business days of the end of every month for which the ISA operates”
Implying it can be cancelled at any time.
Conservative view on Cash balance in my post yesterdays as calculated was $7.5m by October
Sidetrack cost estimated at $3million, as its only a 30 day programme.
So why the monthly placing requirement?
If the sidetrack is successful and into production, then AAOG should cancel it, as no need.
The agreement doesn’t start until Sept 1st - perhaps to minimise period of dilution and with a view to cancel asap on drill success.
If for whatever reason 103 not a success, even from Mengo, then AAOG can retain the monthly ISA as this pays for ongoing costs and assume $300k a month banked.
SNPC repayments at $850k or more a month continue
Net savings - $1.2m a month
With any SMP settlement up to $3.1m aswell then another drill can be quicker
Being AIM, I would agree with you normally chap - PI have small attention span regardless of how great news is it seems - remember that oil strike and now going for the dream Djeno target!
Biggest news coming is probably PSA ratified
Drill should spud soon with 30 day programme
all in one massive RNS would sure kick start this SP again - it needs a big hitting catalyst imo with a firm programme to count down to Djeno sidetrack and production
JB/DS must know already what driller they prefer, when spud so could release RNS any day
SNPC payments are not enough as a single RNS but add cumulative value if known now
Directors buys is their call
Leaving PSA only still outstanding - surely this has to be soon?
with this agreed, and flow rates from sidetrack = CPR comes off pause
Do SNPC pay up front for drills or default to free carry?
All pieces starting to come together here
I meant AAOG have enough cash post raising now, Mitons £2.5m up front old chap
I think they could have enough for 104 back to back aswell , if they can get the sidetrack to produce Djeno and if SNPC keep paying back - speaking of which, no news on July and Aug payment approaching - maybe a lot more is being paid as they said they were going to increase, all news in one stupendous crescendo RNS would be a welcome change!?
We have enough cash for sidetrack now from Miton funds and SNPC payments to date, two driller bids received and being evaluated for best approach/fee and programme
Both rigs are based in Congo and with free slots this year, could be as early as next month to spud - as JB will have got all approvals/logistics good to go or near as possible.
They had the proposals back anytime July post placing / early August before update RNS released, so more than enough time to evaluate the offers and decide, its only two bids.
The demonstrated drillers technical approach and understanding of how AAOG want to do the sidetrack is critical , plus any considered suggestions to reduce risk/add value could be a criteria - drill costs may be reasonable as if a success then there are ten wells planned and being discussed with DGH - very good fees for the winning bidder potentially so they may consider a loss leader offer, or lower in any case to beat the opposition - either way no point AAOG seeking bids if no ability to pay - funds are there and JB and team are ready and eager to get on with it.
Come on Anglo African
Bottom line - increased ownership of an excellent prospective field in safe jurisdiction, pro resources towards 100% for a tiny amount of cash up front and shares.
Cambay still number 1 priority aswell, so whats not to like?
ASX is very prescriptive on trading halt criteria - its not up for interpretation.
Spikes point is key - no halt on the first purchase of Cooper 49% Aug 7th
why trading halt for this 30% buy?
Must be something more - also they never went back into trading after ASX announcement?
Nice find and good to see Djeno oil so well valued - interesting China values the oil and that DS has offtake finance offers for shipping to East coast States.
Also Interesting the location of this block, 900km way in land near Oyo, Delta de la Cuvette.
so oil on the coastal basin and 900km in land
does the geology support potential for more oil in the middle? and could AAOG bid for any onshore licences in due course?
"This is our first onshore discovery and it gives us a lot of hope that we shall make more discoveries especially now that we are to award more blocks for oil exploration in the ongoing oil licensing round,"
I like the implications of this massive find - we can but hope that with such an increase in revenue, SNPC may be able to fund drilling upfront more in other areas.
I just hope JB can negotiate ending the default free carry situation when they are carried but AAOG get no benefit - some more % and they pay a proportion of drill costs would be ok, but they are hard negotiators it seems, been an age on the PSA talks and still no agreement - wonder if this find changes things?