Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
"perfecting the security to be granted to Zenith Energy "
What does that mean? Have they got the PR/legal work-experience kid writing this?
Amateurs
.... has a lot of explaining to do...
Washers....Indeed. And our Board had the cheek to question the funding of the Align/McDonald group.
You couldn't make this up.
I can only assume that they are s**t-scared of Align/McDonald looking at the books and asking questions.
This company is dissolving itself faster than an Alka-Seltzer.
After his abject performance at the GM last week, I was expecting Mr Cane to resign and not Mr Beck.
I guess c. £200k salary +pension easily compensates for walking round with a lot of egg on your face.
Medco Sahara was renamed ATOG Sahara on 19th November 2019, according to Companies House, with both James Berwick and Jonathan Taylor named as Directors. The Indonesian directors resigned at the same time.
Messrs Berwick and Taylor ( 2 ex Ophir buddies by the way), probably think because the deal has apparently completed, they're home and hosed.
As far as I can tell, the transfer hasn't been ratified by the Tunisian authorities yet.
If ATOG don't do the decent thing by AAOG/Askell, it would serve them right if such approval to transfer was withheld.
That would be karma wouldn't it?
On ADVFN, 'sweet karolina2' posted the following in relation to ATOG:
"One big horrible skeleton is already out. AAOG breached its contract with Askell who introduced the Medco assets and is being sued for £1m in cash and £700k in shares. Cope has tried to cover up the full horror by saying the claim has no merit, but only complete mugs believe that."
First time I've seen a measure of claim quantum.
sweetkarolina2 also states this claim has nothing to do with recovery of the c. £300k of DD money still owed to AAOG.
Potentially some big bills on the horizon. If true, looks like ZEN better get drilling then.
The Tunisian Medco asset that underpins ATOG (Medco Sahara = ATOG Sahara) appears to have originally been brought to AAOG by Askell (see AEI article April 2019). We now know Askell have launched a claim against AAOG in relation to the Medco assets. If Askell really did broker this opportunity to AAOG, would they really have done it without some kind of Confidentiality or Non-Compete Agreement in place?
Either Askell have been, and are being, very silly and naïve, or there has been a huge breach of confidentiality here.
Completely agree Effugium. Its high time people were held to account for apparent corporate and/or operational failings. Does the reputation of AIM no good if it doesn't happen.
Forensic examination of all accounts and monies spent.
Forensic examination of all contracts with SNPC, SMP, ATOG and Askell.
If the ZEN offer goes through, Miton will very quickly own 12.43% of zip, and they will have spunked at least £2.5 Million down the toilet.
As of today, Miton’s 5% in ZEN is worth c. £300k.
In other words, for Miton to just recoup their losses will require ZEN SP rise of >800%.
Maybe, just maybe, Tilapia will do that on its own despite all the other tag-nuts in the ZEN portfolio weighing it down. But that's a long way away and we're relying on assurances from the grinning King of Socks that he's sorted everything out with SNPC.
If Miton think that Tilapia might work, then the better leverage is with Align
They're buying the subsidiary which contains the asset NOT the parent company
ZEN isn't buying AAOG the company, its only buying at the asset level.
If ZEN win, AAOG's SP will collapse and with it Miton's 12.5% investment in it...
I just hope Align have got Miton onboard.
In the light of the RNS I want to know
- What were the relationships between AAOG, ATOG and Askell?
- What agreements were signed and when, between all 3 parties in relation to Tunisia?
and most importantly,
- Why are Askell only going after AAOG?
Taken from the Anglo Tunisia Oil and GAs website:
"ATOG has an experienced and well-respected management team with over 200 combined years of oil and gas experience. The team are proven oil finders with strong technical, operational, financial and transactional expertise and a proven track record of developing several successful businesses including Ophir energy, AAOG, Fusion oil and gas and Impact oil and gas."
AAOG successful? Really?
Well, if you've caned the company and its shareholder for 10000s of pounds, I guess that it is.