Anglo African Oil & Gas Share Discussion Threads

[neo26] 23/1/2018 22:45

Everyone knows a placing will happen, because sefton said he will do right issue it's slowing the progress.Hopefully rig signed very soon...

[nametrade] 23/1/2018 12:52

Unhappy with his operational duties, obviously parted company on not the best of terms.

Nick Butler and Sarah Cope could be seen to have been brought in to build more assets within the company.
Although between them they don't seem to have had much African experience?

[zengas] 23/1/2018 12:36

There's obviously been other problems to contend with imo. Hopefully a widening of the strategy and fair play to David Sefton.

McDonald 'resigned from the board and submitted his resignation as an employee' - This was a man who had gone from CEO to Country Manager at AAOG.

It's very notable that today McDonald didn't even get a mention by David Sefton in the comments section of the press release - where as Sefton praised the non exec PJ Davies. "I also want to take the opportunity to thank PJ Davies for his very substantial contribution to the Company, and his resignation is a matter of considerable regret".

[zengas] 23/1/2018 11:57

I'm a bit more confident about AAOG as a whole rather than just Tilapia. I'm sure i picked up somewhere pre christmas/recent months that AAOG might go beyond the Tilapia field into other assets. I can't find anything in the press releases but haven't listened to all the interviews but i'm sure i heard and picked up on something that suggessted they could go beyond Tilapia ?.

McDonald is gone and a few others. Had McDonald any inclination at his age to grow the company or just sit back on the envisaged rewards from Tilapia ? I always thought from the outset it was a limited strategy and why just sit on this one field until it eventually expired ? Had they no goals ? Again if successful, dividends are great but surely they could put some of the cash to greater use ?

Tilapia if anyway successful even just in the Mengo could throw off significant revenues. The oil price is a lot better now than it was when AAOG came to market.

What would take James Berwick to AAOG ? (not the snouts in the trough comments please) or to spend his time on one field (whether the licence came through or not)? It's worth taking a looking at his history, his achievements and the assets he introduced elsewhere.

At Impact ( a private company) from 2013 he "has introduced several world class assets to the Impact portfolio and is a key member of the team driving the next stage of the Company's growth"!. Look where those assets are now - farm outs to Total, Stat-oil, Exxon and CNOOC (Chinese) all majors ! Also at Ophir which is now worth north of £500m he was responsible for the acquistion of the nmajority of Ophirs assets up to their IPO.

Now taking up his role as a new and first time CEO at an oil company i just somehow doubt at his age this would be the pinanncle of his career to sit it out on one asset where at the previous two he was involved in bringing multiple assets on board. Surely (like me) he recognises the potential and greater growth for shareholders could come through bringing further assets onboard and putting the cash throw off (on a success case) to better use. In addition the oil price has much improved since so even more incentive to gow a company rather than live off it's dividends before that at some point ends or dwindles.

From AAOG - "The appointment of James Berwick, whose experience and track record in the African oil and gas sector is outstanding, represents a step change in the executive capacity of the Company to deliver on its strategy." The choice of "Step Change" is interesting.

From Impact "https://impactoilandgas.com/news_detail.php?id=impact-oil-and-gas-board-appointment - James has introduced several world class assets to the Impact portfolio and is a key member of the team driving the next stage of the Company's growth.

He looks to have specifically and consciously left Impact to join AAOG as he only left Impact on 31/12/17

London, January 3rd 2018: Impact Oil and Gas Ltd (“Impact”), the Africa-focused pure exploration company announces the departure of its Commercial Director.
As of 31st December 2017, James Berwick has resigned from his position on the board of Impact Oil and Gas Ltd. James leaves Impact having played a key part in the growth of the company through its portfolio and partner base.
We wish James all the best in his future ventures.

[canigou2] 23/1/2018 10:47

I'm sitting on the sidelines, wondering whether to invest in AAOG. The last thing I expected was the arrival of four new directors to bleed this microcap dry! I think I'll sit a little longer. It appears that most of the potential in this company is outside the control of the BOD. License approvals, 'luck' with the drill bit, G&G and operations competency. Unless they need to raise more cash? (which is more likely now with four more snouts in the trough)

[soulsauce] 23/1/2018 10:30

Nice posts Zengas thanks.

[zengas] 23/1/2018 10:15

If all these heads at SNPC are getting replaced it's obvious imo that it's likely to have delays on taking the field forward. Given todays four director appointments including a new CEO I feel they are confident of things going to plan and something tells me that the arrival of James Berwick and his level of experience (Ophir) wouldn't be coming to AAOG at this moment in time if they were not confident of moving the company forward.

[cashandcard] 23/1/2018 09:54

Zengas,


Fair points. The potential has not changed, they need to work hard to bring the drill campaign on in a prudent way.


Cash

[zengas] 23/1/2018 09:52

Going back to my earlier post, both the Government and SNPC are in a lot of debt so with all the demands of the IMF bail out and the government seeking funds just about everywhere from Moscow to Riyahd to China it's no coincidence that AAOG want the licence in the bag. There have been issues with Total, Perenco, Hailburton and some others being squeezed by the governments economic crisis in 2017 so again in light of these problems i'd say it's prudent of AAOG to want the licence secure before drilling.

There was to be a clean out at SNPC and reforms and the bill was to get to parliament ahead of the IMF.

[cashandcard] 23/1/2018 09:13

I want to see progress on the actual license. It has taken far too long, after a year of near total waste. The next license/asset update will be crucial.



Cash

[money4me] 23/1/2018 08:46

so news due within a week or so which should provide some definitive guidance as to whether these folks are actually capable of delivering anything

[ayesha4] 23/1/2018 08:15

I received an email yesterday. They are making progress on all fronts. Licence is due any day and literally could land any time. They are moving on both rigs and will make a positive announcement by the end of the month with which they have.

[pinkfoot1] 23/1/2018 07:42

This RNS ties in with what I expected and also the note of the Sefton call made earlier.The next RNS will be licence extension /rig so I’m again relaxed.The rig is a shoe in-the licence extension more problematic as timing is in hands if the Authorities.

The Board was too small anyway so bringing some big hitters on board is ok with me.Its not a question of fat cats and I hope they show their commitment by buying some stock in due course-unlikely short term if the next news is in train due to Compliance

[t-trader] 23/1/2018 07:16

AAOG is just a milking machine for the fat cats.

[t-trader] 23/1/2018 07:13

More fat cats on board to shell out for....they will have no money left by the time the drill comes around (or should it be if!).

[buffythebuffoon] 23/1/2018 07:13

Here’s a positive outlook for you... we’ve positively decided to throw more money at yet more senior employees, with absolutely nothing achieved so far.

No licence extension, no rig, much less money. Of that I’m positive.

Buffy

[cinques] 23/1/2018 07:12

I smell a placing :-(

[supercity] 23/1/2018 07:10

Pessimist - try a more positive outlook, you'll feel better for it

[aimmafia] 23/1/2018 07:09

More delays no doubt to come

[pimp] 22/1/2018 20:20

It makes you wonder why on earth did they not go for a licence extension at IPO or have a back up rig sooner . Everything the management do reeks of buffoonary on the surface. I suspect eventually in march the rig may be on site but my biggest concern is they dont drill at all if they dont get a licence deal they like. I honestly would not be surprised. I hope not but nothing surprises me anymore,

[pinkfoot1] 22/1/2018 20:12

King Kong

I agree that the Board have not covered themselves in glory but if the chat is true,Sefton has not changed position since his last statement.

He said

-we are planning a licence extension

-we are working on a plan B if the desired rig is not forthcoming and that it would not delay things indefinitely

Meanwhile they have enough cash.

What,other than time,has changed since?

Suggest all relax and wait for the news.

[sunnybeachboy] 22/1/2018 19:54

Confirmed licence to land any day. And the preferred rig available in 2 weeks. What not to like...

[kingkongtimmo] 22/1/2018 19:49

Sattaras post on LSE is extremely worrying.Having the back up rig incase theyMiss the rig they want!!! Apparently hey didn't use this rig back in September because they were desperate for the grade a rig!!! Aaog are NOT twisting the governments arm, of David sefton actually said this he is a moron. The government are well aware of the need for the license extension for AAOG and will be well aware of the deterioration in AAOG SP, and therefor their value and the options that sefton et al have in place. The government can out last AAOG in a stand off. Not least because AAOG cash position is precarious at bestThe bod here are complete amateurs, and it is fast becoming uninvestible.