Anglo African Oil & Gas Share Discussion Threads

[seagreen] 08/7/2019 16:02

Other red flags for people who understand accountancy if not go and discuss with your friendly accountant in the local from the annual report:

Page 11/12 Corporate Governance principals ....

MAKES MONTY PYTHON LOOKS UNFUNNY

Page 13 Audit committee
Sarah Cope (chair) and Brian Moritz are the members of the committee.

LOL

Page 13 Remuneration committee
Nicholas Butler (chair) and Philip Beck sit on the committee.

BRAVER MEN THAN ME

Page 15 Going concern
The directors have adopted the going-concern basis in preparing these financial statements. This is further
explained in note 2 to the financial statements.

YOU CANT BE SERIOUS

Page 15 Financial instruments
Details of risks associated with the Group’s financial instruments are given in Note 22 to the financial statements. The Company does not utilise any complex financial instruments

WATCH THIS SPACE


Page 15 Statement of disclosure to auditor

Each director at the date of approval of this annual report confirms that:

• so far as the directors are aware, there is no relevant audit information of which the Group’s and Company’s
auditor is unaware; and

• all the directors have taken all the steps that they ought to have taken as directors in order to make
themselves aware of any relevant audit information and to establish that the auditor is aware of that
information.

NO REFERENCE FOUND OF THE DEAD PARROT SKETCH YET

[seagreen] 08/7/2019 15:49

aaogplc better ring the auditors !!! I am pretty dam sure the £300k relates to ATOG/MEDCO as I do not know of any other potential acquisitions so one presumes that is the total cost inclusive of legal fees but they would know.

[apache_dropout] 08/7/2019 15:49

So the overall placing price will be much lower than 5p.

[apache_dropout] 08/7/2019 15:47

So the overall placing price will be much lower than 5p

[seagreen] 08/7/2019 15:47

AP Findley another answer to a question you asked some time ago about the £1.6m of Staff costs is explained in the Directors report page 14 we rather underestimated their greed

Directors’ remuneration
Salary Pension
D G F Sefton 220,000 + 24,000 = 244,000 versus 2017 total of £126,500
A J Berwick 220,000 + 24,000 = 244,000
J A Cane 190,000 + 24,000 = 214,000 versus 2017 total of £126,500

Plus other Directors totals £936K

I love this

Included in the table above is an accrual for bonuses payable to directors totalling £150,000 (2017: £nil), which were unpaid at the date of signature of these financial statements. The remuneration committee considered that the executive team had achieved, in often difficult circumstances, its primary goal of drilling TLP-103C and
discovering 56 metres of oil across all expected horizons. This result has laid the platform for the next phase of activity in 2019, being the plan for successful production from TLP-103C via the side-track into the Djeno, as described in more detail in the Group strategic report.

ROFLMAO

[aaogplc] 08/7/2019 15:39

What proportion of the legal costs are ATOG

[seagreen] 08/7/2019 15:28

By George that is £300,000 of costs relating to a potential acquisition purely a coincidence of course

[seagreen] 08/7/2019 15:26

honestmarty there were once knowledgable posters on ADVFN too who at least understood right and wrong

I am fairly confident that I will be proven right but I will not wait up for an apology from APF and Bad gateway the bedsit boys

No point in me mentioning in their annual report this year it states on page 5

included in administration expenses
5. Costs relating to a potential acquisition
(£0.3 million)
6. Personnel costs (£1.6 million)
7. Legal fees (£0.6 million)
8. Travel and associated costs (£0.9 million).

As one can get rather fed up of trying to help idiots......

[seagreen] 08/7/2019 15:12

aaogplc By George he has got it ..high fives its also a pretty dam hot party full of relations

[aaogplc] 08/7/2019 14:53

If DS is, and the record shows, he is a director of both AAOG and ATOG and is being funded by the same investors then there is s clear conflict of interest

[apfindley] 08/7/2019 14:34

Theres a lot of "purported" in there.Which basically means we haven't got a clue, but somebody somewhere started the rumour and now we're all trying to back away from the fact that we stated it all as facts initially.

[apfindley] 08/7/2019 14:31

But you started making sefton to be the guy with a conflict of interest.Now you're saying its ehgof. Make up your mind.

[aaogplc] 08/7/2019 13:06

Some incredibly thick people on here. Love watching you going round in circles either getting it wrong or not wanting to believe.

[pwhite73] 08/7/2019 13:03

apfindley - "So sefton isn't on the board of wdc?"

Are you pretending to be ignorant or what?. DS is on the board of WDC but EHGOS are not. Whereas DS and EHGOS are both on the board of ATOG. Board directors of ATOG have provided capital to another board director of ATOG which is DS to finance DS company AAOG.

[zengas] 08/7/2019 12:47

That's not my research BG, it's from the highly respected subscription based AEI on all things Africa.

[honestmarty] 08/7/2019 12:45

A snag,LOL

Somebody turned the light on in the church and revealed the Bishop shagging an altar boy, with his wingman queued up behind, waiting his turn.

Hopefully their evil scheme has been thwarted.

[bad gateway] 08/7/2019 12:42

So you made it up? Does that make it slander or libel?
2 other points.
1. If Sefton did only work for one aim co. at a time he's be one of the few on AIM that does.
2. I've suffered enough at the hands of ZENGAS's excellent research at SAVP as has
Honestmarty thank you. Won't be drawn into that trap again.

[seagreen] 08/7/2019 12:35

See post 3496 for an excellent summary of the situation by the excellent and reliable Zengas which contains this last paragraph


From AEI some weeks back (April 9 2019)

'David Graeme Sefton the founder of the British junior active in Congo-B, Anglo-African Oil & Gas, has embarked on a new venture with the launch of the UK-based Anglo-Tunisian Oil & Gas. This company will be headed by Sefton's right-hand man, the French-speaking boss of Anglo African Oil & Gas James Berwick, at the helm since January 2018. Berwick previously held senior positions with Ophir Energy and Impact Oil & Gas (AEI 810) .

According to our information, the new firm has already struck up talks to pick up all or part of Indonesian oil group Medco's Tunisian portfolio. Since 2014, Medco has held stakes in eight blocks, seven of which it operates. Two of these, Adam, operated by Italian major ENI, and Bir Ben Tartar already produce some 16,000 bpd. But the discussions seem to have hit a snag for the moment. It appears the financial firm overseeing the sale of Medco's shares, Askell, headed by American national Rick Crist, is reluctant to validate the transaction. When contacted, neither Crist nor Sefton wished to comment.

[sbb1x] 08/7/2019 12:34

Lots of flies round six here

[seagreen] 08/7/2019 12:32

I thought that was the sum of money purported to have been used, for the time being I shall retract "the exact amount of money" and state that two Directors are purported to have spent considerable time and resources on the DD of Medco, whilst they are being paid £180,000 a year to work in the best interests of AAOG and that the recently set up company ATOG a vehicle with the same two Directors,which is or was the purported purchurser of the said Medco assets in Tunisia.