Anglo African Oil & Gas Share Discussion Threads

[costax1654x] 31/12/2019 12:09

All those who bought after the RNS lost money

[tomboyb] 31/12/2019 12:08

A bit of patience and this could be 0.80p-.90p -

We shall see the trading -

[tomboyb] 31/12/2019 12:05

I think 0.80-0.90p on cards today

[tomboyb] 31/12/2019 12:04

Better than current deal -

I think may require a bit of patience and a bit on the detail

[cpap man] 31/12/2019 12:03

New Year tip for 2020



Come and visit this new ADVFN THREAD....



MINERS & OILERS to double or more in 2020

[jayrh] 31/12/2019 12:03

Dropping like an unexploded bomb

[tomboyb] 31/12/2019 12:02

RIVERFORT shares to be acquired at 1p-

[apfindley] 31/12/2019 12:01

Toxic background

[tomboyb] 31/12/2019 12:00

0.69p avg -

will get it back and more -

[tomboyb] 31/12/2019 11:58

Anglo African Oil & Gas PLC Proposal from Jub Capital
31/12/2019 11:51am
UK Regulatory (RNS & others)

Anglo African Oil & Gas (LSE:AAOG)
Intraday Stock Chart
Today : Tuesday 31 December 2019

Click Here for more Anglo African Oil & Gas Charts.
TIDMAAOG

RNS Number : 4357Y

Anglo African Oil & Gas PLC

31 December 2019

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 ("MAR").

Anglo African Oil & Gas plc ("AAOG" or "the Company")

Proposal from Jub Capital

AAOG confirms that is has received a proposal (the "Jub Proposal") from Jub Capital Ltd ("Jub") that envisages the following:

-- Acquisition by Jub of the ordinary shares in the capital of the Company (the "Ordinary Shares") currently held by RiverFort and its associates at a price of 1p per Ordinary Share (the "Issue Price") with a substantial part of the proceeds of that acquisition returned to the Company pursuant to the terms of the Investor Sharing Agreement with RiverFort;

-- Subscription for new Ordinary Shares at the Issue Price giving proceeds of approximately GBP300,000 to the Company (the "Subscription Proceeds"). Each new Ordinary Share would have a number of warrants attached exercisable within the next two years at 1.5p per new Ordinary Share to be issued;

-- The resignation of Phil Beck, James Cane and Nick Butler from the board of the Company but implying the retention of Sarah Cope and Brian Moritz on the board;

-- The appointment of Alex MacDonald and Matt Thompson as directors; and
-- The withdrawal of the resolutions giving effect to the SPA agreed with Zenith Energy and the proposed RiverFort Financing as announced on 27 December 2019.

Oxford Energy Ltd (a company controlled by Matt Thompson) has written a letter of support which presumes the provision of a $5m loan to the Company on indeterminate terms and subject to certain unspecified conditions. The Company is informed that this loan would be secured over 100% of the shares in AAOG Congo, the Company's wholly owned subsidiary in Congo which holds the 56% interest in the Tilapia licence, and is likely to be repayable upon receipt of monies from SNPC. However, Jub envisages only drawing down on this loan in the event that a new licence is granted over the Tilapia oil field.

The Jub Proposal was received at around 5.30 p.m. last night. Richard Jennings of Align Research has identified himself as the "architect behind the proposal" and told the Company at 6 p.m. last night of his intention to release details of the Jub Proposal to the market today. Accordingly, the directors have considered the Jub Proposal carefully overnight and discussed certain aspects with Jub and Messrs Thompson, MacDonald and Jennings this morning. However, the Company has unanswered questions that require resolution before the board can make a fair assessment regarding the Jub Proposal. In particular, the board makes the following initial observations:

-- The Jub Proposal does not articulate on what terms or what conditions the loan from Oxford Energy shall be made available. The Company has not yet established the bona fides of Oxford Energy.

-- The Jub Proposal does not outline how the new management team anticipate unlocking value from the Tilapia field for shareholders.

-- The Jub Proposal contains a number of conditions precedent that are not in the Company's gift - namely, the withdrawal of the resolutions to give effect to the Zenith transaction and the sale of the Ordinary Shares by RiverFort.

The board will consider the Jub Proposal in good faith once the above issues and queries are addressed.

In the meantime, the board continues to negotiate the terms of the RiverFort Financing referred to in the announcement of 27 December and which will be subject to the approval of shareholders at the general meeting called for 13 January 2020. The Company anticipates making a further announcement in this regard in due course.

Enquiries:

Anglo African Oil & Gas plc [e-mail]

James Cane, Interim Chief Executive and Finance Director

finnCap Ltd (Nominated Adviser) Tel: [phone]

Christopher Raggett, Giles Rolls, Teddy Whiley (Corporate Finance)

Camille Gochez (ECM)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

MSCCKDDQDBDDCBN

(END) Dow Jones Newswires

December 31, 2019 06:51 ET (11:51 GMT)

[tomboyb] 31/12/2019 11:57

1p per share -

[nutty1] 31/12/2019 11:16

Day of reckoning fast-approaching for Mr Berwick

[inaminute] 31/12/2019 11:07

Don't engage with it, have a look at the similar input on other boards and you'll see what a complete waste of effort that would be. A keyboard halfwit best forgotten about.

[petroleum1] 31/12/2019 10:18

ENERGY VOICE

hxxps://www.energyvoice.com/oilandgas/africa/214786/zenith-wades-into-congo-for-beleaguered-aaog/


"Congolese state-owned SNPC halted payments to AAOG Congo in September, shortly after AAOG’s executive chairman David Sefton quit. SNPC owes around $5.3mn for work carried out to date. Zenith’s statement said it had met SNPC and expected to secure the full repayment."

SNPC seems happy for anyone to come forward and develop the field. Why give 80% of assets to Zenith in a fire sale when they could have secured financing somewhere else.

[nutty1] 31/12/2019 10:01

Align Research have put a statement out outlining their plans for AAOG.

Ditch the ZEN offer!

hxxp://www.alignresearch.co.uk/anglo-african-oil-gas/statement-anglo-african-oil-gas-shareholders/

[bad gateway] 31/12/2019 09:54

zens record doesn't stand up well enough to be considered aaogs answer imo.
re snpc they haven't been paying anyone well for some time if this is anything to go by.
Getting them to pay sounds quite challenging for anyone.

[tommiea] 31/12/2019 09:22

Dodge_city......oh dear

[dudishes] 30/12/2019 16:50

Sefton resigns from ICON

[seagreen] 30/12/2019 10:49

Any shareholders think the ZEN deal is not in their best interest or think the board should consider THE alternative deal (or deals) being put forward to the board which imho has a chance of returning better value to the AAOG shareholders please contact:

The AAOG twitter action group or

as previously advised

Email Richard at [e-mail] if you support his actions with your contact details and shareholding

There is at least one deal out there that needs to be put to the shareholders as it is real finance and keeping the assets and does not involve Zen and his mob and his mob of second had advisers. (I am not privy to exact detail but it sounds as though it is attempting to keep the assets for existing shareholders and getting a revised board inplace that are independent of the historical mess.)

I am advised that the board need to be persuaded to give it due consideration at least and share it with the shareholders. Then a fair choice can be made every vote counts.

In particular the poster who claimed to have 1 percent please act now.