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Anglo African Oil & Gas agrees divestment to become cash shell

Snapshot

  • Congo project stalled amidst funds squeeze
  • Divestment to Zenith Energy
  • AAOG to become a cash shell for RTO
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Quick facts: Anglo African Oil & Gas PLC

Price: 0.275 GBX

AIM:AAOG
Market: AIM
Market Cap: £1.34 m
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How it’s doing

In late December, Anglo African Oil & Gas PLC (LON:AAOG) reached an agreement to divest Zenith Energy to acquire its interest in the Tilapia project.

In June 2020, Anglo African entered into an unsecured convertible loan facility with Riverfort Global Opportunities for an amount of up to £1.5mln.

The first drawdown of £160,000 was advanced in June, with further drawdowns of £100,000 per month up to the agreed amount.

Each Drawdown is interest-free but attracts a 7% drawdown fee to be added to the principal amount outstanding and convertible on the same terms.

All drawdowns and fees associated shall be convertible into ordinary shares, it said.

Inflexion points

  • Looking for reverse takeover
  • Any reverse takeover transaction will transform business
  • Potential new management appointments

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