Dear Ms Cope

We have declared our hand with regards to AAOG and I produce this letter to you in an open format via our platform so that the wider shareholder base (in particular Premier Miton) can assess for their own decision making purposes the points I relay below:

Firstly, the rushing through of the voting at the forthcoming GM is most certainly not in AAOG shareholders interests. I thus request (with the support of many shareholders) that you delay the GM by at least 2 weeks so that you as a Board can get comfortable with the questions you have raised to our group, in particular those surrounding the debt facility. To ask shareholders to vote singularly on the ZEN deal without you exploring properly our proposal is wholly inappropriate from a fiduciary perspective basis quite aside from good moral practice.

Secondly, the reaction to the unveiling of the ZEN deal speaks volumes – the stock price went nowhere and remained at approx 0.5p. This is because in this scenario the cash that you raise via the proposed Riverfort facility will be eaten up by bloated coasts and clearly the market is skeptical as to whether ZEN can carry through with their own capital requirements laid out in their proposal. You know full well that AAOG becoming a cash shell then puts a 6 months timescale on you to find an alternate RTO proposition and that any residual costs within the “shell” would be further eaten up here. A shell is worth @ £500k and so I am almost certain that any RTO candidate would not value the shares much beyond this. Further, Riverfort’s convertible loan structure means one thing – additional selling of the shares on a risk free basis on their part but where AAOG shareholders suffer. The wild card in ZEN’s proposal is of course SNPC debt recovery and whether ZEN can get oil flowing from the Tilapia field as well as licence renewal – there are way too many intangibles. The evidence of Andrea Cattaneo being able to deliver this given his woeful production from Zenith in Azerbaijan is slim to be polite.

Our plan injects sufficient capital into the company to stabilise matters and takes out the Riverfort/Yorkville stock overhang – the market voted instantaneously yesterday with a near doubling in price when our proposal was RNS’d. As you will see with the imminent statement from the proposed Director nominees to be produced here, our plan aligns all parties to one end – resolution of matters with SNPC and a pathway to drilling again in a cost effective and deliverable manner. If we are successful in this regard the return to shareholders from the current woeful would be transformative. 

To conclude, I ask that you do not deny all AAOG shareholders the opportunity for you as a BoD to become comfortable with our proposals through rushing through the GM. Allow them to decide, properly appraised in an appropriate timescale as to which route they would like the company to take. This can only come from a delay in the GM.

Over to you Ms Cope to show to all AAOG shareholders that you really are acting in their best interests.

Richard Jennings

• Anglo African Oil & Gas