Angus Energy Share Discussion Threads

[headinthesand] 03/2/2021 10:29

I strongly imagine Aleph is focussing on raising its invoice, rather than any financing...

[chickndinner] 03/2/2021 08:52

Still no RNS on the £12 million funding?

Come on Aleph!

[jtidsbadly] 02/2/2021 22:28

Incidentally, last year’s Report and Accounts came out on 5 March. Which are we expecting to get first this year - the FY2020 version or details of how much debt they’ve managed to raise? Or will they delay the Report and Accounts until the debt issue is resolved?

[jtidsbadly] 02/2/2021 21:57

I think it was 8p that was mentioned on the other site - not a broker’s estimate, the poster’s own. Inexpert, I’d say. That would imply the company was worth over £70mm. All their assets, as things stand, are in fact liabilities. They’ve just raised £1.65 mm. and have some tax losses that may be of value to someone one day. The market meanwhile awaits news on debt funding from a management known for procrastination.

[nash81] 02/2/2021 21:26

whats the broker target for ANGS ? saw in LSE someone mentioned NAV around 4p?

[jtidsbadly] 02/2/2021 14:59

..and the Poundland gas, on-stream by end-August 2020 at the latest. And the loan agreement, on which the documentation would be signed by end-January (well they have incentivised the new boys to keep it going for another month - or more, by mutual consent). And the abandonment reserve, estimated to cost much less than the £2.5mm. that Gazprom gave them and which has been spent, with the pipeline and the plant unbuilt - not even designed yet, in the latter’s case.

Yes, I’ll have a port thanks. Got to keep the tonsils lubricated if one’s expected to keep giving the shareholders the old oil, what. What? I mean to say. Definitely, yes. Haw haw. Absolutely.

[wolfofthewoods] 02/2/2021 14:08

Ahh yes. On opposite day which means it isnt.

Much like sustainable income at lidsey without kimmeridge layer. And brockham. And balcombe.

I think my local branch of halfords sells more oil and it has been shut most of year. Anyone for port?

[jtidsbadly] 02/2/2021 13:22

That’s triple entry bookkeeping for you, Wolf.

[wolfofthewoods] 02/2/2021 12:49

You guys must remember that the Earl can split something 3 ways at a third each, and apparently still have money left over.

Maths and physics are no barriers to entry here, much like a threesome at a wedding. Anyone want to buy a cat?

[jtidsbadly] 02/2/2021 12:28

JA51: I’m sure the options contracts they’re contemplating are more complicated than a simple case of buying 30p put options over various dates, but nevertheless, they’ll come at a price. You’d have to factor a few pence per therm, presumably, into the calculation to arrive at the full cost of the purchase and exercise of these options.

[chickndinner] 02/2/2021 09:39

Does the answers from the Q&A's sound positive to anyone?

To me it sounds like a deflating balloon.

Something doesn't feel right?

[jtidsbadly] 02/2/2021 09:26

JA51: I agree. He doesn’t seem to know what he’s talking about, does he? It’s 21 years since he was head of structured finance at Dresdner Kleinwort. He contradicts himself quite often. Look at what he said about the Riverfort convertible loan that Mr. Vonk took out shortly before his defenestration. Then he goes and does the same thing a few months later, then changes his mind and borrows from Knowe (that, however, was seriously cheap money).

The carrot of returns soon will be dangled in successive placings this year and every time the cheerleaders will say “just one more push will get us over the line. Good old George, he hasn't put a foot wrong. This time next year....”. They don’t like to cut their losses. They like to average down. What opportunities Angus is going to give them. What larks!

[ja51oiler] 02/2/2021 09:01

JT: But this again calls the companies integrity into question doesn't it?
Time and again he forgets what he has published or stated.
He now says that not hedging is foolish, Yet released an RNS with a CPR that They knew at that point was £12 million out (Listen to the September CC for the amount confirmation) but worse than that gave guidance to the share price on P10, P50, and P90 at 38p per therm.

so the CPR is out by.

£2.8 million a year on production

£12 million on costs

Takes no account of losses being incurred whilst the project drags on circa £150k per month looking at previous Saltfleetby accounts.

Lastly, doesn't include the abandonment cost (Around £12.8 million again looking at Saltfleetby accounts.

[jtidsbadly] 02/2/2021 08:35

JA51: I think buying an option exercisable at 30p implies that the Shell offtake price is not fixed and their supposed lenders want to ensure that if prices take another major reverse, they’ll still get their interest payment. I agree about the Shell agreement - as you know. It took him six months to decide to sign it. If it were on generous terms, you’d think he’d have bitten their hand off to get it signed. Mind you, his timing came in useful in August, didn’t it? A minimum of spin was enough to get Rupert out without a loss.

The terms of the Shell contract are a major uncertainty. If the price is linked to the oil price, as I’ve read that some gas contracts are, it may disappoint the cheerleaders. But there must be serious doubt they’ll get as far as that.

I suggested on 27 January that they might get a £3mm. share issue away, followed by a loan of a similar size. If they secure such a loan, the cheerleaders will cheer but it won’t even get them to first gas. They will lurch on from placing to placing over the spring and summer. And what happens when the county council, the HSE, the EA and the OGA want to know about abandonment provision before they each give permission? That will require serious money. Shareholders will have to dig deep. It’s unlikely they'll see any return on their overall investment in any case. Appalling. Though I dare say that if they get a £3mm. loan, the cheerleaders will pump the price up a bit. 2bn. shares by year-end, anyone?

[ja51oiler] 02/2/2021 08:34

So this is a bit simplistic
(I don't have 30 years financial experience behind me) But
if you take deduct for each 1% he states rather than add the £350k from the 38p per therm in the CPR down to the ,30p hedged figure thats £2.8 million isn't it?.......... How can the project possibly be viable then....Especially when you compare it to Saltfleetby energy previous accounts showing turnover!!


From the Q&A

"The valuation of the field is highly sensitive to headline gas prices. In our Reserves Report, the exchange’s forward curve prices were used resulting in an average gross price of 38 pence per therm. At target peak production rate of 10 million standard cubic feet a day an extra 1 pence/therm is equal to about £350,000 per annum of additional revenue from the gas field, of which 51% goes to Angus. Given Angus’ tax shield there is very little incremental cost associated with this improved revenue – essentially frictional supply discount, shipping and grid entry charges etc.

The potential debt participants in the facility have indicated a strong preference for a buyng a “floor” (a seasonally adjusted option over a minimum price) at or around 30 p/therm over at least a majority of the production albeit on a declining balance related to expected outstandings on the loans. The final hedging won’t be put in place until we are closer to precise supply dates, given it will be much easier (and cheaper from a credit perspective) to hedge against known production"

[jtidsbadly] 02/2/2021 08:17

chickndinner: you couldn’t in a FTSE company (unless your Chairman were an Earl) but anything goes on AIM, it seems and the regulators are fast asleep at whatever wheels they’re manning.

I still have no indication of an RNS yesterday on my LSE screen.

[chickndinner] 02/2/2021 08:11

Can you say that the funding is in the bag leading up to another can kicking placing if you are affiliated with the company?

[chickndinner] 02/2/2021 08:09

I'm surprised GL did not issue an RNS before Torreagus said the funding was in the bag?

[chickndinner] 02/2/2021 08:05

JA. Re funding it's in the bag. I have a screenshot confirming this on my profile from Torreagus from the other site.

[ja51oiler] 02/2/2021 07:56

Yes CD

Anyone thinking investing in this wants their head testing if they take the other site seriously now.

"The one with many names" claiming Malcy said the company was "As close to uninvestable as you can get" was the previous management. In fact, he said it at the very time GL was installed during the Coup. Even Ocelot struggling to pick anything positive from the Q&A and failing to mention the new shareholders tally posted? The strangest of all is I haven't seen 1 post about the pipeline works and the obvious cost overrun. Angus stated 3 weeks for the works! We are now on day... 115... !!! and still no end in sight with the Twitter pictures also seemingly stopped?

[ja51oiler] 02/2/2021 07:43

Well, that was an interesting day.

Some truly worrying answers on the Q&A for PI's..... Is that offtake agreement signed with Shell for only 30p a therm Then? If so how can Saltfleetby possibly make money with the £12million debt funding they are hoping for?

It would Appear the new guy "Frazer Lang" has been throwing his toys out the pram as not being included in the first placing. Is this a takeover bid?

[chickndinner] 02/2/2021 07:38

I must admit. I thought JA was on a wind up when he posted the Q&A's

Seriously. No way did GL write these?

And a reference to me maybe. Dont count your chickens before they hatch 🙈

🐣🐣🐣🐣8035;🐣Ԁ35;🐣

🤣

[wolfofthewoods] 01/2/2021 18:48

What a great day for Angus and therefore the world.

Has there anything I got wrong in past couple of years? Oh yes the missing £12m needed in the calcs. Wonderful.

[jtidsbadly] 01/2/2021 18:27

Yes, I’ve seen this on the other chat site. There’s no RNS showing on my LSE screen but clearly others have access to it. Last week’s placing RNS appeared on my screen an hour or two late.

[johncasey] 01/2/2021 18:03

1 February 2021

Angus Energy plc

("Angus Energy", "Angus" or the "Company")

Further Equity Placing

Angus is pleased to announce that WH Ireland Limited has, further to the Placing announced on 27 January 2021 and to satisfy additional demand, conditionally placed on behalf of the Company a further 15,000,000 new ordinary shares in the Company (the "Further Placing Shares") at a price of 1 pence per share to raise gross proceeds of GBP150,000 (the "Placing"). The Further Placing Shares were also accompanied by the issue of one warrant to subscribe for one ordinary share in the Company for each Further Placing Share (the "Further Placing Warrants"). When issued, the Further Placing Warrants will be exercisable at any time, for a period of 2 years, from the date of admission of the Further Placing Shares at the following exercise prices: 50% at 1.2p; 25% at 1.35p and 25% at 1.5p.

Issue of the Further Placing Shares and the Further Placing Warrants are conditional on the Company having sufficient authority to issue the Ordinary Shares and associated warrants, such authorities will be sought at the upcoming Annual General Meeting ("AGM") of the Company which is anticipated to be held on or around 30 March 2021 and further details of the AGM will be provided in due course.

The Placing monies will be used by the Company to advance the Company's current assets and for general working capital purposes.

Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission") immediately following the Annual General Meeting and it is expected that Admission will become effective on or around 31 March 2021. The Further Placing Shares will rank pari passu with the existing ordinary shares.

George Lucan, CEO, Angus comments: "We are pleased to welcome into the recent placing Mr. Frazer Lang of G.P. Jersey Limited as a significant shareholder with valuable experience elsewhere in the onshore UK oil and gas sector. We appreciate his continuing support of the Company as it is engaged in detailed documentation on the proposed Saltfleetby loan facility."

Frazer Lang, Executive Director, G.P. Jersey comments: "We regard Angus Energy as a significantly undervalued company and look forward to the development of the Saltfleetby Gas Field, in particular, in the coming months."

Enquiries: