Angus Energy Share Discussion Threads

[kinggibbon] 04/3/2021 19:26

JA51:He did not answer your question because your complete useless clown.

[jtidsbadly] 04/3/2021 18:34

Trying again:

hxxps://cdn.shopify.com/s/files/1/0277/8710/0235/products/Jonah_In_His_Barrel_grande.jpg?v=1574157595

[jtidsbadly] 04/3/2021 18:29

He’ll be needing his port in bulk tonight, by the sound of it:

hxxps://images.app.goo.gl/tqiLhwfuWaerk1gp9

[ja51oiler] 04/3/2021 18:10

So for the Second time, The first being the September CC my question regarding the £12.8 Million Saltfleetby De-commissioning cost being now 51% wasn't answered. So that's a yes then!!

[jtidsbadly] 04/3/2021 18:02

On the other site, it would be fair to say they're not universally impressed. Chickndinner’s rocking horse metaphor seems to apply.

[ja51oiler] 04/3/2021 17:54

BLAH BLAH BLA.....Unicorn.....Pixie dust.......BLAH BLAH impossible timeframes BLAH BLAH...UH UH NOT SURE REALY!!!

[ja51oiler] 04/3/2021 17:30

listening in now.

[jtidsbadly] 04/3/2021 16:30

Is anyone on here participating at 5 o’clock?

[ja51oiler] 04/3/2021 12:40

Or Timskey отл;ичl5;о ho Dimsky as they call him at Gazprom!!!

[jtidsbadly] 04/3/2021 12:32

Wolfofthevwoods/JA51: yes, and the taxpayer will end up with the substantial de-commissioning costs which should have remained the responsibility of Gazprom. Smart work on their part.

I think this could well end up bought for next to nothing by Humber Oil and Gas. It will be too late for Angus. I dare say whoever introduced the interim MD to Poundland will have been well rewarded and has had a free carried interest in it, just in case.

I’m not sure His Lordship will be able to reprise his role here elsewhere. He’ll be regarded as a bit of a Jonah, I should think.

[ja51oiler] 04/3/2021 11:57

JT: It's worse than that though isn't it? Without the £18 million tax clawback that Angus has available, the project isn't viable anyway looking at the CPR. All the revenue is generated in the first 4 years and then falls off a cliff. This wouldn't be available to a third party as a guarantee surely?

The only security I can see would be if when Forum took over from the Russian federation they inherited that £12.8 million for De-Commissioning. Impossible to tell as they and Saltfleetby energy(formally Wingas storage) "conveniently" chose to delay publishing their accounts by 6 months. I think it's fair to say they couldn't afford to pay Angus that £2.5 million if it wasn't the case but who knows. The last Accounts for Forum Energy only show £89k!

The whole thing is just a farce isn't it? A partner sells you this mega-project for £1 and then gives you £2.5 million to connect or De-commission. Angus has done neither and has proven so utterly incompetent on every front in any other nonfairytale real-life scenario, Forum/Saltfleetby energy would be suing Angus for every penny it hasn't got for gross misrepresentation/corporate incompetence, wouldn't they?

That's until you consider all those pesky coinkydinks that keep cropping up!!

[wolfofthewoods] 04/3/2021 11:44

They will blame corona or brexit when the game is up. They will then find another "taps on' project for a new company.

Remember, who is smart here? They have made a lot of money here for themselves and will simply tell you they never asked you to invest. I guess we are meant to ignore being missold the ipo and videos of 2016 onwards.

[jtidsbadly] 04/3/2021 11:20

JA51: that’s interesting. It reinforces my view, which you know, that their oil assets are in reality decommissioning liabilities.

The big sticking point with a massive Poundland loan will be security. The CPR is totally discredited. To protect lenders against Poundland overrunning its revised budget or failing to flow gas at a rate that allows Anguish to meet its interest/repayment schedules, the lenders will want security. An asset they can sell to refund their loan. The only “asset“ Anguish owns is Poundland, which they bought for £1 and which has a huge de-commissioning liability attached to it, to the tune of an estimated 48% (is it?) of the value of the proposed £12mm. loan (but in fact much more than this). Its failure to meet Anguish’s interest payments will collapse its valuation. I imagine the re-examining of the oil prospects may result in Anguish increasing the balance sheet value of these prospects. This might qualify as “security̶1; to certain small lenders. Not to a big bank, though. This is on top of a proven extremely unlucky management with a short history of hopelessly optimistic cost estimates, huge budget and timetable overruns, and represented by a part time interim MD with no oil or gas experience. I see that JamesII on the other site is rambling about a debenture! They haven't got any security for a £12mm. loan, they’ve only got de-commissioning liabilities and cash flow forecasts from a discredited CPR, which itself is based on information received from a discredited Anguish management. What are the chances, do you think?

[jtidsbadly] 04/3/2021 10:22

chickndinner: re your estimate of £150,000 being two months’ expenditure i think I have miscalculated. It’s not even one month’s expenditure, is it? Two or three weeks is more like it. Though with the (presumably huge) overspend at Poundland on the pipeline works, even this may be optimistic.

[jtidsbadly] 04/3/2021 10:02

I’m not signing in to the presentation tonight but here are questions I would ask:

1.have the auditors signed off the accounts and when will they be available?
2.when will the AGM be held?
3.what are the latest indications from the big bank and from Aleph?
4.how much are they planning to spend this year at their oil assets? Where will they get the money for them? The £12mm. is earmarked for Saltfleetby, isn’t it?
5.how much cash have they got left? If they don’t get the loan, is HP/leasing still viable? If not, what is Plan B?
6.have they had feedback from the participants in the recent placing at 1p?
7.are they still in Chiswick? If not, what is the address of their registered office?
8.are the ring-fenced abandonment reserves at Lidsey and Brockham intact? If not, does the re-emergence of these two assets justify re-classification in the balance sheet of these reserves as cash?

[ja51oiler] 04/3/2021 09:59

Some interesting stuff from the OGA

It's amazing that Angus has suddenly remembered Lidsey when you read the latest guidance from the OGA isn't it?

Let's not forget that Angus purchased Brockham and Lidsey for just £100k for both for a reason. Brockham has produced so little oil as to be uncommercial (see OGA open data below) If the company were candid and admited it, the only reason for keeping it open is the use of the water injector well. 300,000 barrels of water From both sites have been poured down it to give you some perspective!

Without the Brockham water injector the only option would be drilling a hugely expensive Water injector well at Lidsey (historically relied on Brockham to dispose of the large water cut produced there). Otherwise, it's still a money pit with water disposal at £49 a barrel as advised by Angus in the first Saltfleetby presentation. Apparently, it has to de trucked up north and incinerated.

The Brockham license has twice been extended for six months (despite the company asking for a 5-year extension) the second was showing the end date as the 27th of this month. Incidentally, It now shows N/A on the attached but the date remains on the OGA documents elsewhere.

Angus and Forum/Saltfleetby/Mr Forrest Must seriously be cause for concern at the OGA now, given the suspension of the works and the associated multi-million De-Commissioning costs associated.


Catch 22 again!! .......No money, no licence....No license, no Money!



hxxps://itportal.ogauthority.co.uk/eng/fox/oga-report/PED300X/onshore-licence/?LICENCE_TYPE=PL&LICENCE_NO=235

hxxps://www.ogauthority.co.uk/news-publications/news/2021/oga-launches-full-investigation-into-possible-licence-breach/


hxxps://www.ogauthority.co.uk/media/4906/onshore-decision-making-framework_june-2018.pdf

hxxps://data-ogauthority.opendata.arcgis.com/pages/production

[jtidsbadly] 03/3/2021 23:30

chickndinner: no, I don’t think Frazer Lang will have parted with any money for these placing shares. He’s G.P. Jersey, and seems to have wanted the 10% of the total placing in order to maintain his 10% holding in Anguish. He got the same terms as the other placees.

Anguish announced the placing to him a few days after the 150mm. shares placing in late January. No, private investors were not offered shares in the placing.

I don’t know how it stands as far as the placing is concerned, it would depend on the wording of the placing document. They will apparently need an AGM to issue these shares to him though, and Anguish won’t be receiving money for shares they haven’t issued/delivered.

He's important because that ramp from late December was due to the building of a 10% position by G.P. Jersey. The Chiswick lot were quick to use it to push the shares higher.

Your calculation on the value to Anguish of a £150,000 placing seems to be approximately right!

[chickndinner] 03/3/2021 23:03

Can anyone smell rotting fish?

[chickndinner] 03/3/2021 22:56

If the share price goes really low can Frazer Lang still buy his 15 million shares at the bottom before an AGM?

[chickndinner] 03/3/2021 22:54

Also. Why is Frazer Lang such a big deal?

@ a penny it only raises £150k

That probably only 2 weeks worth of keeping the lights on going by this threads calculations no?

[chickndinner] 03/3/2021 22:47

JT. So Frazer Lang has not given Angus Energy any money yet for the 15mm shares right?

Also. Am I right in saying that Frazer Lang had an opportunity to buy 15 million shares at a penny?

What was the share price when Frazer Lang was offered these shares and were private investors offered this option as well?

The share price is now below a penny so is Frazer Lang in a contract to still buy the 15million shares at a penny or can they be bought at anytime?

[jtidsbadly] 03/3/2021 18:18

chickndinner: £150,000 is what Frazer Lang is supposed to pay for his 15,000,000 placing shares at 1p per share. If Anguish can’t have an AGM, they can’t issue the shares.

[chickndinner] 03/3/2021 17:49

JT. Thank you for your analysis. I don't understand the £150k costs though if they delay the accounting period until June?

Why so much?