Angus Energy Share Discussion Threads

[ja51oiler] 09/3/2021 11:25

Seems The nominated advisor shares the same address as Angus now....Must get very crowded in there? Good job Wingas Storage moved out isnt it!!

[jtidsbadly] 09/3/2021 10:58

..and if I were Ocelot’s employer, I’d be telling her to stop. If there’s an inquiry here in due course and she’s found to be working in PR on Anguish’s behalf, her employer could get into hot water.

[jtidsbadly] 09/3/2021 10:49

HITS: they’re just staging a smash and grab on the remaining cash while the going’s good, surely? I suspect they know the game is up and have calculated that this is as much as they can get away with.

[headinthesand] 09/3/2021 10:41

Yep, looks like the already too small decommissioning piggybank has been quietly removed. A tad worrying as a company policy, since other abandonment costs on at least 2 of the 4 wells due to be decommissioned at Poundland are still entirely unknown? I'm not sure the OGA will look too kindly on such a bare-faced redeployment of reserves...

Separately and as I have commented next door, the remaining sitting directors have decided to award themselves in total an eye-popping 40% average annual payrise. Georgie Porgie got within a cats whisker of a 50% pay hike and Hollis and Fernandes saw their annual pay literally double. Even Buchanan got a 15% raise. Obviously because they've all done such a masterful job over the last year of delivering value to shareholders?

[jtidsbadly] 09/3/2021 10:39

JA51: they say in different places that they had 9 and 11 employees, including Directors. I can’t make the salary numbers add up (there’s got to be a simple explanation).

Paddy’s past tenure (until April last year, when the Administrator was appointed) as Non-Exec. Director and Chairman of the Audit Committee at NMC seems to have been redacted! Good fun, isn’t it?

Re Lidsey, they seem to have made quite a big financial loss on their limited production there. Presumably that reflects the price of tankers to take water to the north-east?

All the above is irrelevant though. The critical consideration is the management’s own admission about the £12mm. loan as it affects Anguish as a going concern. They’re not going to get it going this year, are they? Look at their statement in the Q&A and compare it with this (below). I make no apology for repeating it:


“As noted above, in the event that the Group is not successful in concluding the debt financing arrangements, there would exist a material uncertainty that may cast doubt regarding the Group's ability to continue as a going concern and therefore, it might be required to raise additional funding to realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the report.”

Realise its assets and extinguish its liabilities. And raise more cash to do so. Good luck with that, then. Am I right in thinking that this form of words equates to a warning that they may need to wind up the company?

[ja51oiler] 09/3/2021 10:18

Seem to be a fair few inconsistencies in here don't there.

Do you think Paddy should have edited his part? Obviously, he wrote this pre-Brockham decision?

Apparently, Lindsey is producing Again. The levels must be so low as to be not worth reporting to the OGA then as they are showing production as Zero.

I can't recall seeing an RNS telling us that Brockham had received FDP approval either?
Seems the OGA aren't aware of this as they are still showing the license runs out on the 27th of this month!

[jtidsbadly] 09/3/2021 10:09

Sorry, the long term trade/other payable is the Knowe convertible. The increase in the short term payables is a net £500,000, give or take. I imagine that’s either prepayments for kit or for the pipeline works. The £900,000 ring-fenced impairment charge was announced after the 2019 accounts, so there’s no change in the balance sheet figure for this, they’ve just quietly dropped the commitment.

They could with advantage have spent another £100 or so on a proof reader. The report is peppered with errors.

The Directors are basing their going concern opinion on cash flows offsetting losses by the end of 2021. It’s not going to happen, is it?

[clottedq] 09/3/2021 10:07

So to summarize:

They've raided the piggy bank (decommissioning funds jar) to continue paying for salaries and on-going operational costs whilst they plead with Aleph to bail them out with a loan larger than their current market cap...

Anyone who "STILL" believes Anguish can pull their - first ever - success out of this gaping financial black hole is insane IMHO. You would get better odds investing with a prince from Nigeria!

CQ ;-)

[jtidsbadly] 09/3/2021 09:56

JA51, chickndinner: yes, ring fenced de-commissioning funds of £900,000 seem to have disappeared. The residents of Brockham and Lidsey will be pleased.

In addition, they seem to have shifted expenditure into the current year. Long term trade payables is a substantial number. That may explain the big improvement in cash outflows!

Why do the salary figures not add up?

These extracts seem interesting (sorry to be so wordy):

“The Committee has reviewed the carrying values of the Groups oil assets, comprised of the oil production assets, exploration and evaluation (E&E) assets. Based on the work performed during the audit, and through discussions with management, the committee considers that the carrying value of E&E assets are not impaired. The committee have considerate prudent not to impair the oil production assets based on the estimated oil reserves and forecast level of future production.”

“As noted above, in the event that the Group is not successful in concluding the debt financing arrangements, there would exist a material uncertainty that may cast doubt regarding the Group's ability to continue as a going concern and therefore, it might be required to raise additional funding to realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the report.”

[chickndinner] 09/3/2021 09:45

JA. Not after any recognition but I believe I was the 1st to question if they were dipping into any ring fenced funds?

[ja51oiler] 09/3/2021 09:35

Looks like your suspicion was correct JT.
Those ring-fenced De-comm funds seem to have been shifted around, haven't they?
Looks like they now think they are assets???

[chickndinner] 09/3/2021 09:31

Bit early to be on the sauce Mark. What.whatt!

[jtidsbadly] 09/3/2021 09:07

JA51: I think that’s fairly standard accounting-speak. There’s a statement in there somewhere saying what happens in the event that the loan doesn’t materialise and it doesn’t make good reading for shareholders. I think these big salary rises indicate they’re grabbing what they can while the going’s good. I’m trying to find out about the Lidsey and Brockham abandonment reserves, must have missed something in a cursory look at the balance sheet. I’m also looking for how they’ve managed to cut costs so much. Where was it all going in earlier years? Of course, they hadn’t started the work at Saltfleetby when the reporting period ended. They must be getting short again now. I also need to look more carefully at the auditor’s comment re going concern. If it differs much from last year, there may be a ratty smell about. Also the auditor’s fee!

[ja51oiler] 09/3/2021 08:45

These conditions, along with other matters explained in note 3.3 to the financial statements, indicate the existence of a material uncertainty which may cast a significant doubt about the group and company's ability to continue as a going concern. The financial statements do not include adjustments that would result if the group and company were unable to continue as a going concern.

[kinggibbon] 09/3/2021 08:17

Someone seems a bit jealous. What what

[jtidsbadly] 09/3/2021 08:12

The accounts are out! Look at the salaries! Richly deserved, bumpers all round, what?

[kinggibbon] 09/3/2021 07:57

I never seem to see you tree huggers dissecting the gas - BECAUSE ITS POSITIVE. Which tells us investors you air heads are not investors. So further to my point you are so very sad. I hope your burnt little fingers get burnt a little bit more and it cures you to the point you never look at a share again. Chow Plastic dossers

[jtidsbadly] 08/3/2021 21:01

KingGibbon: well, leaving aside the concept of “derampingR21; what kind of idiot would continually criticise a company in which he was invested?

Chow, oil monkey.

[kinggibbon] 08/3/2021 20:39

I do think to myself sometimes wtf are some idiots still doing on here de ramping a share they have no shares in. It's like speaking to a woman that's told you that you look like JTidsbadly or JA51 and she wants nothing to do with you, yet you're still there. Mind boggling really.

[jtidsbadly] 08/3/2021 18:55

JA51: thanks for the link. I may try it next time!

I don’t normally butt in on others’ conversations but am at a loss to understand your interlocutor’s reference to chow oil monkey. I’ve looked up chow oil (there’s a hot Chinese sauce called Chiu Chow oil, but he clearly doesn’t mean that and where would the monkey come in? JTP isn’t involved, I hope?). He can’t be trying to use the Italian valedictory “Ciao” can he? There’s too many Uber drivers with time on their hands, in my view.

MarkBarker: where have you seen this? It’s highly price-sensitive information and should have been RNS’d. Someone could get into trouble - whether it’s true or not.

[jtidsbadly] 08/3/2021 18:08

HITS: what’s Keith Moon doing at the back there?