Angus Energy Share Discussion Threads

[jtidsbadly] 18/3/2021 21:16

JA51: I think they’re quite short of money again. They'd probably have another placing if they weren’t in this position with the loan deadline. I doubt they’d have the cheek to issue more shares using the formula of past issues, surely? How do they usually put it? -

“This will form part of a working capital contingency fund that is normally required by debt providers.”

It would explain their apparent desire to keep the share price at or about .0.8p. If they planned to raise close to £1mm. in a placing, the cost of buying into Treasury the large tranches of shares recently sold would be a sprat to catch a mackerel. Still, they surely can’t do it, can they?

[jtidsbadly] 18/3/2021 20:50

gkb47: they’re odd on the other site. They assume that everyone should be bullish. If they’re not, they shouldn’t be there. They want reinforcement, not debate. What use is such a site to investors if only fantasists who bought in at much higher prices and are desperate to support the price are allowed to contribute?

This was what the site admin people told Rastuss:

“Your account has been suspended from posting on this forum permanently.

Reason for suspension: Causing disuption by posting negative content while admitting to not being invested or looking to invest in this specific share.”

I think you can get away with a lot of negative comment as long as you don’t admit to not holding the shares! Make sense of that.

[jtidsbadly] 18/3/2021 20:20

Sated with bananas, the gibbon is ready for bed.

[ja51oiler] 18/3/2021 19:07

So following on from gkb47 says about Lidsey.

They literally don't have a clue what they are talking about. Nothing has changed in 2 years,yet it's now new and Exiting!!

The trouble is In April 19 they are talking of extending the license area to the west, yet in Jan 20 they would be approaching the neighboring license holder!! Only there isn't one its in the area they relinquished. I think your spot on with your thinking JT regarding moving Lidsey and Brockham from a £650k De-comm liability to get the accounts signed off.

April 2019 presentation they say

•Plan in place for low-cost seismic acquisition program to delineate the structure and extend license westward if successful.

hxxps://www.angusenergy.co.uk/wp-content/uploads/2019/05/AE-Investor-Presentation-April-2019.pdf


Asked on 30 January 2020

Q: You have assigned funds for the new exciting new prospect, as Mr Vonk described it, at Lidsey. Was this not first discovered in 1987 and actually falls outside your license area? Please could you indicate a cost, timescale and the associated difficulties in accessing this prospect given the area has been relinquished back to the OGA.


A: We have been looking at prospectivity within and outside the current licence area and we are indeed relying in part on new interpretation of much older seismic data, although discussions of “discoveryR21; are meaningless in this context. Should part of the prospect extend out of the licence we would approach the adjoining licence holder for a commercial arrangement. Note in this regard that nowadays, and particularly in the South-East, securing an acceptable site with appropriate planning permissions, rather than simply the Licence, is 9/10th of the battle to secure the oil or gas. However, due to the level of work on Saltfleetby, Balcombe and Brockham evaluation of Lidsey future prospectivity is proceeding slowly and our attention is rightly focused on bringing cashflow to shareholders.

[jtidsbadly] 18/3/2021 16:15

Wolf: well, call Flagstaff. You’ll get plenty of support there if you decide to proceed on the basis you describe. And there's Ocelot.

JamesII has had a serious sense of humour failure, hasn’t he? I hope his army of top QC’s will concentrate on Anguish and not the poor auditor. They’re not responsible for the many grammatical infelicities in the Accounts. The Finance Director probably comes from Barcelona. Qué?

[wolfofthewoods] 18/3/2021 15:44

Since we all got barred, they arent half having problems doing the math.

Jtids, have you read the original ipo document? I have gone back through all this - how can a production company state that they will be doing x y and z to get 300 bopd, and turn that into zero? I also dont quite understand how they can say they are sitting on several million barrels when they clearly cant get it out. Otherwise we might as well all start valuing our company property with oil, gas and precious metals and stick that on our company assets.

Hang on, I need to speak to my finance director...

[jtidsbadly] 18/3/2021 13:33

Sorry, I thought I was Ocelot for a minute or two. I’m over it now. Phew.

[jtidsbadly] 18/3/2021 13:31

Well, Anguish were allowed to use the £2.5mm. given to them as a full de-commissioning reserve when they bought Poundland, on the basis that they could easily bring the gas to market within that budget in May-August 2020 and rebuild a de-commissioning reserve from the resulting cash flow. Sadly, through no fault of their own, costs have escalated, the virus has slowed them down and Brexit has made the parts more expensive and harder to source. And the ring fenced de-commissioning reserves which they established at Brockham and Lidsey have quite reasonably been de-ring fenced as a result of the very encouraging findings of their very recent re-examination of the seismic data - in line with their established policy on abandonment reserving.

No, it’s all bad luck and unfortunate timing. Never mind, the taxpayer will sort it out. It would clearly be quite wrong to impute any blame to the Directors, who have been using their best efforts in pursuing the interests of all stakeholders. Their enjoyment of their salaries, pensions, club fees and other emoluments should remain unmolested.

[chickndinner] 18/3/2021 13:16

Well if the ring fenced funds for decommissioning has been used that is illegal no?

[jtidsbadly] 18/3/2021 12:56

chickndinner: well, Wingas UK is being wound up, having remitted £10mm. or £11mm. to their immediate parent company in Germany last year. Let’s call that the balance of their abandonment reserve for Poundland, which they’ve happily managed to lay off elsewhere. It’s possible that people of a sceptical bent might think what’s happened here is a little bit fishy but I wouldn’t like to comment on that. The sites will have to be properly de-commissioned and it’s hard to see any other recourse available to the Authorities.

If the above is correct, legislation is needed to prevent it happening in future, don’t you think?

[chickndinner] 18/3/2021 12:44

Surely there will be an investigation if this is the case no?

[jtidsbadly] 18/3/2021 12:38

chickndinner: the taxpayer

[jtidsbadly] 18/3/2021 12:27

chickndinner: it looks that way, unless they’ve just decided to chuck in the towel. They must know the banks’ answer by now, they must just be deciding what to say and how to say it, and when. This may be just the lull between the big shareholder getting out and an RNS.

[chickndinner] 18/3/2021 12:16

I've come to the conclusion that Postalot is nothing more than a wind up merchant!

[clottedq] 18/3/2021 11:41

JT / Chickn... I hear you ;-)

This one from Ocelot (aka Anguish Chief Cheerleader) made me laugh:

"With Saltfleetby finance impending, Lidsey’s 9 million barrels of Oil in Place restored (if not increased) and Angus now holding 80%, plus the BoD having energetically responded to the government’s White Paper with a credible geothermal project, what is holding the share price back?"

Easy one to answer though:

Held back by "THE BOD NOT HAVING A SHRED OF CREDIBILITY LEFT" IMHO.

CQ ;-)

[sheriffcollins] 18/3/2021 11:13

Jtidsbadly, you wrote “ Ordinary Shares of £0.002 each Disclosed Shareholdings in Angus Energy greater than 3% (as at 20th August 2020): Knowe Properties Limited, JDA Consulting Limited, Jonathan Tidswell-Pretorius, [respectively]: 10.02% 4.97% 4.49%“ ..IMO that’s the source. Cheers

[chickndinner] 18/3/2021 10:25

CQ. Thanks for posting the link but I don't think Angus will be around when this comes into effect?

[jtidsbadly] 18/3/2021 10:21

CQ: perhaps the interim MD got wind of this. He paid himself a bonus in 2018/19 but a much higher salary and no bonus last year.

[clottedq] 18/3/2021 09:44

BBC article on tightening corporate governance:



I read the following quote and immediately thought of Anguish BOD... I wonder why?

"UK companies and directors also face curbs on dividend and bonus payments if there is misconduct, they publish inaccurate accounts, or have insufficient cash reserves. Directors of failed firms could also see their bonuses clawed back up to two years after a pay award is made, to clamp down on "rewards for failure", the government added."

CQ ;-)

[chickndinner] 18/3/2021 00:10

Saltfleetby has a very long road!