I’ve had a fuller look at these accounts. Note 22 is worth a read. It’s all a pretty woeful story. They must be extremely worried about the recent gas depletion rate in the context of their remaining open hedge positions. The new compressor can be viewed as a desperate but vital attempt to avoid a highly possible descent into insolvency. Brockham has not helped either, has it? A distraction, as predicted. And Mr. Forrest got a really good deal. Also as discussed. |
1347: yes, investors in this are betting on some big improvements from the new compressor and at least one new well, which they can’t afford to drill. And they’re betting that the rate of decline in gas production will at least slow down and that the new compressor will prove easier to incorporate than the existing ones were. Mr. Forrest and the royalty holders will he paid in shares so expect a constant strain on the share price. How is the Government going to be able to afford its hydrogen ambitions with all that’s going on? Not FOMO, what? FOBIA. Fear of being in Anguish. Innit? |
If that's a strong financial performance I'd hate to see what a weak one would be like. Revenue down, costs up is not a good basis for growth. |
Dear oh dear. |
Angus Energy Reports Strong Financials and Strategic Growth Plans
Angus Energy has announced its audited annual accounts for the year ending 30 September 2024, reporting strong revenues of £21.802 million and an EBITDA of £10.803 million. The company has focused on maximizing revenue, refinancing debt, and improving operational efficiency. A £20m loan facility from Trafigura PTE Ltd allowed Angus to exit expensive debt and invest in boosting gas production at the Saltfleetby Field and restarting oil production at Brockham. The company is also exploring opportunities for hydrogen storage and carbon capture, aligning with government energy security priorities. With legacy hedges ending in June 2025, Angus anticipates increased cash flows and plans to expand production through additional drilling. |
No drop, no sellers available Looking forward now... compressor and hedge removal will be huge 3rd largest gas storage including offshore is absolutely mental, especially when it's already been built to cope by Gazprom |
Stock faller - Madame Karma's arrival...
JT Only had a quick look myself and won't spend much time on this crock, but I note they still have deferred payments due on the late production from Poundland. They did say they'd paid most of them off when they did the placing in December 2022, then led us to believe they'd paid them off the year later. They don't have the funds for the one year plus delayed drill at Poundland, or anything else significant, that's crystal clear. |
The old psychology eh , that'll stop 'em posting facts. |
1347 - you're obviously well informed re: the Co.
What exactly are you loooking forward to, to spend so much time researching Angus?
GL SR |
On a cursory look, gas sales appear to be down 25% or so vs. the previous year. They’ve got about the same amount of cash as at the last balance sheet date, though these are several months in arrears. There’s a lot of defensive explanation of the effect of the derivatives in the event of an interruption to gas production. They’ll likely be paying in shares for everything they can. How will they pay for another well at the end of the year? It’s very vulnerable to a lot of imponderables, isn’t it? More downside, I should think - unless someone wants to bid for Poundland on the basis of storage potential. |
Do you mean look forward to the declining gas flows from Poundland? Or look foreard to the further delays to drill the well they promised for January 2025? Or look forward to further delays to the design of the storage project? Or look forward to the declining volumes from Brockham? Or look forward to the increasing water cut from Brockham? Or look forward to the High Court decision to block Balcombe? Or look forward to the refusal of planning permission to transport water from Lidsey to Brockham. Please be more specific! |
T101 - Markets look forward not back m8 ;-)
GL SR |
Morning gerbils. £4.5 million loss huh. Don't worry it's only money. |
Quite. Shockin’, what? Better suited to the demi-monde of the male model. Hang on a minute. |
Indeed it does, and one of its most famous Universities, what, what? |
1347: mention of Will in this context merely exposes again the stain on the educational reputation of our most famous public school. |
But he's just a TV Detective, whereas Will was a renowed literary scholar. Still each to their own I suppose. |
Well, it’s the spelling in the Wycliffe and the Authorised versions. That’s why I prefer it. |
Either will do but plough is the preferred spelling in the main varieties of English from outside of North America so I stick to the English version rather than any butchered colonial version. |
1347: I was deriding the ignorami on the other site re cheaper and quicker, not you!
Isn’t it plowshares? I prefer the AV. |
JT Yes but think how much it might cost and how long it might take for an inital well. I said cheaper and quicker, both being the relative form rather than the absolute, as I'm sure you know, with being sufficiently well educated to have studied Will's work on swords and ploughshares. |
1347: cheaper and quicker! The last one took three times the predicted time and four times the budget. I suppose they would put their trust in the new team’s superior expertise. It’s not surprising, in the circumstances, that they’ve put a new sidetrack on the back burner.
Yes, obfuscation. Particularly the terms of the hedges, new and old. |
JT Yes they'll probably use ShareCoin again due to cash restraints. Re the new well, they should have started the first one by now but they pulled the planning application last September, it has not been re-submitted. So come back in 2026 on that score. Side-tracks may be cheaper & quicker to drill but I doubt they have enough cash spare to do it anyway. The AR will tell us the scores on the doors (if you can decipher their obfuscation). |
1347: the royalties will doubtless be paid in shares again. The new compressor will be taking up a lot of time and effort to fix and calibrate if last time they added one is anything to go by. The field is depleting faster than predicted. Someone on the other site is predicting more sidetracks! On the basis that they’re cheaper and quicker to get approved than new wells! Meanwhile the Trappist silence prevails. They’ll be working currently on the upcoming 2024 Report and Accounts. Does Mr. Zielicki write as well as he speaks? The volumes required under the hedge contracts may need watching soon. |
Gas volumes declining almost daily now so the gas price becomes increasing irrelevant as all Anguish will be getting on most of it will be the hedged price. Still nothing about the storage project that was supposed to be detailed one year after the MOU with Trafigura set up in Feb 2024. Debt payments coming up, deferred consideration overhang, royalties, interest payents, it's just keeping it's head above water. Still reckon it's being set up for a law ball take out at some point. |
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