Angus Energy Share Discussion Threads

[jtidsbadly] 09/8/2021 10:53

1347: I entirely agree. The Angus site is a real shocker. It’s very odd indeed, what’s happening with Angus. The Notes 5-12 to the AEWB3 Accounts are missing. These include the sections which have in the past given that nice statement of where they’d spent the money. Why Companies House has not taken action re this, I have no idea, they’ve received at least one prompting from investors. Then SEL’s accounts fail to appear as promised on the site, with a suggestion that investors apply for a printed copy. And this is explained with their saying they’re overworked at the moment. They got the AEWB3 Accounts up on the site within 2 days of the 27 July announcement. There have been no accounts for SEL since the December 2018 ones, when it was Wingas and still had some resources. In the absence of SEL’s accounts, particularly in these odd circumstances, it’s possible to argue that a false market may exist in Angus shares. A letter to someone senior at Companies House seems in order. And maybe the FCA. And the LSE.

[cantrememberthis2] 09/8/2021 10:34

On the contrary
Ps 1347 is a new alias of an older poster
Shorters

[jtidsbadly] 09/8/2021 09:57

JA51: oh dear, I’d assumed he was on holiday. Alan has disappeared too, so the poor mug punters there are easy prey for the likes of Ocelot.

Re Angus’s finances, I can only assume that they're being allowed to use part of the loan money for g&a expenses. These don’t form a part of the purposes for which the loan proceeds were to be used so, without a placing or two, they’re going to have yet more difficulty in paying the first instalment of the debt next July. It all depends on progress at Poundland. And the sidetrack.

[sincero1] 09/8/2021 09:22

and dear oh dear ...let's not forget:
JA51OILER - 31 Mar 2021 -" As JT has pointed out, if there was a contract still in place with Shell as you maintain, Angus would be in breach for non-delivery and it would now be void.
"JA51OILER - 29th Jul 2021 " It's the only reason the lenders have rescued the company from going down the pan." ...

[ja51oiler] 09/8/2021 09:15

Looks like "gkb47" has fallen to the censors over on the other side.
You are more than welcome to join us here, if you can put up with the resident "Moron".

[sincero1] 09/8/2021 08:42

another desperate attempt by old duffer jtisadly to be negative ... lets not forget his recent posts... dear oh dear .... clueless....
5.7.21 "placing this week or next"
8.7.21"another placing or two in the next few months"
9.7.21 "" placing is in the queue and will come once the latest UKOG issue has been digested"
14.7.21 ""I'm expecting two placings this year"
"I'm expecting two placings this year"
21.5.21 "poor angus 0.20 soon" 11+ weeks ago.
" share price into the sixties shortly " 11+ weeks ago.
"oga approval doubt" .
" financing doubt" .
" running out of money " weekly prediction for last 6 months.
" 0.15 by end of year".
" placing soon " daily prediction for last 6 months.
"its a pump & dump" - it wasn't.
and now my personal favourite rambling from this loon : "They did run out of money towards the end of March, as we predicted" - And from the interim : As at 31 March 2021 the Group had cash of £591,000. As at 31 March 2021 the Group had net current assets of £1,351,000".
Here are a few of jtisadly's comment regarding mercuria:
"If Mercuria has written the hedge contracts, Anguish may fall into their hands"
"it's going to cost Mercuria lots of money"
"Maybe they can use Anguish's tax losses"
"I expect Mercuria to want Anguish to have more placings"
"I dare say Mercuria will be getting all its original demands met"
"I expect the loan terms to stipulate release of funds as and when needed and subject to Mercuria's specific approval"
"Id be surprised if we don't see the appointment of a Mercuria person as a Director there very shortly."
"The proposed loan terms are unaffordable. Mercuria must have something else in mind"
"For someone like Mercuria, this is a no-brainer. Tax losses that make pulling the plug on Anguish pretty well risk-free if they can't make money on the gas"

[jtidsbadly] 08/8/2021 12:14

The ability of “the Company to capture upside in the event of higher gas prices” will depend on their achieving more than 70% of planned production. If the sidetrack fails, or the well pressure declines faster than expected, or in the event of a host of other possible issues (including slow progress in building the plant in the Lincolnshire autumnal weather) less than 70% may result in large losses. They haven’t told us whether they’ve bought options, or forward or futures contracts but I’d expect it to be forwards. The existence of these hedges constitutes a strong incentive for the management to get its finger out.

[ultimatejustice9] 07/8/2021 21:11

GL stated as the loan reduces so does the hedge, so as i see it the 70% at 43p per therm may reduce to 60% or 50% etc. The extra % should be sold at the higher price enabling Angus to reduce the loan faster and reducing the hedge again until the loan has gone. If the loan repayments don't start until mid 2022, I presume Angus should get the higher gas price on all the gas produced until that point. This is what i'm thinking by GL taking advantage of the high gas price IMO.--This was posted on LSE but I don't think it's right. My understanding is that it stays at 70% , if gas prices stay high we pay it off quicker at 70%

[ultimatejustice9] 07/8/2021 21:07

Gas at a five year high and the share price at almost a 5 year low with production due to start at the end of the year. Might start to tempt a few ??

[ultimatejustice9] 07/8/2021 21:04

There’s a lot of chatter on the other site about the hedges and remarks by the interim MD to the effect that the ”hedges” reduce in line with the paying off of the £12mm. loan. This is what the RNS on 3 June said:

George said the same thing in the last Interview. Now if gas price stays high (It is at a 5 year high) then its paid of quicker. He even mentioned a dividend!!

[jtidsbadly] 07/8/2021 19:27

There’s a lot of chatter on the other site about the hedges and remarks by the interim MD to the effect that the ”hedges” reduce in line with the paying off of the £12mm. loan. This is what the RNS on 3 June said:

“Simultaneous with drawdown, the Company has hedged (the "Hedge") approximately 70% of the Company's and its partners' share of future gas sales, estimated under a conservative projection, for three years beginning in July 2022, providing Angus with downside revenue protection, all the while allowing the Company to capture upside in the event of higher gas prices. The average achieved price under the Hedge, including all fees, costs and charges is 43 pence per therm.”

That seems pretty clear to me.

[jtidsbadly] 07/8/2021 11:26

The penny’s starting to drop on the other bb now, at last. They’re not there yet, though, as far as the “hedges” are concerned. You have to feel sorry for His Lordship. Ruin if they’re under-producing by July, ruin if he has to delay earning revenue until July, with the best part of £6mm. due on a combination of the Knowe loan and the interest and capital repayment on the £12mm. Plus £2mm. or so of unbudgeted g&a expenses, for which the loan makes no provision. How can he square the circle?

[jtidsbadly] 07/8/2021 09:50

JA51: everyone involved in this should be ashamed of themselves. Companies House are aware of what’s going on in both cases, Anguish and SEL but, in common with the FCA and AIM, are sitting on their hands.

I make no apology about banging on about the “hedges”, by the way. I suspect the lenders have written the “hedge” contracts, so even if the gas price were to go to £2/therm (and unless Anguish exceeds the 70% of target production) the lenders will be making tons of money from the deal, until Anguish runs out of money, at which point the lenders will merely exercise their rights under the charges. That’s the trouble with negotiating while prone, over a barrel. The interim MD should have taken the $20mm. which he says the banks were willing to extend him fifteen months ago. He’ll be doing all he can now to expedite full production by July, including from a sidetrack.

The share price could go anywhere in the meantime, there’s so many people invested in this who are demonstrating ostrich-like behaviour. Anguish could get one or two placings away. Spikes may be orchestrated. They won’t change the fundamental outlook though.

[ja51oiler] 07/8/2021 09:30

JT.

This document is not available online but it may be possible to order a copy from the Contact Centre. Telephone [phone].”

Added to the fact that the important part of Angus Energy Weald basin 3 accounts is missing also!

How is an investor in Angus or AAOG (supposedly trying to take 25% of SEL) supposed to take the management at their word when you cant inspect the accounts?


This should be absolutely unbelievable, but of course, this is Angus-related so no real surprise given the record to date.

[ultimatejustice9] 07/8/2021 01:28

I've looked at your posting history JTS and out of the 2000 posts on Angs I have found only one that's somewhat positive.'ll change my mind when they raise £12 miilion on terms that leave anything whatever for shareholders' so , have you changed your mind??? Lol

[ultimatejustice9] 07/8/2021 01:21

It was another 5 year high for gas today I believe.

[ultimatejustice9] 07/8/2021 01:20

'The fact is, all the gas (if any) is contracted for sale to Shell'

Why if any? The field has been producing long before Angs arrived.

'Anguish will be on the hook to their counterparty for the difference between 43p and the prevailing gas price' That's not how it works and you know it!


If you don't fancy it then sell up and move on. Are you still invested. Hits sold at 1.1 the other week which is a good return from the lows

[ultimatejustice9] 07/8/2021 01:16

5p.by the end of the year is a bit of a ramp!

[jtidsbadly] 07/8/2021 00:09

And now Companies House says this of the overdue SEL Accounts:

“Total exemption full accounts made up to 31 May 2020

This document is not available online but it may be possible to order a copy from the Contact Centre. Telephone [phone].”

Nice, isn’t it? This is the guarantor of the £12mm. loan and the holder of 49% of Poundland.

[jtidsbadly] 06/8/2021 19:48

HITS: I agree, but there’s so many people in this who don't understand what questions need answering, and so many shills distracting them with irrelevancies, that you never know where the share price might go!

The fact is, all the gas (if any) is contracted for sale to Shell. The hedges are financial instruments and it seems to me that Anguish will be on the hook to their counterparty for the difference between 43p and the prevailing gas price. It’s only a hedge if they produce 70%+ of targeted gas. If they fail to do this, it’s a speculation in the derivatives market. Does this fall within the interim MD’s area of financial expertise? I don’t fancy it much.

[headinthesand] 06/8/2021 15:54

I must admit, rmart's "5p by year end!" assurance is still not looking too good...