Angus Energy Share Discussion Threads

[3put] 18/10/2021 20:15

There has been much recent comment on the investment forums about how long the sidetrack would take to drill at Saltfleetby. Certain posters have claimed that they have internal company documents that say this will take 16 weeks. Please can you let me know if this is correct or if you expect it to take a different amount of time?

Also being speculated about is the volume of gas that has been hedged. It has been claimed that you have hedged 70% of 10mmscf/d and therefore the sidetrack has to be completed and everything has to run well for the project to be viable. Please could you confirm if this is correct or if the hedge is for different figures? Asked on 23 September 2021
We would be surprised and disappointed if the drilling part of the programme exceeded 28 days and the entire programme involved more than 7-10 days either side. On behalf of the Board, we have never heard or seen of any internal document which suggested we were planning for a 16 week side-track at Saltfleetby and we would challenge the poster to produce it. For that matter I haven’t heard of a drilling programme anywhere to these depths which could conceivably take 16 weeks – except perhaps on Mars, which is possibly where your poster hails from.

Supplementally, one poster has pointed out that the Planning Application allowed for 16 weeks time. This is not some “internal document” which the poster only had access to, but part of an application that is publicly available. Every company puts in their application for more time than is absolutely necessary in every sphere of life. This is hardly news. We reiterate drilling to these depths does not take 16 weeks as every reasoning investor in this industry knows.

The other assertion is equally bizarre and must be challenged. We have already clearly stated that the hedge was for “approximately 70% of the Company’s future gas sales …. under a conservative projection” and this was prudently set by the lenders, based, as we understand it, on their own estmates of achievable flow from the existing wells and excluding the contribution from the side track. Otherwise it would obviously not be a conservative projection.

[3put] 18/10/2021 20:15

I have just checked your planning statement on slide 13, It states the sidetrack duration will take up to 16 weeks as mentioned from another poster. Please could you clear this query up once and for all. Asked on 1 October 2021
As now already noted, all applicants for permits and permissions in any walk of life give themselves much more time to complete a task than is necessary. This is because of the length of time and the cost incurred in obtaining the permission in the first place. They will then advise to market, at commencement of operations, a shorter period and expect to come in on the short end of that.

Reabold for instance advised six to ten weeks for drilling the West Newton WNB1 and completed in 6 weeks before moving onto the sidetrack. This was drilled to 2250 m. We are side-tracking from about 1150m to a Measured Depth (including horizontal sections) of about 3000m or 1850 metres of drilling. Nor are we doing a well test which might extend the programme, because we are moving straight from drilling into production here, so there is no need for a well test.

The hardest rock in Europe gives a rate of penetration of about 3m/hour (see page 6 of hxxps://pangea.stanford.edu/ERE/pdf/IGAstandard/SGW/2017/Baujard.pdf). That would imply 600 hours here or 25 days/3-4 weeks of continuous drilling. Even assuming the drilling was no more than half of the time advised, then to drill through this much granite would be only be 7 or 8 weeks.

Granite of course wears drill bits faster and there is much changing of drilling equipment when addressing such hard rock. We are not drilling through granite in Cornwall or Scotland but through sandstones, clays, coals and limestones in Lincolnshire. We anticipate 20 odd days of 24/7 drilling – so a rate of penetration of over 12m/hour (verify by page 29 of Halco’s helpful graphs on rates of penetration hxxps://www.halco.uk/wp-content/uploads/2020/06/A-Z-Drilling.pdf). Of course drilling is not the only workstream here, and even if we were to more than double the time, to suggest five to six weeks of work, we would actually expect the rig to be down inside that envelope. Things can go wrong and extend the timetable – we have always been frank about that – but this is a reasonable verifiable estimate.

What disturbs me about assertions by this poster (and concert parties) – and they are hardly the first instances of obvious falsheoods deliberately spread – is that he holds himself out to be a knowledgeable investor and could have fact checked any of this with online sources in a matter of minutes. Worse still by claiming to have discovered an “internal̶1; company document he implies some great conspiracy by the Company and its Board, rather than sharing his source from the outset and pointing to the very obvious conclusion here: that people give themselves ample leeway in any official permission!

[clottedq] 18/10/2021 20:10

OK,

We've settled here - at CQ household - on the name:

George Horatio the 1st Hamster.

We all thought some shareholders might be disappointed to lose a Lord & gain a hamster... so we decided to BIG him up a bit. He's woken up and eating again by the way... so Poundland still his preferred first focus... but I will switch the items around tomorrow to see if I get a different result.

JT,

Yes, Paul the Octopus was a great hit. Perhaps we can see if he would be interested in a more minor role... as Octopus's can be easily stressed I believe. Perhaps something in new business development would suit? Shouldn't prove to be too taxing a role - even for an octopus!

CQ ;-)

[1347] 18/10/2021 19:49

So Horace the Hamster takes over as MD and within one day the share price is up over 15%.
Need to appoint Freddy the Ferret as FD next, get those hedges sorted out.

[jtidsbadly] 18/10/2021 18:12

...and Horace has already got his head in the trough, what? He’s a shoo-in.

[jtidsbadly] 18/10/2021 18:09

CQ: that sounds like a very promising start. It just goes to show that the absence of oil, gas or even finance experience need be no hindrance in the management of these AIM oil and gas companies. Jamesll has 3%..

[sincero1] 18/10/2021 18:05

hits - I'm not so sure the 2 p&d you mentioned were ...the volumes were just not there and the length of time of increase in the share price was too long...what i am certain of is the now almost weekly cries of " pump & dump" by the disingenuous and brainwashed resident halfwits every time the price rises even slightly is embarrassing.....they need serious mental health care...

[jtidsbadly] 18/10/2021 18:00

CQ: if Horace is as good as that octopus who predicted the World Cup match winners (was it?) he’ll be a distinct improvement. Communications shouldn’t be a problem, he’s got a PR pro on the Board as Chairman, what? Then there’s Jonathan. Horace will be spoilt for choice when it come to mouthpieces. Now where’s that bloke who wanted an EGM?

[clottedq] 18/10/2021 17:43

In the interests of science, I have just run a small test to see where our new "potential" CEO would favour focusing his attention:

I allocated his food bowl as PoundLand... his three toys as Geothermal... and our oil assets/liabilities?) as his wheel.

He's just spent the last 5 minutes munching from his food bowl and is now taking a contented nap.

I guess we already have a clear winner!

CQ ;-)

[headinthesand] 18/10/2021 17:40

Sincero, the last ANGS P&D of any significance was the one at the very start of this year.

A smaller effort was made at the end of June this year which will have made a few of the short-term boys a fair few quid (and that was also the one which let me escape the ANGS lobsterpot, as it happens).

Jury's out for me as to the actual nature of this current movement. As I said, give it two weeks and we'll then see how real things are.

[clottedq] 18/10/2021 17:34

JT,

Our hamster's name is Horace... but my son is happy to call him George - if it makes it easier for shareholders during the transition period?

Horace (George) struggles to communicate, but we could agree decisions in advance based on his preferences for either his wheel, his water container, his three toys, or his food bowl...

IMHO, Angus BOD appear to have been using a very similar "hit and miss" method themselves - so no worries on that score?

CQ ;-)

[jtidsbadly] 18/10/2021 17:23

CQ: I claim no copyright on my earlier draft, in case your hamster would like to use it in his application. If his name isn’t George, perhaps he could adopt the name “Lucky”.

[clottedq] 18/10/2021 17:07

When company cheerleaders go to code red - full volume rampathon - it tells me all I need to know:

IMHO, Anguish are short of cash and need to convert warrants... but the price needs to be higher first, so they need a sudden influx of mug punters to invest heavily here.

Sadly, after so many disasters & delays, I doubt AIM has enough left in the FOOLS WANTED DEPT to lend a hand!

Oh well, when normal service is resumed, my Son's hamster still has his resume' ready... just saying...

CQ ;-)

[sincero1] 18/10/2021 16:44

hits - thanks for the clarification ... my mistake earlier ...that will be 14 "its a pump & dump" cries that were not then....

[headinthesand] 18/10/2021 16:39

As I've said, I think all will become clear on the brevity (or not) of this latest "assault on 1p" (number 14 of those over the last 24 months by my reckoning) by the end of this month.

[jtidsbadly] 18/10/2021 16:18

Whatever news is coming, it’s late.

[sincero1] 18/10/2021 16:07

bionicdog - you got excited , i understand ......more than 2 resident idiots ... on both sides ....

[bionicdog] 18/10/2021 16:04

They don't rise like that without the whispers of news on the way. Like the stuff from our two resident morons.

[sincero1] 18/10/2021 16:01

bionicdog - 1000's of shares rise everyday without news, its only been half a day , only up 14% .. spread is 10% ....you clearly have no idea hence the bad language ... try better next time....

[sincero1] 18/10/2021 15:44

hits - jtisadly wants to be friends...watch out , don't get yourself implicated ....

[jtidsbadly] 18/10/2021 15:40

HITS: an excellent summary. I agree with every word of it.

[headinthesand] 18/10/2021 15:32

No of course Poundland isn't connected to anything at all yet and ANGS still remains a zero revenue company at the moment (18 months of zero revenue and counting).

According to ANGS itself, they are currently hoping to have Poundland connected and producing gas in either Feb or Mar next year (they've recently stated both timescales). However, if they do manage Q1 2022, they'll have been around 18 months late, compared to original estimates they gave (those being Q3 2020).

And for all 3Put's/UJ9's/EchDelta's endless spamming of ANGS puff and nonsense to try and mask the real crucial question, this remains:-

Will ANGS be able to get enough gas consistently out of Poundland to meet its already incurred debt funding commitments and its volumetric commitments under the hedge agreement?

The obviously orchestrated activities and posters across BBs does reek ever more clearly of a co-ordinated P&D.