Angus Energy Share Discussion Threads

[jtidsbadly] 10/11/2021 10:25

Gaffer73: yes, I agree. He’s got a nice sense of humour when sober.

[jtidsbadly] 10/11/2021 10:23

..by the way, the big shareholders, including James11 with his 2%, are getting restless elsewhere. One or two are now saying that if it’s unlikely that first gas will be before June next year, that’s fine, they’ll negotiate it with the Lenders. That’s an extremely optimistic view, in my opinion. They’ll be in default and at the mercy of the Lenders. Why are the charges so tight if there’s no chance of their being exercised? The Lenders are not their friends, they’ll do what’s going to make them the most money. Law Debenture already holds 75%+ of AEWB3. At the very least, the loan terms will be altered to give the Lenders a better deal. Welcome to capitalism red in tooth and claw, Anguish. James11, Yanis and Cudswallop’s only recourse may be to raze Lawrence to the ground, what?

[gaffer73] 10/11/2021 10:15

Funny reply that lol.

[sincero1] 10/11/2021 09:50

jtisadly " cold/wet winter weather in the Lincolnshire fens" pahahaha , now this plonker seems to think he is a meteorologist ... so desperate now using weather as a negative ....... ridiculous , desperate , disingenuous , mendacious, duplicitous old fool ....

[sincero1] 10/11/2021 09:22

as predicted jtisadly posts the " placing soon" & " running out of money " comments.. and 13reallysneedsahobby47cptmainwaring posting pompous self important irrelevant nonsense ..all negative of course.
the desperate calls of disingenuous old farts with a negative agenda.... fuelling ulcots obvious mental health problems... what horrid little old individuals....

[3put] 10/11/2021 09:05

Recently answered questions on angs website

[3put] 10/11/2021 09:05

Since the publication of the CPR yesterday there has been much discussion on the forums about the amount of gas that has been hedged each month. This figures show that the hedged sum is up to almost 5.4mmscfd in November 2022 and because the Jan 2015 July 2017 production averaged 4.7mmscfd it has been claimed that Angus has to drill the sidetrack just to cover the volumes required for the hedge. However, further details in the CPR show that 2022 production is predicted to be 2.8 BCF 7.7mmscfd in 2022 and 3.6 BCF 9.8mmscfd in 2023.

So my questions are:

A What is the predicted output of Saltfleetby without the sidetrack being drilled? Will it be enough to cover the 5.4mmscfd of the hedge in November 2022?

B If the sidetrack is successfully drilled, what would you hope would be the total gas output of Saltfleetby mmscfd in a worst, probable and best case scenario?

C Will it be possible to continue producing gas at Saltfleetby while the sidetrack is being drilled or does all production have to stop during this time period? Asked on 27 October 2021
A.The lenders technical advisers and Angus evaluated the deliverability of the existing two wells as being likely to be greater than 5 mmscfd. The reasoning was twofold. In the last years of delivery to the old Conoco refinery, average production was constrained by persistent issues with the main compressor at Theddlethorpe. Secondly it was the view of technical experts that, following a prolonged shut-in, the two wells should have improved deliverability in the first 18 months or so of operations. This is because prior to shut in there was an area of reduced pressure around the producing wells. Since then the pressure has equilibrated across the field resulting in significantly higher pressure around the producers. So it is our view that the hedged production should be able to be covered by these two wells in the event of failure of the sidetrack

B. Finger in the air: Worst 7mmscfd, Probable 10mmscfd, Best 10mmscfd (but extended for a longer period of time) Note, the combined deliverability of the three wells will exceed the production rate during the plateau period which is limited to 10mmscfd by virtue of the process equipment.

C. We believe that simultaneous operations are feasible on this site but we do need to do much more work on how such operations would be conducted.

[3put] 10/11/2021 09:03

U.S. won’t share Europe’s natural gas woes this year, says gas pipeline chief
By GERSON FREITAS JR. on 11/8/2021

(Bloomberg) --Americans should have enough natural gas to keep homes warm and factories running, avoiding the kind of shortages that are crippling Europe and Asia, even if the coming winter gets particularly cold.

That’s because surging prices have encouraged shale drillers to produce more, and mild fall weather has allowed them to replenish stockpiles, David Slater, chief executive officer of gas pipeline company DT Midstream Inc., said in an interview Monday.

“You can see periods of strong pricing, but I don’t believe in North America we will have any supply disruptions,” Slater said. “We have adequate inventory and adequate production.”

Short supplies of gas have plunged Europe and Asia into an energy crisis that has caused some power providers to go under, heavy-industry plants to shut down and prices to hit records. While U.S. gas prices have more than doubled this year, the country’s abundant shale gas supplies make a similar supply crunch less likely, Slater said.

Daniel Yergin, vice chairman of IHS Markit and an oil and gas historian, concurs.

“I don’t think we get a gas crisis,” Yergin said in an interview on Bloomberg TV. “The U.S. has lots of natural gas.”

DT Midstream operates almost 1,200 miles of pipelines and over 1,000 miles of gathering lines in the gas-rich Marcellus, Utica and Haynesville shale basins.

Slater said natural gas producers have gradually increased production ahead of winter, with privately owned operators taking the lead. Publicly traded drillers, on the other hand, will likely continue to withhold spending on output growth as Wall Street puts pressure on them to return more capital to shareholders after a decade-long spending spree.

“Producers will grow, but it will be a more constrained growth,” Slater said. “They’re going to try to follow the demand a lot closer, so that we don’t have big price dislocation in either direction -- up or down.”

[jtidsbadly] 10/11/2021 08:50

CQ/1347: the Interim MD has got a hard job now but until he’s prepared to level with his shareholders on what’s going on and particularly on the full, detailed terms of the loan and the nature of the hedges and their counterparties in them, I shan’t be cutting him an inch of slack either. As it is, it seems to me that his every decision and statement since he was installed has been aimed at maintaining his status and remuneration.

Are they still looking for a permanent replacement for him with some oil and gas experience? Or do they feel that the past three years qualifies him?

[1347] 10/11/2021 07:57

No CQ I also won't be joining you in cutting LL any slack and there is no goodwill at all on my part towards anyone on the BoD of Anguish Energy, neither now nor at Christmas (which is ages away and irrelevant to the matter).

[jtidsbadly] 10/11/2021 06:59

Gaffer73: there’s a difference between progress and completion/first gas. Re the latter, they said in June 2019 that first gas would be by May-August 2020. After the conclusion of the loan talks last May, they said that first gas was scheduled for the final quarter of 2021. Successive updates since then have pushed this back to March 2022. Deliveries, planning, site preparation all appear to be late and no one seems to know what’s being planned for the start of a sidetrack. They’ve never got even near meeting a schedule or deadline of any sort. Please excuse people with experience in watching this company for being sceptical of anything they say about timings. They’ve already talked about difficult supply lines. Next may be regulatory approvals and after that, cold/wet winter weather in the Lincolnshire fens. The terms of the loan are extremely onerous and time-bound and there are still gaps in our knowledge of their specific details. To be sure of an independent future after next June, Anguish may need substantial cash flows by then. Then there are the hedge contract terms, about which we also have insufficient information. The Interim MD, a finance expert, prudently prefers to maintain a decent cash buffer. He’s probably a bit short of one on current forecasts.

[gaffer73] 10/11/2021 06:07

That's what they've said, February/March.

[clottedq] 09/11/2021 22:28

Well said 1347...

Only it is nearly Christmas - good will - even to Serially inept FAILURES?

If they behave themselves and don't get too greedy or devious in the meantime, I am prepared to cut George & his merry chums some slack & revisit their progress next year now...

I really can't see anything value-adding happening here - until well into Q1 next year anyway.

CQ ;-)

[1347] 09/11/2021 20:58

I'll pass on that CQ. My days of funding serially inept and disingenous AIM lifestyle directors via the secondary market ended a while back, I'm not given to throwing good money after bad. My only objective now is to exit when I think I can minimise losses as much as is possible. I will however retain my contempt for these individuals for far longer than I retain shares in the companies that they purport to 'direct'.

[clottedq] 09/11/2021 20:45

JT,

Probably...

But, please give generously anyway!

I'm sure none of us would want George and his merry men to go wanting this Christmas, now would we? It's an expensive & time consuming operation being the CEO of a serially failing AIM company.

Let's all search down the back of the sofa "AGAIN" shall we?

CQ ;-)

[jtidsbadly] 09/11/2021 17:55

CQ: not another placing??

[clottedq] 09/11/2021 17:00

A word from our sponsor:

Christmas is coming...

Please - find it within your hearts - to give generously to the FAILED AIM Management Appeal, so that company directors (like George & chums) can maintain their lifestyle over the festive period.

Thank you!

CQ ;-)

[jtidsbadly] 09/11/2021 16:58

CQ: the loan expires in December 2024, six months earlier than one might have expected. It’s not clear when the first interest and capital repayments are due. If they’re in June next year and Anguish can’t meet them, that is an event of default and the Lenders will be able to save themselves some money and exercise their rights to acquire Anguish’s assets. I admit that I can’t make head nor tail of the treatment of the loan interest and repayments in the new CPR. Nevertheless, the stipulation on p. 48 that Anguish must keep cash in excess of rolling 3 months of interest payment plus minimum loan repayment implies that they will need a decent cash flow by mid-year to avoid this possibility. And it’s an amortising loan.

If the Lenders were a relationship bank it might be different. But would you want a couple of privately-held commodity firms to have the right to take your assets if you haven’t got them producing enough by June next year? They may be friendly altruists, of course. More likely, they’ll weigh up the £2.5mm. cost of Anguish staying in business against Anguish’s continued ability to raise a similar sum annually from its shareholders. The Lenders may not fancy the ultimate abandonment liability either. But the point is, the decision may be the Lenders’, not Anguish’s, if the thing is not in production by next summer.

[sincero1] 09/11/2021 16:36

uclot's therapy failed then i see... and the dads army duo in full supposition mode again... they really do dislike the truth getting in the way of their negative agenda ... "really misleading" "smoke and mirrors " "misleading RNS announcements" "misleading information" .......sounds all a little desperate now ... time for another "placing soon "post or " running out of money " post... just ill thought, ill judged lazy posting from this geriatric crew... are they really that sad to use their twilight years in such a pathetic , pointless way ...

[clottedq] 09/11/2021 16:18

Sadly,

I think even March 2022 completion and first gas for PoundLand is a far stretch of the imagination by now!

April anyone... or May... or June - more likely IMHO... and even then we won't know how much they can muster until it's been running for 6 months at least!

Oh well... so long as it covers director salaries & expenses I guess there's NO DAMAGE DONE!

Please George, can you let me know when & how I can sign up to your next geothermal rainbow... I have money burning a hole in my wallet - just desperate to be spent on another wasted venture?

CQ ;-)