Angus Energy Share Discussion Threads

[3put] 30/11/2021 12:41

There is no hedge on production until July 2022. What is the value of all production from March 2022 to July 2022 at the prices on the present NBP Heren forward curve for these months with and without the side track? Asked on 21 September 2021
The short answer is the field ,on the original CPR plateau volumes but at the latest forward curve prices, might generate £17 mllion over those four months with the side track and about £8.5m without it. Angus share is 51%. Ordinary opex might be about £0.6m excluding debt service.

The forward prices from are given below in $/MMBTU (approx pence/therm equivalent in brackets). Prices from ICE for contracts for Q2 in pence/therm in particular seem to be a penny or two better which is probably the £/$ exchange rate (see

Heren March $28.583 (213p); April $16.679 (119p); May $14.260 (102p); June $13.774 (98p), given a conservative conversion rate of volume (mmscf) to heat value (therms) – i.e. multiply mmscf by 10500 to get therms – the field would generate in total over those four months gross revenues for all partners of £17.1 million at 10mmscf/d (i.e. CPR plateau production with side track) or £8.6 million at 5 mmscf/d (i.e. CPR lower plateau production with no sidetrack). Operating expenses for full year 2022 according to CPR might be of the order of £2.3m and therefore for this period would be c. £0.6m.

All of this information is already publicly available, and we stress these are presently notional numbers arrived at approxmately and that these prices are not hedged in any way and therefore might not be available come production in March etc. However whilst the final outcome may vary considerably, we and our partners do anticipate strong demand for gas in the coming years regardless of short term price effects.

[3put] 30/11/2021 12:40

derogatory comments won't be attracting any new buyers --- They de-ramp here every day begging us all to sell. Quite pathetic really

[sincero1] 30/11/2021 12:39

jtisadly ..... long sigh .....supposition : a belief held without proof or certain knowledge; an assumption or hypothesis

"I agree, it looks like a placing is coming" - supposition
"They can’t borrow any more" supposition
"They had enough cash for just 2-3 months at the end of March and had a lot of short-term creditors" supposition
"If one assumes they've reserved this for Board salaries" supposition
"they’ll run out of cash for discretionary spending in March "supposition
"steel pipe not laid, for some reason" supposition.

and for the record , i am a shareholder that is all i also like to out disingenuous old grey window lickers ... if only jtisadly and 13reallyneedsahobbycptmainwaring would be so honest ....all this lying and supposition to suit their negative agendas.... remember the truth is the best defence ...

[clottedq] 30/11/2021 12:35

JT,

Yes... sadly, the current revised... revised... revised... revised... (is that enough revisions?) deadline looks like being REVISED YET AGAIN... along with costs (since any delay will significantly reduce possible income projections and also add to on-going salary and overhead costs.

George has demonstrated that he is beneath INCOMPETENCE and should now be classed as an AIM - BASKET CASE - CEO, IMHO.

If you really must George: deliver the discount placing and FFS, get on with delivering the latest shifted deadline for gas delivery at Poundland so that at least we have "something" to cling to in vain hope for the New Year.

2021 clearly already a write-off as has every previous year to date for this company!

CQ ;-)

[gaffer73] 30/11/2021 12:34

Do you lot actually own any shares? If you do your constant derogatory comments won't be attracting any new buyers. How about a bit of positivity? First gas can't be that far away now, even if there is a slight delay.

[solo4yous] 30/11/2021 12:29

What ya saying non-investor sherpa?



JTI LOCAL ACTIVISTS?

Digging up many years ago past!

[jtidsbadly] 30/11/2021 12:25

CQ: yes, I do! Not afraid, he’s just got to plan the best time to do it. I agree, it looks like a placing is coming. The thing is late and over budget. The schedule never included money for g&a expenses. They can’t borrow any more. They had enough cash for just 2-3 months at the end of March and had a lot of short-term creditors, if I remember right. If one assumes they've reserved this for Board salaries, they’ll run out of cash for discretionary spending in March. What other options has he got? Tomorrow will be 2 months since the new CPR’s effective date and all that’s apparently happened is they’re unpacking the flare, and the steel pipe may be on site (not laid, for some reason).

[1347] 30/11/2021 12:18

JT - OK thanks, no idea what it posts or if the style has changed as I filtered it a long time ago, but pretty much more of the same I expect. Yes I await the revised, revised, revised plans, with the same confidence in content as the preceeding versions.

(Sets timer....)

[3put] 30/11/2021 12:17

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.

[clottedq] 30/11/2021 12:04

Anyone think George might be lying low:

Too afraid to tell shareholders that his latest - in a very loooooooong line of - deadlines is also going to be missed, because he really needs to get that imminent "discount placing" away beforehand?

AIM antics at their most predictable IMHO!

CQ ;-)

[3put] 30/11/2021 11:53

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.

[jtidsbadly] 30/11/2021 11:25

1347: Jonny is the sad individual styling himself as “sincero1̶1;. Though I don’t think he’s there today, these posts resemble more those of the prolific cudswallop. It seems the boys are still in the Chiswick office that they gave up 14 months ago, what?

I’d like to know if the detailed plans have been finalised? It’s probably too late to ring Halliburton now, anyway. They’ll have to rely on those multiple local contractors not getting in one another’s way.

[3put] 30/11/2021 11:21

Nice buy printed, momentum building to first gas. Good luck everyone

[jtidsbadly] 30/11/2021 11:17

chickbait: we haven’t seen his chubby, smiling visage for a while, have we? He’d have trouble keeping a straight face. We haven’t seen that chap at LSE either.

[chickbait] 30/11/2021 11:10

JT. I have been thinking the same. Are they holding back pictures of works at SFB to upload before another placing? I wonder if Malcy has been briefed yet?? What???

[jtidsbadly] 30/11/2021 11:05

1347: it looks as if some other shill has taken Jonny’s place this morning.

[sincero1] 30/11/2021 10:45

jtisadly " or are they still debating with their advisers the best date and price for a share issue? " ... Tuesday on the dot .. the placing post ...... your endless incorrect placing predictions month after month for months, make you , a non and never been shareholder, who only posts negatively on this 1 share and only posts negative supposition , look a complete disingenuous , mendacious and duplicitous imbecile....

oh and nurse no warm milk for jtisadly or 13reallyneedsahobby47cptmainwaring before nap time.... a simple instruction and you couldn't follow it...tut tut ...now run along...

[solo4yous] 30/11/2021 10:27

=chic=1347=jti?

JTI Why do you bother posting?

You DONT HOLD ANGUS SHARES?!


JTI LOCAL ACTIVISTS?

Digging up many years ago past!

[jtidsbadly] 30/11/2021 10:09

...or are they still debating with their advisers the best date and price for a share issue? One could understand their preferring to delay the update, so that it coincides with the placing announcement, what?

[jtidsbadly] 30/11/2021 09:57

chickbait: elephants like polos. What happened to Trebor mints?

1347: there’s Gaffer, apparently, and Jamesll (though he’s wavering again) with his 18mm+ shares. Sageman has just re-appeared. Yanis and some of the others have lost some of their optimism. In fact, it’s really just the shills on the other site who still appear to have any confidence in it at all, you’re right! And Sageman.

Jonny: will they answer the questions asked on 25 November today, then? That will be generous of them. However, the Q&A page has been in place for a long time now. It’s a scheduled event, not something the Interim MD “has in mind” or “aims” to do.

Mind you, it would fly in the face of reason and experience to put any reliance in their updates or answers, what?

[sincero1] 30/11/2021 09:42

jtisadly " if he gives full answers to Q&A questions 1,3 and 4 tomorrow... he may actually think that qualifies as an update." - it would be clearly ...i think that is the point, in part , of the q&a isn't it. that and also to slap you grey old disingenuous duffers in the mutton chops by discrediting all your posts of negative supposition...

lets all see what the replies are ...... you run along now and back to the colouring in ....

[chickbait] 30/11/2021 09:36

Sets timer? Lol