Angus Energy Share Discussion Threads

[sincero1] 30/11/2021 17:04

can anyone else smell old slippers, cardigans and urine .... must be the resident dads army preparing to post well into the late evening ... all negative supposition of course...

i'm off as i have a life and am not disingenuous at all ....

i will be back tomorrow to point and laugh at you all again...

[jtidsbadly] 30/11/2021 17:02

JA51: are you by any chance referring to a working capital buffer, which, as we all know, is often preferred by lenders and makes them feel more comfortable?

The trouble is, this is OK for the likes of Riverfort. It’s not going to cut the mustard/butter any parsnips with the Debenture holders though, is it?

This RNS is a farrago of wild-eyed optimism, miscalculation and omission. Will the Interim MD subject himself to one of Malcy’s penetrating interviews in the next few days, or will he keep his head well down? I know what I’d do. The game is no longer afoot, it’s just about up. I’d be planning Christmas with the family and a long New Year shooting party. What? Good show.

[sincero1] 30/11/2021 17:00

BINGO ! full house of old grey disingenuous nobodies .... ja51contractvoidoiler bringing up the rear....a little slower than the rest as usual.... i point and laugh ....

[ja51oiler] 30/11/2021 16:52

So they lied on Twitter then!

Angus Energy Plc
@angusenergyplc
·
16 Nov
Site civils works begun to lay foundations for two tier pipe rack #ANGS

[ja51oiler] 30/11/2021 16:49

LOL....So not so much as a Shix sandwich, more a BULLSHIX Sandwich!!
How anyone can read that with the slightest knowledge of Angus and its history and believe it wants their head testing!

I await the proper Shix sandwich RNS....The one with more funding required and Balcombe dead, Funds required for lenders requirements, etc in the next few weeks.

[3put] 30/11/2021 16:43

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.

[gaffer73] 30/11/2021 16:40

Some people just can't admit they were wrong.

[3put] 30/11/2021 16:33

30 November 2021



Angus Energy Plc

("Angus Energy", "Angus" or the "Company")

Lidsey Seismic Reinterpretation

Saltfleetby Update



The Company's seismic reinterpretation of the Lidsey field is complete and, having been subject to rigorous third party verification, will now be considered by our partners in this Licence. This is the last part of the most comprehensive review of the Lidsey structure ever carried out and includes the reprocessing of all historical seismic lines, the use of a newly acquired east-west seismic line over the field and the data from both the wells on the field and also nearby wells.

This remapping has resulted in some further changes to the shape of the structure but it now fits and is consistent with all of the available data. The Company is confident that the new field mapping explains the issues which were experienced with the Lidsey X2 well in 2017. It is now the Directors' clear belief that the structure culminates near the wellsite area and extends to the east and northeast. Prior to the drilling of Lidsey X2, it was thought that the structure extended to the west and the westerly trajectory of the Lidsey X2 well accordingly targeted an area close to the edge of the structure.

The new mapping shows there to be a significant structure not dissimilar in area to the original structure considered by the previous Competent Person's Report, which continues to support a commercially significant estimate of oil in place.

However, the interpretation does allow Angus to narrow its field of focus in target selection and explore low-cost options for remediation of the field's productivity centre around the reuse, work-over or side-tracking of the existing wells and these will be considered with our partners in the next stage of the work.

The Company's re-mapping of the structure also shows it to extend a significant distance out of the licence area in some scenarios and Angus is now opening a dialogue with the holder of that surrounding licence to consider how we might proceed together to address the future of the field.



Update on Saltfleetby Procurement and Build Schedule

We continue to work with suppliers and contractors to maintain our procurement and build schedule targeting First Gas at the Saltfleetby Gas Field at the end of February. The full schedule involves over a thousand pieces of equipment, including valves, actuators, circuits, vessels, pipes and flanges. Most of the componentry is off the shelf, but taking here the highlights of only the more significant bespoke items: with our Kaldair Flare now on site, this will be followed by:



1) Elster-Honeywell Metering and Analysis skid in early December 2020

2) Condensate and water storage tanks in early January 2021

3) Site power gas fired Caterpillar generator from mid January 2021

4) First Service Compressor and Caterpillar engine in late January/early February 2021

5) Electrical/control housing units 2nd to 3rd week February 2021

6) Gas process plant elements commencing mid February 2021

7) Second Service Compressor and Caterpillar engine in March 2021 - this is for additional flow arising from the sidetrack itself scheduled for April/May 2021



Site civil engineering is under tender and slated to begin in mid-December running through to mid-January, starting with piling, foundationing and, where appropriate, bunding for the flare, storage tanks and compressors and ending with pipe racks supports. Pipework procurement has also begun and welding is scheduled to take place on a continuous basis from early January through to the end of February. Electrical, control and instrumentation installation layout will begin at the end of January with tie-in to particular skids as they arrive.

Of necessity, we operate amidst the backdrop of a disrupted supply and logistical environment, and our suppliers, whilst advising us of the same, have shown a willingness to work with us to tighten advised delivery timetables wherever possible. Further updates will be provided as appropriate.



Saltfleetby SF07 Sidetrack Timing

The rig procurement for the side-track continues to be held back by logistical issues and rather than risk a drilling programme running over into our commissioning timetable, the Company has decided to defer the side-track until shortly after First Gas (as set out in Item 7 of the timeline above). Whilst simultaneous drilling and commissioning operations are not considered to be safe, simultaneous drilling and production operations are manageable once the plant can evidence reliable and stable flow of sales gas and good functioning of all safety equipment. The Company is preparing for the requisite risk evaluation of a drilling programme commencing in April without disrupting production.





Qualified Person's Statement:

Andrew Hollis, the Technical Director of the Company, who has over 40 years of relevant experience in the oil and gas industry, has approved the information contained in this announcement. Mr Hollis is a Fellow of the Geological Society and member of the Society of Petroleum Engineers.





END.

[clottedq] 30/11/2021 16:32

JT,

With the DELAY and without the sidetrack - to take advantage of higher gas prices before the hedges kick in - ANGS won't have a pot to p*ss in by January, IMHO.

I expect George has already had long hard conversations with the Nomad about the company's "GOING CONCERN" status.

My question to George:

WHEN and HOW MUCH will the DISCOUNT PLACING BE? Because until you tell us... nobody in the right mind is going to invest any further money here... You do know that... right?

CQ ;-)

[jtidsbadly] 30/11/2021 16:27

Sorry, HITS, was writing that apparently when your post appeared. I agree with you!

[jtidsbadly] 30/11/2021 16:24

And why are they only now asking for tenders for the groundworks when they told us in June that the groundworks would be done in July, and in July that they’d be done in August? It’s just misleading investors, isn’t it? They must have known the true situation. They’re going to be miles above budget. The crisis here, as I’ve suggested before, could come with the discussions with the auditors in February/March. I’d be very surprised if there isn’t a substantial equity raising this week or next.

[clottedq] 30/11/2021 16:16

Look at the buys & sells and make your own minds up.

Zero faith = ZERO liquidity IMHO. It's going to take 10X that volume for the share price to make even modest headway here... the spike will have vanished by tomorrow along with any hopeful traders and the rest of us will have to sit back and await the next "discount placing" announcement which will see us back to rock bottom - awaiting George's next delayed deadline news sometime in April next year I expect...

... oh THE HORROR!

CQ ;-)

[jtidsbadly] 30/11/2021 16:14

HITS: I’m afraid this new timetable looks more unrealistic even than their earlier ones. You think that groundworks starting in January will enable them to reach first gas by end-March? 1,000 pieces to put together, pipework to be done on racks yet to be put in, multiple specialist contractors, some doubt over deliveries of lots of the plant and no mention at all of parts of it (Joule-Thomson valve?) Then there’s the weather. It snows quite often in the fens in the winter. Look how long the incomplete pipeline took vs. the schedule.

I think this is all going to boil down to the willingness of the Debenture holders to allow them to retain their assets in June. I don’t know the answer to this but wouldn’t want my investment here to depend on the Debenture holders’ goodwill. They’ve already seen the Anguish management in action. Poundland would be an ideal project for one of their bright, ambitious young chaps or women to cut his/her teeth on.

[1347] 30/11/2021 16:14

You'll be buying more then gaffer? Good luck with that, the Directors haven't...

[gaffer73] 30/11/2021 16:13

Well, well, well, news as promised. Still on track for first gas in February and no mention of a placing. That's the official word I was waiting for!

[3put] 30/11/2021 16:12

First gas Feb now, looks like its ahead of schedule

[3put] 30/11/2021 16:11

30 November 2021



Angus Energy Plc

("Angus Energy", "Angus" or the "Company")

Lidsey Seismic Reinterpretation

Saltfleetby Update



The Company's seismic reinterpretation of the Lidsey field is complete and, having been subject to rigorous third party verification, will now be considered by our partners in this Licence. This is the last part of the most comprehensive review of the Lidsey structure ever carried out and includes the reprocessing of all historical seismic lines, the use of a newly acquired east-west seismic line over the field and the data from both the wells on the field and also nearby wells.

This remapping has resulted in some further changes to the shape of the structure but it now fits and is consistent with all of the available data. The Company is confident that the new field mapping explains the issues which were experienced with the Lidsey X2 well in 2017. It is now the Directors' clear belief that the structure culminates near the wellsite area and extends to the east and northeast. Prior to the drilling of Lidsey X2, it was thought that the structure extended to the west and the westerly trajectory of the Lidsey X2 well accordingly targeted an area close to the edge of the structure.

The new mapping shows there to be a significant structure not dissimilar in area to the original structure considered by the previous Competent Person's Report, which continues to support a commercially significant estimate of oil in place.

However, the interpretation does allow Angus to narrow its field of focus in target selection and explore low-cost options for remediation of the field's productivity centre around the reuse, work-over or side-tracking of the existing wells and these will be considered with our partners in the next stage of the work.

The Company's re-mapping of the structure also shows it to extend a significant distance out of the licence area in some scenarios and Angus is now opening a dialogue with the holder of that surrounding licence to consider how we might proceed together to address the future of the field.



Update on Saltfleetby Procurement and Build Schedule

We continue to work with suppliers and contractors to maintain our procurement and build schedule targeting First Gas at the Saltfleetby Gas Field at the end of February. The full schedule involves over a thousand pieces of equipment, including valves, actuators, circuits, vessels, pipes and flanges. Most of the componentry is off the shelf, but taking here the highlights of only the more significant bespoke items: with our Kaldair Flare now on site, this will be followed by:



1) Elster-Honeywell Metering and Analysis skid in early December 2020

2) Condensate and water storage tanks in early January 2021

3) Site power gas fired Caterpillar generator from mid January 2021

4) First Service Compressor and Caterpillar engine in late January/early February 2021

5) Electrical/control housing units 2nd to 3rd week February 2021

6) Gas process plant elements commencing mid February 2021

7) Second Service Compressor and Caterpillar engine in March 2021 - this is for additional flow arising from the sidetrack itself scheduled for April/May 2021



Site civil engineering is under tender and slated to begin in mid-December running through to mid-January, starting with piling, foundationing and, where appropriate, bunding for the flare, storage tanks and compressors and ending with pipe racks supports. Pipework procurement has also begun and welding is scheduled to take place on a continuous basis from early January through to the end of February. Electrical, control and instrumentation installation layout will begin at the end of January with tie-in to particular skids as they arrive.

Of necessity, we operate amidst the backdrop of a disrupted supply and logistical environment, and our suppliers, whilst advising us of the same, have shown a willingness to work with us to tighten advised delivery timetables wherever possible. Further updates will be provided as appropriate.



Saltfleetby SF07 Sidetrack Timing

The rig procurement for the side-track continues to be held back by logistical issues and rather than risk a drilling programme running over into our commissioning timetable, the Company has decided to defer the side-track until shortly after First Gas (as set out in Item 7 of the timeline above). Whilst simultaneous drilling and commissioning operations are not considered to be safe, simultaneous drilling and production operations are manageable once the plant can evidence reliable and stable flow of sales gas and good functioning of all safety equipment. The Company is preparing for the requisite risk evaluation of a drilling programme commencing in April without disrupting production.





Qualified Person's Statement:

Andrew Hollis, the Technical Director of the Company, who has over 40 years of relevant experience in the oil and gas industry, has approved the information contained in this announcement. Mr Hollis is a Fellow of the Geological Society and member of the Society of Petroleum Engineers.





END.

[1347] 30/11/2021 16:08

They highlight the complexity which, yet again, exposes previous misleading RNS statements such as this one:

RNS Number : 7530C
Angus Energy PLC
19 June 2019

The terms of the Agreement are that Saltfleetby Energy will pay to Angus Energy Weald Basin No. 3 Limited ("AWB", a wholly owned subsidiary of the Company, together the "Group") an initial contribution of £2.5 million which funds will then be applied by Angus either (a) to assume 100% of the costs to be incurred during the reconnection of the Field to the National Gas Grid or (b) to satisfy all abandonment costs at the Field (excluding existing subsurface pipework beyond the immediate sites) if reconnection at commercial rates is not available. At this stage the Directors are confident that reconnection at commercial rates is possible within the £2.5 million budget and advised timescale of completing work between May and August 2020.

[clottedq] 30/11/2021 16:05

Lidsey... REALLY... still banging on about that old chestnut!?!?!

Give me a break! The only reason Anguish mention Lidsey is that they cannot afford the abandonment costs, so need to keep the story alive & kicking IMHO!

CQ ;-)

[sincero1] 30/11/2021 16:03

13reallyneedsahobbycptmainwaring in - points & laughs...now just ja51contractvoidoiler for the full house ...