Angus Energy Share Discussion Threads

[jtidsbadly] 03/12/2021 20:28

CQ: she’d have to empty her spittoon to work up a shine on this, what?

[jtidsbadly] 03/12/2021 19:50

1347: there’s been no mention of that Joule-Thomson valve for months, has there?

Cudswallop is talking as though this is all the money they’re going to need. It’s pretty clear that it’s not. Where’s the upside in the share price now?

[1347] 03/12/2021 19:42

11th August 2021

"All equipment procurement to date in or below budget"

"George Lucan, CEO, writes: "This is now a detailed and near complete procurement timeline with no further critical path items to be considered. It is also one that has been subject to complete engineering both for full compliance with all UK and CE regulations and also to handle a range of cases over the expected remaining ten year life of this Field."

"As we move now with greater confidence in the detail of our procurement runway to re-commissioning, we also take careful note of this week's IPCC report, Climate Change 2021. The alarming conclusions in that report urge us all - company, stakeholders, suppliers, regulators and others - to redouble our efforts in the work of Transition away from hydrocarbon assets."


3rd December 2021

"George Lucan, CEO, comments: "With design and build of all major equipment in place, we have reassessed the budget for construction and installation and in particular the supporting infrastructure for electrical, control and instrumentation and safety and emergency shutdown systems. In view of regulatory requirements for safety and protection of the environment there is a risk that these will exceed budget and as a prudential measure we will be increasing the contingency reserve in order to remain at all times within debt covenants and avoid any delays to our timetable."

I believe the technical term is FoS..

[jtidsbadly] 03/12/2021 19:35

Apologies, bionicdog. I seem to have said less in 26 words than you have in two.

[jtidsbadly] 03/12/2021 19:34

.. and your point is? See if you can point to a single thing he’s ever said as Interim MD that was borne out by subsequent developments?

[3put] 03/12/2021 19:29

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] 03/12/2021 19:28

Will Angus be updating the Saltfleeby build and delivery schedule due in November? Asked on 25 November 2021
Done. Incidentally the civil engineering works are relatively minor, as the site already benefits from good foundations, hardcore, a geotextile membrane and thorough ground investigations from previous piling operations. However work could not be commenced until each of the fabricators had finalised dimensions of each skid. We have ample time to complete these works.

[jtidsbadly] 03/12/2021 19:10

1347: it’s a book build, aren’t they more expensive? I wonder if we’ll be told. Probably not. If the share price were to pick up next month, I think they’ll have another one, if their broker fancies it. The Interim MD says he’s raised the money partly to make sure they keep within the loan covenant terms, and that some specialist equipment appears to be coming in above budget (didn't he say some time ago that it was mostly coming in below budget?). So it’s not all going to be spent on wining and dining and they’ll run out again of salary money soon, won’t they?

I think the trainer is in the ring with the sponge and a lot of Vaseline, having a good look. They’re beating the count so far (not beating the Count, sadly), so it’s not yet time to chuck in the towel but he’ll be watching keenly from ringside, with towel in hand, what? Perhaps the auditor will give them the coup de grace?

[1347] 03/12/2021 18:31

CQ - Yes that thought had crossed my mind. I also note that they both use WH Ireland as Broker, the other main share that the ocebot plays rope a dope on. Just a conincidence I'm sure. I just wish the FCA, or even the SFO if necessary, investigated both companies activities (plus several more on AIM) over the years, including the activities of some posters on BBs and social meeja. As they often say, no smoke without fire.

JT - Fees on a small placing often run at around 10% but as Anguish don't state the net proceeds, unlike some better companies, we can only guestimate. At current cash burn rate this 'keep the lights on' placing only buys them around 3 months of breathing space and allows re-stocking of the wine cabinet for Christmas, what, what.

I wonder if Frazer took some more, or could he be well cheesed off as it's a signficant discount to what he paid for his last tranche? I note no subscription from the lifestyle execs again.

[jtidsbadly] 03/12/2021 18:24

CQ: yes, I think so too, though I think he’s a she. A surprisingly good post from Crocqman.

That £750,000 is gross. They’re not keen to give us the net figure, are they? I should say they’ve raised a max. of £600,000. Not enough - more of these to come, I think, assuming they last that long. And sooner or later the wide boys in the market will tell them they’ve become too big a reputation risk. Though for a big enough fee...

[headinthesand] 03/12/2021 18:12

Yes Gaffer, they couldn't even place all the shares at mates' rates via a bookbuild.

Not even the city wide boys could be persuaded to take any more, so threadbare is ANGS's credility.

[gaffer73] 03/12/2021 18:05

They raised 750k

[headinthesand] 03/12/2021 18:00

Where's the many-faced DaveMarn got to, I wonder? Surprisingly quiet all of a sudden, isn't he?

[jtidsbadly] 03/12/2021 17:55

1347: I agree with you on all counts. We shouldn’t refer to £800,000. Book building (of which I have no experience) is said to be trickier and less reliable than a straight placing, so more expensive. And Anguish shares will be a hard sell anyway, however they do it, so more expensive. What do you think - fees of 15% + VAT? At least that, i should think - these chaps have got to eat. So a maximum of £650,000, assuming they get it all away.

JA51: thanks for looking it up for me!

[gaffer73] 03/12/2021 17:53

Them contractors best be working over Christmas!

[clottedq] 03/12/2021 17:48

Kansas Croqman:

"Ocelot,
Please stop spinning literally everything Angus do and say as being positive.
It is not the case.
Where is your objectivity?
More than 16k posts, mostly here and on the basket case that is ukog, and all projecting the positive, or rosy view of every news released, regardless of the content.
Do you honestly never see anything bad with either company?"

I doubt he ever sees anything bad with either company because he's "obviously" paid NOT TO!

My suspicion all along has been that the Oce-Bot is a staff Flag-bearer (if you catch my drift?)

CQ ;-)

[gaffer73] 03/12/2021 17:48

"Actually its worse than that reading it again!.... 30% premium to the Conversion Price." Surely that is beneficial for us. 30% discount would be bad.

[jtidsbadly] 03/12/2021 17:42

It’s convertible from 17 July. Interesting, isn’t it? After the first loan repayment date (presumably - they haven’t released the info on that) and in the middle of the first month of the application of the hedges. If Anguish lasts that long, it will result in a big share overhang.

[1347] 03/12/2021 17:41

JT Yes it depends if you calculate the percentage on the original number of shares or the current number. Either way from any shareholder holding longer than a week perspective it's an unmitigated disaster of a company. Then again such companies don't really exist in the manner listed companies were originally intended to, but rather just as a vehicle to transfer funds to Directors and City of London Barrow Boys. Basically they are just shams in my opinion.

What I would like to know is - who the large seller(s) were yesterday, could it have been someone 'in the know' selling down in advance of the placing? FCA should get the trading records and compare with the shareholder register and placees from today to see whether anything untoward took place, because otherwise it seems a hell of a concidence to me.

I note they didn't make the full £800,000. I expect there will be further ramping activities to help shift them before and around admission date. Watch this space as they say.

[ja51oiler] 03/12/2021 17:39

Beg Pardon its July

"The Note, which was otherwise convertible at 1p per ordinary share from 17 February 2022, will now only be convertible at the earliest of 17 July 2022 representing a six month extension. Additionally the Company retains the right to repay the Note at any time with the additional grant of warrants at 1.3p per share as detailed in the RNS of 20 April 2020. All other terms of the Note remain the same."

[jtidsbadly] 03/12/2021 17:33

jA51: They changed the terms a few months ago, I can’t remember the details, will look it up.

[ja51oiler] 03/12/2021 17:29

April isn't it?

[jtidsbadly] 03/12/2021 17:25

JA51: when can Knowe convert at 0.65p and sell them? I’d forgotten about that. I can look it up, it will just take a while, so please don’t bother to respond if you’ll have to do the same.

1347: the record is much worse than you describe: there’s 112% more shares now than there were when the current Interim MD was appointed. Poundland was estimated to cost £2.5mm. They spent this, then spent 15 months working out how to raise a bit more for it, eventually borrowing £12mm, on usurious terms, and even this looks as if it will be insufficient. That’s already a 480% increase, not including today’s offering. And they’re clearly not finished, this isn’t going to be enough. Presumably, if the Knowe loan is convertible in time into shares at 0.65p, that will be another 20% or so, so a further 40% or so increase in the no. of shares compared to those in issue when the Interim MD was appointed. But then who cares? It’s free money, what? Good show.