Angus Energy Share Discussion Threads

[jtidsbadly] 12/3/2022 12:22

I’d hate to mislead by misinterpreting a statement by the company. This is what I’m going by (from the 10 March RNS):

“Pipe-work is about 15% complete with pipe now being set to racks.”

As usual, opaque wording. Does this mean that they’ve completed the welds and are 15% into fitting them in the racks? Or does it mean that the pipe welding is only 15% complete? Or some combination of these? It would be nice if some shareholder would ask the odd meaningful question in the Q&A.

[jtidsbadly] 12/3/2022 12:03

Gaffer: sadly not. They’ve been welding pipe since late January.

3Put: If it were as simple as hiring more people to complete the welding, I should have thought they’d have started with that already. I’ve no idea how easy it is to find first class specialist welders at short notice. The people they’re using appear to be pretty good and would inspire confidence in the HSE and NG inspectors in due course, I should think. They’ll need people who work to a similar standard.

[gaffer73] 12/3/2022 11:46

If you look at Twitter the pics on the 1st March show the pipe racks being installed and the pics yesterday show the installed pipeline. I make that 10 days, not six weeks. Must try harder.

[3put] 12/3/2022 11:44

A huge and unpredicted rise in the commodity price has dropped into the Interim MD’s lap and he’s had to give most of it away because of poor judgment or dilatoriness - Agree, we should have been producing gas by now.

If Anguish manage to get the thing finished in time to benefit from the gas, and if they can drill a sidetrack which finds enough gas to meet the hedges from October, they will still do very well out of it - Agree

You can’t expect to be spoon fed all the time. -1347 ran the numbers but missed half of it out. That is the point I am making regarding agenda.

Perhaps you’d be good enough to share with us your views as to how they’ll do 85% of the pipe welding in 8 weeks, after completing just 15% in 6 weeks? The answer appears to be rather important in the overall scheme of things. The arithmetic should be within your scope too. - They need more man power to get it finished, on the current schedule there will be more delays which is a shame given the price of gas and current climate.

[gaffer73] 12/3/2022 11:42

How can they have been welding for six weeks when the pipe racks weren't even in. They might have been welding up equipment but certainly not the main runs.

[jtidsbadly] 12/3/2022 11:23

3Put: I think you’ve missed the point. A huge and unpredicted rise in the commodity price has dropped into the Interim MD’s lap and he’s had to give most of it away because of poor judgment or dilatoriness. That’s the point. A quantified comment on management quality, not on turnover per se.

If Anguish manage to get the thing finished in time to benefit from the gas, and if they can drill a sidetrack which finds enough gas to meet the hedges from October, they will still do very well out of it. The likelihood of these things happening, however, seems relatively small. In any case, it’s simple enough to do the arithmetic from the data you’ve been given. You can’t expect to be spoon fed all the time.

Perhaps you’d be good enough to share with us your views as to how they’ll do 85% of the pipe welding in 8 weeks, after completing just 15% in 6 weeks? The answer appears to be rather important in the overall scheme of things. The arithmetic should be within your scope too.

[3put] 12/3/2022 10:52

Have you bothered to work out how much we will make too?

-- you will never get a straight answer from 1347 JT or any of his friends. It does not suit their agenda. Shame really as more people would take notice if they were balanced.

[jtidsbadly] 12/3/2022 10:11

1347: I quite agree. I don’t know whether the term “misleading221; or the alternative “untruthful221; is more appropriate. It will make an interesting case study, possibly for circulation, in due course, what? It would be a pity to see the time one has put into following this go to waste. It might be an idea to copy those Malcy/LSE interviews, wouldn’t want those to be lost, what? I mean to say..

[1347] 12/3/2022 09:57

JT Since just about every other date (and costing) has slipped repeatedly then I would say it's quite possible, even likely that they will slip gain, although if you keep changing the dates then I suppose one day you'll finally be right, a bit like a stopped clock.

I can't really help with the welding, nor the trench digging nor any of the other detailed tasks that are needed to construct what is essentially Theddlethorpe II. In fact having now seen what is involved regarding Poundland I struggle to see how earlier statements regarding costs and timecales could be construed as anything other than misleading.

Following on from that I then fail to see how many of the RNS announcements made over the years cannot be in contravention of the rules as in the FCA DTR Sourcebook, especially DTR 2 and the AIM Rules for Companies, especially Rules 10 and 11.

[jtidsbadly] 12/3/2022 00:47

1347: you’re not suggesting that that those delivery dates he listed could slip, are you? Surely not?

I’m still confused about the welding. How are they going to do the 85% that remain to be welded in the next two months if the first 15% have taken six weeks?

[1347] 11/3/2022 22:05

Gaffer - Yes but it's a fair bit less than it ought to have been and it's getting less with every transaction that Anguish do.

JT $20 m (allegedly), we only have his word for that and the thing is you can't trust the word of an Etonian can you, they do seem to be quite an unscrupulous bunch to me.

[gaffer73] 11/3/2022 19:59

Have you bothered to work out how much we will make too?

[1347] 11/3/2022 18:35

JT I ran some calcs today on the Poundland revenues, taking into account the projected P50 volumes and hedged volumes in the CPR and the NBP forward prices on CME.

Unless I've miscalculated they show that something like £2.5 million per month revenue will be 'lost' to the JV as it will be flowing to those on the other side of the hedges, rising to over £3.5 million per month when the hedged volumes increase from October 2022, before falling back a bit in 2023 and 2024.

And on top of that there are the high interest payments and royalties and fees and 'kick back' shares. It really is staggering just how much shareholder value has been transferred to others by the incompetence (my opinion) of the interim MD and the other directors, if indeed it is down to incompetence.

[jtidsbadly] 11/3/2022 15:28

3Put: your latest two contributions are a bit clueless. If Poundland is a success, Sound can’t afford it. If it’s a failure, they won’t want it. They can’t increase their bid much, or Sound will become a subsidiary of Anguish. And who wants the Interim MD of Anguish parachuted in to run their company? He’d want a Sanderson-style package too, I should think.

I dare say that, having exhausted the possibilities offered by the Sound “bid”, the Interim MD will wait for LCC planning approval, which should be good for a few % on the share price, before a placing. Possibly EA approval too, though both these approvals will have conditions, particularly as to noise. He’ll need the money soon, though.

[3put] 11/3/2022 15:23

Have a great weekend everyone , lets see if we can have a weekend without de-ramping gents

[3put] 11/3/2022 15:19

perhaps Sound are planning a placing of their own and are going to time their withdrawal from the “bid” for just before they announce their placing - You are obsessed with placing talk !!!

[shareprofessor] 11/3/2022 15:09

1347 the proclaimed shareholder consistently contributing deprecatory comments. How odd, an oddity? No,a deception. Despicable. Another for the filter. I recommend all do the same.

[jtidsbadly] 11/3/2022 14:50

.. or perhaps Anguish have used the ramp in their price resulting from the “bid” to pay Gneiss with more valuable shares and perhaps some of the profit Gneiss makes on these will find its way to Sound in the form of reduced advisory fees?

[jtidsbadly] 11/3/2022 14:46

Yes, or perhaps Sound are planning a placing of their own and are going to time their withdrawal from the “bid” for just before they announce their placing. That should be good for a bit of a bit a share price bounce, what?

[1347] 11/3/2022 14:38

JT Oh the next ramp will be more tweets of Poundland plus Brockham spring and then there's always the Geothermal Rainbows so I'm sure they can find some more jam and cans to cover that. Since no bids have appeared it now looks to me like the next placing will be in the next two weeks.

[jtidsbadly] 11/3/2022 14:36

Prank calls!

[3put] 11/3/2022 14:08

His mobile has been shared in the telegram group , if he gets any prank calls he will know its you !!