Angus Energy Share Discussion Threads

[ja51oiler] 14/3/2022 08:09

Note 24

Am I reading this right they have to supply?

1-Oct-22 31-Mar-23 10,500,000 Quantity in Therms?

That's going to be a tall order!

[ja51oiler] 14/3/2022 08:01

??????????? As of reporting date, the expected cash flow on the sale of natural gas amounted to £48.117m resulting in a loss of £25.770m of which the Groups effective share is at £13.142m on its 51% participating interest. The resulting loss on the Swap contract was a result of the steep rise in the prices of natural gas affecting the Group as the floating price payer as of reporting date.

[gaffer73] 14/3/2022 07:57

Christ they've padded that out. Nothing we don't already know as far as I can see.

[1347] 14/3/2022 07:55

I said well back 2021 it would be May 2022 before first gas, however I now expect that to not happen, now callling July at best, unless they define first gas as someone firing up a propane stove.

[headinthesand] 14/3/2022 07:51

Mercuria is sitting on an absolute dream win-win deal, no matter what happens.

As to George's latest projection for first gas, we've had another month+ slippage in just the last six weeks, compared to the "may go 20 to 30 days into April" from the Jan 27th RNS.

Okay let's (don't all laugh at once) believe this latest goalpost shift. End May for first gas. Add a few weeks to allow for getting to full production. That's now squeakily tight... and no chance of generating any worthwhile revenues pre hedge...

[ja51oiler] 14/3/2022 07:45

So not a surprise it's Mercuria on the other side of the Hedge then!!

Did someone forget to proofread Paddy's statement again this time? It's totally wrong and out of date!

[jtidsbadly] 13/3/2022 22:43

It’s surprising that anyone gives credence to any Anguish company statement. Every time these statements prove to be unreliable, these people immediately forget about them and go onto the next unrealistic company assurance. Weird. Particularly when the company’s stated claims are at odds with what they’re doing. If gas is just round the corner and the company is worth a multiple of its current share price, why have they put it up for sale? Why has their largest shareholder irrevocably accepted an all-share bid that now values Anguish shares at precisely the current market price? Why did Anguish seek authority for the issue of so many new shares in the first quarter of this year? They’re way behind schedule, way above budget. They’ve had six entities in their data room getting access to data that Anguish’s own shareholders should have - but haven’t. It’s all pretty shocking.

[gaffer73] 13/3/2022 22:24

Does it say they can or not?They need approval for everything, this is nothing new. But you know that already.

[ja51oiler] 13/3/2022 21:58

Only you conveniently forgot the fist part of the paragraph "Whilst simultaneous drilling and commissioning operations are not considered to be safe"They would have to get it signed off by the OGA and HSE for your GCSE statement to be true and we know literally nothing the company states actually comes true!

[gaffer73] 13/3/2022 21:34

"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." It's pretty clear to anyone with an English GCSE what that means.

[3put] 13/3/2022 21:32

1347 put some lovely figures together but didn't include the projected revenue ? Funny that

[3put] 13/3/2022 21:30

Ok, show me something more concrete that they CAN'T drill the sidetrack during production. - haha, that would not suit the negative agenda. Same as the 4.5 gross per month. Notice they all move on quickly from that point!!

[ja51oiler] 13/3/2022 20:36

GafferIt wasn't me who told everyone that they have said they can drill and produce at the same time. In fact they have never said that and still apparently don't know themselves....you we're mistaken!This from the Q&A.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] 13/3/2022 20:32

No, Gaffer, the Interim MD hasn’t told shareholders they can’t do a sidetrack while piping oil. Odd, isn’t it?

[gaffer73] 13/3/2022 20:09

Ok, show me something more concrete that they CAN'T drill the sidetrack during production.

[ja51oiler] 13/3/2022 19:57

You could have just said you couldn't find anything gaffer! Best you withdraw your statement then?!?!Otherwise you may be accused of being disingenuous!!

[gaffer73] 13/3/2022 19:32

Also from a recent RNS "We are presently advising contractors of a spud date for the side track of during June 2022 to allow a few weeks of steady production prior to works."

[gaffer73] 13/3/2022 19:30

Read post 19081

[ja51oiler] 13/3/2022 19:24

Gaffer. I take it you couldn't find your confirmation that they can drill the sidetrack while in production then? So there's a reasonable chance they will have to suspend production when the do!You really should have thought a team of professionals with a track record of excellence would have known a basic thing like that wouldn't you?Anyway your assumption is of course if they actually manage to drill a successful sidetrack! ......10th time lucky maybe a!!

[gaffer73] 13/3/2022 19:16

Or £4.5m a month gross.

[gaffer73] 13/3/2022 19:13

Anyway back to my original train of thought from 8 hours ago. We are aiming for production in June and as per RNS spudding the sidetrack late June. From the Q&A it looks like the sidetrack will take 6-8 weeks. That means the sidetrack should be producing by the time the October hedges kick in. If flow rates are as expected it will give us 4.5mmscfd un-hedged.

[1347] 13/3/2022 19:01

JT I have always doubted that the EA or OGA or HSE would allow drilling that close to a working gas processing plant. I don't recall it ever being done before. I may be wrong but until I see confirmation that the regulatory bodies will permit it I will continue to regard it as just more Lucan guff to support lifestyle placings. It's just like the assumption that they could get around the ATEX Directive (other explanations are possible). I don't expect a side track to be drilled before September at best.

[gaffer73] 13/3/2022 19:00

Yes of course you've filtered me, how many times now? You can't help yourself looking. That is the paragraph I'm referring to, yes. It says to me they can do the sidetrack without affecting production a hell of a lot more than it says they can't. They just need to evaluate the risks, which is a legal requirement for every job carried out in the UK by the way.

[jtidsbadly] 13/3/2022 18:58

1347: the changes seem to me to be so large that it should be looked at again by the EA. It’s a completely different application, isn’t it? As I understand it, noise meters will be put up on a number of nearby houses, presumably someone will turn up regularly to monitor these, so it could get stopped at any time. Maybe the EA will prefer to rely on that, noise seems to be the biggest concern. I don’t know about an extra generator closer to a well head though. Is it one of the producing wells?

I don’t know though. It’s possible. If the LCC planning permission isn't issued by 17 March, the EA’s stance could be a factor. Though that date could be a cuds invention.

[jtidsbadly] 13/3/2022 18:43

This, presumably, is what Gaffer is referring to (1 December 2021 RNS). I have filtered him, just looked at his post in case it was an apology:

“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.”

They’re “preparing for the requisite risk evaluation”. Hardly the same as saying they can do it, surely? And is there any chance of that having started, do you think? No wonder the company is for sale before it’s got to first gas, what? They’ve still got that authority to issue more shares though. This week? And where’s the Report and Accounts?