Angus Energy Share Discussion Threads

[chickbait] 17/3/2022 15:29

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Angus Energy PLC
0.94 GBX
-6.07 (-86.63%)today
17 Mar, 14:25 GMT • Disclaimer

[3put] 17/3/2022 15:26

Recently answered questions
is there any update on the Passive Dehydration, Joule Thomson and Condensate Stabilisation skids, timetable for delivery to site? Asked on 28 February 2022
We advised that these three skids could slip 20-30 days into April and we continue to strongly support that advice.

Hello, Are you able to share with shareholders the impact the current very high! gas price has on the economics of the Saltfleetby field? To that end, will these vastly improved numbers be taken into consideration when discussing a possible sale with interested parties? Thank you. Asked on 28 February 2022
The economics of the field looking great – principally because the forward curve is so greatly improved. See



(to get pence/therm from $/mmbtu divide by 1.35 for the exchange rate and multiply by ten). Current prices are high at 225p/therm but they are even higher in March 2023! Even as far out as March 2024 they are 130p/therm or over two and half times the 10 year average of 50 p/therm we made our initial projections on in 2020.



Hi, If the best offer on the table as a result of the FSP is not considered fair value and acceptable by the Board, is walking away from the FSP and moving full steam ahead with Saltfleetby as 51 owners still an option for the company? Thanks. Asked on 24 February 2022
We are not bound to pursue the FSP until we have found a buyer. We entered into it to see what the market was for Angus and its assets as we review all possibilities for our future direction whether in hydrocarbons and/or alternative energies.

With production at Saltfleetby tantalisingly close and gas prices at an all time high, can you expand on the decision to launch the FSP? Shareholders are concerned that suitors may be able to secure Saltfleetby and/or the company on the cheap – particularly given the volatile international markets caused by Russia’s invasion of Ukraine. What can the Board do to prevent this? Asked on 24 February 2022
Interest had already been expressed in Saltfleetby over the previous two years. Continued interest and a formal approach for Angus shares encouraged the Board to open the doors to further buyers so as secure the best price for shareholders and to draw attention to our undervalued shares. After all we had a market capitalisation of £6 million at one point last year, with an interest in Saltfleetby conservatively valued at £24 million.

hi, what is the current state of play regarding the permissions for Saltfleetby, Brockham, Lidsey, Balcombe? Asked on 15 February 2022
Re Environment Agency. We believe that we can expect EA permission for Brockham in the near future. Saltfleetby we reasonably believe should be available in draft form within a month. Our Balcombe site is also under review by EA and we hope to obtain that permit in H1.

Re Local Authorities: we are seeking permission to abandon the Kimmeridge and perforate the Portland at Brockham, but do not require permission to reinject water produced at Brockham. Our appeal at Balcombe is likely to be heard before the end of Q3. Our variations of existing planning permissions for Saltfleetby are very minor and are expected to be approved in March.

Will Angus shares be suspended before any deal announcement. Asked on 14 February 2022
I don’t believe so.

With the placing to raise £1.4m, do you believe Angus are in a stronger position to negotiate a higher price for the sale of all or a part of Saltfleetby? Asked on 3 February 2022
Definitely. To have tried to negotiate with purchasers whilst simultaneously dealing with senior debt providers and having the financial stability of the company in any kind of doubt, would have been very counterproductive for shareholders in the short and long term.

Thanks for the continued updates on twitter. You posted a vdeo of the first pile being driven . One particular disingenuous detractor has suggested you do not have planning permission to do this. Can you please clarify as this appears to be a classic example of the concerted effort to discredit the company. Asked on 1 February 2022
The piles are an integral part of the foundations for three pieces of equipment and are part of the existing approvals for the site. There is no further requirement for approvals for this work.

Hi, please can you confirm that the board will not accept an offer for the company and/or Saltfleetby, unless they feel it represents fair value for the company and its assets. Thanks. Asked on 30 January 2022
We will get the best possible deal for shareholders – weighing in both the amount of any consideration and the nature of the consideration (cash or shares) whether for sales at an asset or at a company level.

Hi, does the company stand by the published CPR Saltfleetby figures – which calculate revenues at multiple times of the current company market cap even before the huge rise in gas prices – and can you promise shareholders this will be taken into account in any negotiations for the sale of the company and/or Saltfleetby? Asked on 30 January 2022
The Company continues to believe that the CPR (albeit with small adjustments for timing of First Gas) as published is a true and fair view. We are conscious that the NPV valuations shown are indeed well above our market capitalisation and we regularly point this out to interested parties.

Once Saltfleetby is in production, will the company commit to buying back a significant proportion of shares in issue to reverse any dilution that has occurred as a result of the historical placings? Asked on 30 January 2022
That is certainly something we would consider doing.

Most long term shareholders don’t want the company sold because some invested at up to the 20p and would never get their money back. If the assets have no so called value by the markets nobody would want to buy them would they. Please consider this message when acting in the best interest of all shareholders. Thankyou. Asked on 30 January 2022
We will bear this in mind. Clearly we are in the happy situation of having many interested parties in this asset and therefore are in a position to seek the best possible bid for shareholders.

Which of lidsey or Brockham will be producing oil first, and within which quarter of 22? Asked on 30 December 2021
We have been notified that the Environment Agency is minded to grant our permit to re-inject water at Brockham but this is subject to a further period of public consultation, so we have not yet advised the market of this development. Assuming the EA encounters no new information during consultation, the permit is likely to be granted during February 2022 and we would therefore expect to restart production at Brockham immediately thereafter as we have already upgraded the site to meet improvement conditions required of us. Other permissions, mostly non-contentious or administrative, being available we would hope that Lidsey production would recommence during Q2 2022.

We understand that there has been a request for minor amendments to planning consents at Saltfleetby Gas Field as a result of changes to the onsite generation capacity, flare and condensate stablisation design, and addtional tree planting. Is the application for variation of planning permission now fully aligned with the Environment Agency Permit application and what is the status of the latter?

Thank you and Happy Christmas wishes to the Angus Team Asked on 30 December 2021
Alignment. Yes the two are aligned. The process is iterative as with all of the regulatory and planning bodies. In this instance further HSE (compliance with PED/PSSR and ATEX/DSEAR) and EA requirements led to modifications in design and layout during the autumn which are now reflected in this application to Lincolnshire County Council for minor variations to our existing consent.

Progress on EA Permit: We have dealt with a number of Schedule 5 notices requesting further information throughout the summer and early autumn and have, as we understand it, only two matters left to resolve. One matter concerns establishing agreement on precise methods of noise modelling and associated software and the other the management of a low pressure, low volume incidental off-gas stream. Both have a variety of highly technical solutions, the choice of which is being discussed with Agency and our various project engineers. We expect to resolve these matters in early January and do not, at the present moment, see either as a roadblock to First Gas.

Will Angus Energy be drilling down to the EGS Super Hot Rock Supercritical Water for the enhancement of electricity production and a smaller footprint per site. Thankyou. Asked on 28 December 2021
We target 200C at c. 5000m. Super hot rock would be signficantly deeper in SW England and could yield > 400C. Some elements of our design incorporate elements common to Super Hot Rock so we follow developments closely, but our focus is on commercial well design – getting cost down away from the government funded figures we have seen to date. Managing temperatures of 400C plus, whilst offering a much better energy yield, present significant cost increases in well drilling and construction and would not be our on our immediate agenda as we approach potential technical and financial partners.

[3put] 17/3/2022 15:25

FRANKFURT, Germany/TOKYO/HOUSTON, U.S. -- Europe could end up short 40 million tons of natural gas -- around 10% of its annual consumption -- should Russian shipments dry up due to Moscow's invasion of Ukraine, pressuring the region to explore alternative sources of the fuel.

Natural gas prices in Europe rose Wednesday amid concerns that further combat escalation in Ukraine could prompt the U.S. and the European Union to ban energy-related transactions with Russian banks. Such deals remain exempt from sanctions. The benchmark Dutch TTF futures rose roughly 50% at one point, reaching a new high for the first time in two months.

Europe's gas stockpiles are at their lowest in five years, after cold weather lifted consumption in 2021 even as imports from Russia fell. The region held 21 million tons in underground storage as of the end of February, less than 30% of total capacity.

The EU holds enough inventory to replace Russian supply for around a month and a half, Germany's Commerzbank said in a mid-February report. Heating demand drops in April, and consumption more than halves by summer, meaning the bloc faces less risk of exhausting gas supplies once temperatures rise.

Still, concerns remain.

The EU usually amasses around 65 million tons of gas reserves, equivalent to 90% of its storage capacity, by fall every year.

"Europe continues to receive enough gas from Russia through pipelines for now," a major trading house said. But those nations may be unable to secure enough gas for next winter if Russia cuts off its supply.

Local gas production can cover only 40% of European consumption this year, the International Energy Agency estimates. Finding alternative sources for the 140 million tons, or over 30% of consumption, that come from Russia could be an uphill battle.

Over 200 million tons of liquefied natural gas from outside Russia are slated for delivery in 2022 through spot and short-term contracts, as well as "free on board" shipments, Rystad Energy and other industry players say. More than 100 million tons are coming from North America or Africa, which may be Europe's best options to plug its shortfall.

American LNG exports to Europe tripled in three months to just under 6 million tons in January, financial research company Refinitiv said. The annual tally could top 70 million at this rate, making up for half of Russian shipments to Europe.

LNG must be turned back into gas before it can be used or stored. Europe's regasification facilities are said to be running at roughly 70% capacity. Though they may be unable to achieve full capacity due to the strain on the equipment, they theoretically could handle higher levels of imports.

But even if Europe obtains all 100 million tons of North American and African LNG, it likely will face fierce competition from other buyers for the remaining 40 million tons. For example, key exporter Australia has 60 million tons worth of spot LNG contracts and free on board contracts -- in which the delivery risks shift to the buyer. But most of this is headed to nearby Asia.

Around 360 million tons of LNG trade hands worldwide yearly, with China, Japan, South Korea and other Asian markets accounting for 70% of imports. Demand has grown especially quickly in China, which overtook Japan last year as the world's biggest importer of LNG.

To ramp up LNG purchases, Europe "will need to significantly increase the prices it pays" to compete with Asian buyers, said Toshiyuki Makabe, managing director of commodities sales at Goldman Sachs. That could send Asian prices soaring in tandem, causing a major economic hit to LNG-consuming countries.

Shipping capacity represents another potential issue.

"If China and other Asian countries start buying more from the U.S., which involves longer transport times, we may quickly run short of LNG carriers," said Japanese shipping company Mitsui O.S.K. Lines.

Avoiding gas shortages in Europe will depend on "establishing a framework for international cooperation to stabilize supply," said Ken Koyama, senior managing director at the Institute of Energy Economics, Japan.

This could include coordinating to boost generation from alternative fuel sources, such as nuclear and coal, to free more gas for Europe. The U.S. and Europe are already sounding out Japan and other natural gas buyers about sharing supply.

Countries also need to rethink energy policy. Germany, which has no LNG terminals, now plans to build two, Chancellor Olaf Scholz said Sunday. And while Germany is on track to phase out nuclear power, keeping nuclear plants online -- previously seen as out of the question -- has not been ruled out. Coal-fired capacity could be kept in operation as well.

"We will change course in order to eliminate our dependence on imports from individual energy suppliers," Scholz said.

[chickbait] 17/3/2022 15:25

From next door:

Bonsa

Posts: 111

Price: 0.90

No Opinion

RE: Gas is in vogue. Saltfleetby has lots of itToday 13:47
“ So why is the share price in the gutter?”

Because the placing shares are sold to mates, the placing buyers (mates) then big up the share price on this board with the usual 24hr non stop jam-tomorrow hype, just enough to sell at a profit. ANGS then decide they need more spending money! So more placings get sold to mates.

The BOD and co workers then all pretend to be successful business entrepreneurs, as they save the country from the evil clutches of Putin. Mwahhaaha sayS GL

[3put] 17/3/2022 15:25

Really positive news, that

[chickbait] 17/3/2022 15:25

Oh dear HITS. It seems that they will need a successful side track then?

[headinthesand] 17/3/2022 15:21

Chickbait, according to the OGA officially recorded figures, during its last 12 months of NB unimpeded production ending mid 2017 (i.e. before Theddlethorpe started having problems), Poundland averaged production of a slowly declining 4.17 mmscfd.

Even with a pressure build-up of some sort, it looks like they'll need a successful sidetrack in order to be able to fulfil the hedged volumes from Oct 22 to Jun 23. That is, unless the hoped-for pressure build-up causes at least a 30% increase in daily produceable rates (staggeringly unlikely IMV).

Which then begs two questions. 1. how will they afford the sidetrack? 2. when's a possible time to drill it?

[headinthesand] 17/3/2022 15:17

I wish I'd bought shares in Mercuria...

£12 million to come back, plus a c. 12.5% annual interest rate, plus an 8% revenue override, plus apparently a £25 million profit on being on the other side of the hedge.

Either that or they get a close to completion gas field that's risen significantly in value to flog to a company with a good deal more competence.

[chickbait] 17/3/2022 15:16

Can someone please post how much gas the well was producing when they last shut it down?

Also, is it guaranteed that the gas would have built up since then and if so how long will that build up last??

[3put] 17/3/2022 15:09

Get the gas going George, excitement building

[3put] 17/3/2022 15:08

FRANKFURT, Germany/TOKYO/HOUSTON, U.S. -- Europe could end up short 40 million tons of natural gas -- around 10% of its annual consumption -- should Russian shipments dry up due to Moscow's invasion of Ukraine, pressuring the region to explore alternative sources of the fuel.

Natural gas prices in Europe rose Wednesday amid concerns that further combat escalation in Ukraine could prompt the U.S. and the European Union to ban energy-related transactions with Russian banks. Such deals remain exempt from sanctions. The benchmark Dutch TTF futures rose roughly 50% at one point, reaching a new high for the first time in two months.

Europe's gas stockpiles are at their lowest in five years, after cold weather lifted consumption in 2021 even as imports from Russia fell. The region held 21 million tons in underground storage as of the end of February, less than 30% of total capacity.

The EU holds enough inventory to replace Russian supply for around a month and a half, Germany's Commerzbank said in a mid-February report. Heating demand drops in April, and consumption more than halves by summer, meaning the bloc faces less risk of exhausting gas supplies once temperatures rise.

Still, concerns remain.

The EU usually amasses around 65 million tons of gas reserves, equivalent to 90% of its storage capacity, by fall every year.

"Europe continues to receive enough gas from Russia through pipelines for now," a major trading house said. But those nations may be unable to secure enough gas for next winter if Russia cuts off its supply.

Local gas production can cover only 40% of European consumption this year, the International Energy Agency estimates. Finding alternative sources for the 140 million tons, or over 30% of consumption, that come from Russia could be an uphill battle.

Over 200 million tons of liquefied natural gas from outside Russia are slated for delivery in 2022 through spot and short-term contracts, as well as "free on board" shipments, Rystad Energy and other industry players say. More than 100 million tons are coming from North America or Africa, which may be Europe's best options to plug its shortfall.

American LNG exports to Europe tripled in three months to just under 6 million tons in January, financial research company Refinitiv said. The annual tally could top 70 million at this rate, making up for half of Russian shipments to Europe.

LNG must be turned back into gas before it can be used or stored. Europe's regasification facilities are said to be running at roughly 70% capacity. Though they may be unable to achieve full capacity due to the strain on the equipment, they theoretically could handle higher levels of imports.

But even if Europe obtains all 100 million tons of North American and African LNG, it likely will face fierce competition from other buyers for the remaining 40 million tons. For example, key exporter Australia has 60 million tons worth of spot LNG contracts and free on board contracts -- in which the delivery risks shift to the buyer. But most of this is headed to nearby Asia.

Around 360 million tons of LNG trade hands worldwide yearly, with China, Japan, South Korea and other Asian markets accounting for 70% of imports. Demand has grown especially quickly in China, which overtook Japan last year as the world's biggest importer of LNG.

To ramp up LNG purchases, Europe "will need to significantly increase the prices it pays" to compete with Asian buyers, said Toshiyuki Makabe, managing director of commodities sales at Goldman Sachs. That could send Asian prices soaring in tandem, causing a major economic hit to LNG-consuming countries.

Shipping capacity represents another potential issue.

"If China and other Asian countries start buying more from the U.S., which involves longer transport times, we may quickly run short of LNG carriers," said Japanese shipping company Mitsui O.S.K. Lines.

Avoiding gas shortages in Europe will depend on "establishing a framework for international cooperation to stabilize supply," said Ken Koyama, senior managing director at the Institute of Energy Economics, Japan.

This could include coordinating to boost generation from alternative fuel sources, such as nuclear and coal, to free more gas for Europe. The U.S. and Europe are already sounding out Japan and other natural gas buyers about sharing supply.

Countries also need to rethink energy policy. Germany, which has no LNG terminals, now plans to build two, Chancellor Olaf Scholz said Sunday. And while Germany is on track to phase out nuclear power, keeping nuclear plants online -- previously seen as out of the question -- has not been ruled out. Coal-fired capacity could be kept in operation as well.

"We will change course in order to eliminate our dependence on imports from individual energy suppliers," Scholz said.

[jtidsbadly] 17/3/2022 14:43

1347: yes, thanks, that goes up to Monday 14th. The BofE has just raised short term rates by 0.25%.

[3put] 17/3/2022 14:41

SOU up today, another bid coming?

[1347] 17/3/2022 14:18

It's here..

[jtidsbadly] 17/3/2022 13:57

1347: yes, his 30 years of experience and extensive network of banking contacts proved invaluable in agreeing the loan terms, what? And he didn’t waste any time in agreeing the terms, either. I mean to say, 8 months must be some kind of record. Excellent. And fortunately, he was able to draw on the expert advice of the teams at Aleph, who will have been invaluable in obtaining the best possible deal - in respect of the hedges, in particular. Good show. Getting rid of those Gneiss people was a shrewd money-saving move too, what? Yes, he certainly burnished his reputation and earned his salary last year.

The loan is, as you know, at 12%+SONIA. SONIA being an overnight rate, I should think it will have gone up to a little above 0.75% today, but can’t find the data.

[1347] 17/3/2022 13:26

JT Ah yes the loan that was not needed that was negotiated by the Corporate Financing expert MD(allegedly), it was only a tad over the LIBOR rate wasn't it and carried only a few conditions with it didn't it? Well done that man, what, what?

Gaffer It's the revised EA permit that is more critical in my view. One of the points I raised was whether the number of changes made since Anguish submitted the application to the EA could (note use of the conditional form) invalidate and/or delay the consultation process.

[sincero1] 17/3/2022 12:50

shareprofesor answer is they are all nimby activists , all mentally unstable, just lying to suit .... but he won't answer you ... and we all know why ...

[shareprofessor] 17/3/2022 12:40

Ja51oiler how can you post a comment 'give our honest opinion based on research and usually backed up with Facts' after previously posting 'the sooner the company disappears the better as far as I am concerned'. Along with constant derogatory contributions and inaccuracies such as the Shell agreement, finances and planning? I am genuine interested in your justification in posting such an erroneous flapdoodle.

[jtidsbadly] 17/3/2022 12:21

Thanks, JA51. By the way, UK 3-month LIBOR has just gone up again, to 1.04%. You wouldn’t want to have a lot of floating rate debt, would you?