Angus Energy Share Discussion Threads

[jtidsbadly] 04/4/2022 14:50

1347: if Anguish get the options/warrants converted and have a placing at a price similar to the average conversion price, they may have enough money left to meet a shortfall on the first month or two’s forward contracts. If so, it may all come down to the success or failure of the sidetrack. Though if the project is late, the sidetrack will be late, which gives them a big problem in October. I don’t know how they’ll be able to spend any money this year on Brockham or Lidsey.

[headinthesand] 04/4/2022 14:44

Following on from Pinocchio George's recent bizarre claim that 1.5 million therms = £7.2 million of revenue (a thing it was amusingly noteworthy to see the company rapidly walk back on in its answer to a very recent investor question - almost a la Biden/White House), I was inspired to knock up a quick spreadsheet (2 mins work) to check to see who (ANGS, SEL and Mercuria) gets what per month, depending on how much gas gets produced, when it gets produced and the price of gas at the time.

Working out what the field owes Mercuria is the easiest of all. of course, because there's only the one variable (the price of gas at the time). For them, everything else is already contractually fixed under the hedge - it matters not one bit to them if the field produces a howling hurricane of gas, a damp fart of gas or indeed no gas at all.

If the price of gas remains the same as it is now (c. 300p per therm), then just on the hedge, Mercuria is contractually owed in excess of £130 million over its 36 month lifetime - plus its lion's share of the 12.05% loan interest and the 8% revenue override. I've always said they cut the biggest win-win sweetheart deal of all time.

George had better pray that the as yet unattempted latest sidetrack works...

[1347] 04/4/2022 13:53

JT No the warrants won't count until exercised, but once they are they will. Yes, we know that transparancy and Anguish Energy are strangers.

[jtidsbadly] 04/4/2022 13:37

1347: as I understand it, Frazer Lang has accepted the Sound “bid” unconditionally in respect of his shares, not his options (or warrants). Sound will have to sweeten the pot a great deal if they’re going to get Anguish now - unless, of course, tens of millions of converted shares suddenly hit the market..

I think, as you know, that for shareholders to know the provisions of the Charge but not of the Facilities Agreement (to which the Charge document refers) is wrong. A management with nothing to hide would put it up on the website. What?

[1347] 04/4/2022 13:00

JT I calculate 23.9 m options and 211.3 m warrants otstanding, though some of the options are well under water and/or conditional on the share price being over 2.0 p. That's over 20% of potential dilution out there.

They might be able to persuade the warrant holders to exercise the 1.20 p ones, which would also increase the number voting for Sound as a Pound Energy. I was wondering if that might be the plan and whether they could raise enough without a placing, or maybe a smaller one?

The other option they have would be to persuade the Loan holders to waive or partially waive those bank balance convenants, which would free up some cash (may need more equity kickbacks though). Either way I expect more shares to be hitting the market in the near future as we wend our way slowly along Snake Pass.

[jtidsbadly] 04/4/2022 12:37

There’s more than 200mm. options and warrants outstanding whose various exercise prices have been exceeded over the past week or so. A large majority seem to be in the 1.2-1.5p range. If these were all exercised, that would raise the best part of £3mm. They’re not tradable, as far as I can see, so there’s little point in not exercising them - unless the holders expect a much higher price in due course and prefer to save the money required to convert them until a higher price is realised. Most of them, almost 200mm. in all, were issued in the 2020/21 FY. If they were all exercised, it would have the effect of obviating the need for a placing, though there would be some pressure on the share price when the resulting shares were sold.

[shareprofessor] 04/4/2022 08:24

An exciting week ahead I hope. Certainly the world situation will be shining a light on any gas company. The positivity here continues.

[stockhunters] 04/4/2022 08:18

investors piling into gas

[onetomany] 04/4/2022 08:11

2 p to be tested by tomorrow. Possibly even today.

[iceagefarmer] 03/4/2022 22:45

all we need is ukog to get their act together...come on sanderson,george is showing you hard graft pays off not just dreaming of bahamas

[iceagefarmer] 03/4/2022 22:42

great weather for welding..must be ahead of schedule..very dry march..dry april so far

[onetomany] 03/4/2022 22:23

This week will be very interesting.

[3put] 03/4/2022 19:26

LondonSouthEast ;

Posts: 207

Price: 1.15

No Opinion

London South East interview with George Lucan, MD at Angus EnergyToday 17:11

We were delighted to catch up with George Lucan, who hasn't been able to do many interviews lately because of the restrictions imposed by the Takeover Panel.

What he was able to say today was: "We are continuing to be in discussions with parties." And: "The one thing I can add is that as a board we have worked so hard for this we are not about to give this away for 'a song'. We will drive the hardest bargain that we can in this environment."

Furthermore, shareholders can expect 1.5M therms of gas to be produced from May, and a further 1.5 M therms from the sidetrack well in August (51% of which goes to #ANGS making them debt free by the year end)- and Brockham is to start producing again after a two year hiatus. Please view the interview here: 

[3put] 02/4/2022 21:27

sawmill restaurant castle hayne

[3put] 02/4/2022 21:14

"Trader Makes Lottery-Ticket Bet on U.S. Natural Gas Doubling to $10"

[3put] 02/4/2022 21:13

"Trader Makes Lottery-Ticket Bet on U.S. Natural Gas Doubling to $10"

hxxps://uk.investing.com/news/commodities-news/trader-makes-lotteryticket-bet-on-us-natural-gas-doubling-to-10-2617844

[3put] 02/4/2022 21:13

ocelot

Posts: 17,537

Price: 1.45

Strong Buy

request to reduce French electricity usage on MondayToday 15:43
France’s electricity grid manager asked businesses and households to cut consumption as a cold snap pushes demand higher at a time time when around half of the country’s nuclear reactors are offline.

RTE requested that households run dishwashers and washing machines over the weekend rather than on Monday to help reduce the load and requested that businesses moderate electricity usage between 7 a.m. and 10 a.m. local time that day, according to a statement on the company’s website. It said it doesn’t expect any power cuts... (Bloomberg)

They think they should be alright, this measure is precautionary.

[3put] 02/4/2022 21:13

LondonSouthEast ;

Posts: 207

Price: 1.15

No Opinion

London South East interview with George Lucan, MD at Angus EnergyToday 17:11

We were delighted to catch up with George Lucan, who hasn't been able to do many interviews lately because of the restrictions imposed by the Takeover Panel.

What he was able to say today was: "We are continuing to be in discussions with parties." And: "The one thing I can add is that as a board we have worked so hard for this we are not about to give this away for 'a song'. We will drive the hardest bargain that we can in this environment."

Furthermore, shareholders can expect 1.5M therms of gas to be produced from May, and a further 1.5 M therms from the sidetrack well in August (51% of which goes to #ANGS making them debt free by the year end)- and Brockham is to start producing again after a two year hiatus. Please view the interview here: 

[1347] 02/4/2022 20:53

JT Well I do tend to call out misinformation if I see it, from whatever source. Also, you must know by now how much your admirer, that one with the fetishes, dislikes supposition. Anyway, in answer to your question, which I think I've answered previously, neither, but what I want and what I get are often two different things, so it seems we have the opposite.

[jtidsbadly] 02/4/2022 19:27

Well I’m not going to attach the term every time I mention something he may have said, so perhaps we can take it as read? It makes little difference. If he wasn’t offered $20mm he’s been economical with the actualité. If he was and didn’t take it (obviously), he’s a gross incompetent. Which do you prefer as your MD? A liar or a nincompoop?

[1347] 02/4/2022 18:17

JT Yes exactly, that's why I keep reminding you, it's 'allegedly' offered, you can't cherry pick these statements cn you. The discount rate may not be one hundred percent but it's in the nineties for sure.

[3put] 02/4/2022 16:51

LondonSouthEast ;

Posts: 207

Price: 1.15

No Opinion

London South East interview with George Lucan, MD at Angus EnergyToday 17:11

We were delighted to catch up with George Lucan, who hasn't been able to do many interviews lately because of the restrictions imposed by the Takeover Panel.

What he was able to say today was: "We are continuing to be in discussions with parties." And: "The one thing I can add is that as a board we have worked so hard for this we are not about to give this away for 'a song'. We will drive the hardest bargain that we can in this environment."

Furthermore, shareholders can expect 1.5M therms of gas to be produced from May, and a further 1.5 M therms from the sidetrack well in August (51% of which goes to #ANGS making them debt free by the year end)- and Brockham is to start producing again after a two year hiatus. Please view the interview here: 

[3put] 02/4/2022 16:50

ocelot

Posts: 17,537

Price: 1.45

Strong Buy

request to reduce French electricity usage on MondayToday 15:43
France’s electricity grid manager asked businesses and households to cut consumption as a cold snap pushes demand higher at a time time when around half of the country’s nuclear reactors are offline.

RTE requested that households run dishwashers and washing machines over the weekend rather than on Monday to help reduce the load and requested that businesses moderate electricity usage between 7 a.m. and 10 a.m. local time that day, according to a statement on the company’s website. It said it doesn’t expect any power cuts... (Bloomberg)

They think they should be alright, this measure is precautionary.

[jtidsbadly] 02/4/2022 16:24

1347: no, that’s about it. If you discount this 100%, then I think you have to discount everything he’s ever said as Interim MD here.

The only proof that would pass muster would be a copy of the rejection letter from the bank, what?

[1347] 02/4/2022 16:19

JT As you know, we have no proof a $20 m loan was ever offered, apart from a certain individual 'alleging' that it was and I put little store by that. Do you have anything more substantial?