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Share Name Share Symbol Market Type Share ISIN Share Description
Angus Energy Plc LSE:ANGS London Ordinary Share GB00BYWKC989 ORD GBP0.002
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.025 -2.5% 0.975 0.95 1.00 1.125 0.925 0.93 13,491,736 09:00:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.1 -2.5 -0.4 - 9

Angus Energy Share Discussion Threads

Showing 12851 to 12874 of 12875 messages
Chat Pages: 515  514  513  512  511  510  509  508  507  506  505  504  Older
DateSubjectAuthorDiscuss
26/10/2021
20:44
1347: I think gas had better be flowing and the sidetrack completed by then or the knives may be out.
jtidsbadly
26/10/2021
20:16
PS Yes the ides of March, didn't Isaiah (sorry, can't remember his surname) write a play about some chap called Julian or something that came to a sticky end on that date? Or was it that chap from Warwickshire, Bill someone or other? You know the one that wrote that play about turning swords into plowshares or something? I'm not sure what exchange plowshares were traded on though, before my time. Maybe they should push first gas back to the first of the next month to give them a full month of production figures?
1347
26/10/2021
20:16
1347: I think all these newly revealed details should have been divulged to the market last June. It makes you wonder what else we may not have been told. Poor old Paddy, he must have missed that Board meeting, what? Rolling the dice is better than the alternatives, they may think. It will also confer the benefit of giving Jamesll and Cudswallop the opportunity for which they have been gagging to top up again at bargain prices.
jtidsbadly
26/10/2021
19:52
JT So it seems I was right, this is seperate to the override royalties and hence is material and hence will reduce FCF available to Anguish. I only skimmed the CPR earlier but I'll take a closer look later in the week. I can't see how Brockham and/or Lidsey help them, Kim is now proven to be non viable other than short term flows, Horse Hill was an abberation for a while but now has the same problem with declines and increasing water cut and they are losing money on every barrel if you factor in depletion, depreciation and amorisation, it's all in the last UKOG interims. Without water injection there's only a few BOPD to be had from the Portland or Oolite (the shut ins might improve that short term due to PBU but that won't last). Even if they are allowed to inject at Brockham I'm pretty sure they'll have to upgrade the site to meet the latest ground water regulations. The Capex required will have a negative effect on cash flow won't it. When are they going to tell us about Balcombe?
1347
26/10/2021
19:47
...and did you notice the bit about the expiry date of the £12mm. loan? 31 December 2024. That’s six months before I’d assumed it had to be repaid. 42 months, not 48. An extra £35,000/month. Payment of £285,000/month. Plus £1.45mm of interest in the first year, though probably less, since they’ve only apparently taken only a short £6mm so far. £1mm is probably closer to the mark. £4.4mm p.a. altogether to service/pay amortisation on the loan in the first year. I’d assumed that Lidsey’s and Brockham’s rehabilitation was a mirage, invented merely to avoid abandonment reserving. Now I think they may be a roll of the dice. Anguish will need more cash flow quite quickly. I wouldn’t be surprised now to see a cash call at some stage soon to pay for a drill at one - or both. They’re in a tight spot, aren’t they? Worse than those Rouser Trousers.
jtidsbadly
26/10/2021
19:43
ja51"contractvoid"oiler " They are going to run out of money, aren't they!" You are brave posting that on a public website...using an exclamation mark instead of a question mark .... brown trousers and sleepless nights time again for you...
sincero1
26/10/2021
19:30
1347: it’s going to have to be quick, what? It’s now scheduled to start in early-mid January, assuming they’ve got that bit that goes on the top of the rig from the US by then. They’re scheduling first gas at or about The Ides of March (it’s a good job that the assiduous scholar and linguist at the Anguish helm was such a slacker in those Shakespeare classes..). And they’re expecting to complete the sidetrack before first gas, as we now know. That’s about eight or nine weeks then. Definitely no well test.
jtidsbadly
26/10/2021
19:18
1347: I’ve had a look again at the £200,000/month to the Licensees if profits are more than £600,000/month. It seems to me that the Lenders want the loan paying off as a priority in the event that cash flow enables it. So they’re budgeting the lion’s share of profits over £600,000/month to accelerated loan repayments and just £200,000/month to the Licensees (Anguish and SEL). No wonder Lidsey, and now Brockham, are back in the frame. Anguish are going to be desperate for cash in almost any scenario, aren't they? And the loan terms, specifically the hedges, have removed any prospect of Anguish being bailed out by higher gas prices. It’s all looking a bit desperate, isn’t it?
jtidsbadly
26/10/2021
18:51
JT You'd think skipping the testing and going straight to production would have saved them a bit wouldn't you?
1347
26/10/2021
18:46
1347: I think “success”; with this lot = not losing the drill bit too many times, drilling it in the right direction and at the right level - rather than finding a lot of gas. I wouldn’t want to be anywhere near it while they’re simultaneously building the plant and drilling the sidetrack. Odd, though, I agree, considering it’s only going to take three weeks, not the 16 they initially planned.
jtidsbadly
26/10/2021
18:38
JT That's obvious in my view, they'll save their own necks, that's why the execs hold very few shares between them, one of them hold none at all and one of them had to get his wife to buy a few. Not sure why if it's a fairly straightforward side track (90% success they said?) it costs so much to drill, normally sidetracks are relatively cheap compared to a new drill in a new field.
1347
26/10/2021
18:06
Chicknait: I think the updated estimate for the sidetrack is £2.8mm and they’ve added a contingency of 20%. If they end up needing to spend the 20%, that takes it to £3.36mm vs. their earlier estimate of £2.4mm. That’s a big rise, £0.96mm. is a lot of money in the context of a strapped company. The CP points out that these figures may prove an under- or over-estimate. 1347: I’m afraid I was so surprised by the time I got to that, that I didn’t pay it much attention. I’ll have a closer look. Though I would be surprised now if it gets anywhere near that far. It seems to me that, if they really have committed to keeping a £3.35mm. cash reserve from the proceeds of the loan, they’re miles from having enough money to finish the project. In the event that they were to hit the buffers in the new year, would they fight to protect the shareholders’ interests or would they accept personal terms to continue in some capacity for a term with new owners? Answers on saucy postcards, please..
jtidsbadly
26/10/2021
17:52
PS (take 2): What's this Minimum distribution to licensees if profit > £600k pcm? Is that on top of the royalty payments and something else they conveniently ommitted to mention?
1347
26/10/2021
17:49
JT I agree - in my opinion those covenants now in the revised CPR (which I seem to recall they previously indicated they weren't going to update didn't they?) should have been disclosed to market as I regard them as material. It's not the first time they've been selective in what they've conveyed to market though is it. I doubt they care though, the FCA are about as much use as the modern day Laurel and Hardy currently residing in Downing Street, no I expect they are more concerned about whether they'll have sufficient funds to settle the bills for Justerini & Brooks.
1347
26/10/2021
17:46
£2.84 million plus 16% = £3.06 if not included in the CPR.
chickbait
26/10/2021
17:43
Do you think the 16% anticipated overrun cost for the side-track is included in the CPR figures or will this need to be added?
chickbait
26/10/2021
17:28
JT, I expect quite a few made the most and got out as near to 1p as was possible... but I bet it wasn't easy - as demand for the exit would have been very high! Too many "if's" "but's" and "maybe's" here as usual and in my honest opinion, ordinary shareholders will be the losers here - when the full story unfolds. CQ ;-)
clottedq
26/10/2021
17:13
CQ: a placing won’t scratch the surface. They’ll need a full re-capitalisation, which is highly unlikely to attract much support. It seems to me there’s important information in this CPR which should have been divulged to the market in a timely manner. As I said earlier, this is not the first time. How much more is there in the loan terms that we don’t know about? What are the latest cost estimates for the plant and its installation? Why have they not dug the trenches etc. for the remaining 100 metres of pipeline while the weather was fine? These are all sensible questions, the probable answers to which would fill me with trepidation if I held a lot of these. I wonder what Jamesll and Cusdswallop are going to do with theirs? A rush to the exit appears logical, what?
jtidsbadly
26/10/2021
17:06
... and after this news, what’s Knowe going to do with its new 11mm shares when they get them in a week or two’s time? No wonder the price reaction hasn’t been very positive. The fundamentals look awful and the share demand/supply equation doesn’t look too good.
jtidsbadly
26/10/2021
17:00
Easy to see why Anguish are "conservative" with information released... as soon as it is, The Market and savvy investors can quickly cut to the chase and see that - yet again - costs have been underestimated and time-lines toward delivery have been stretched. Yawn Yawn Yawn... "Will Anguish EVER deliver on ANYTHING?" is the only question The Market need to ask... and the reason a +1p share price is "always" a bridge too far! IMHO: Discount placing... or even more onerous new loan terms (if the lenders are happy to loan Anguish even more) take your pick? CQ ;-)
clottedq
26/10/2021
16:52
I think the market reaction to this report may easily be explained by the huge disparity between the report’s description of the price Anguish may be getting for combined hedged and unhedged production, based on their own forecasts, and the current and futures market prices for natural gas. The other site has been busy with people extrapolating current prices into returns to shareholders. 68p may have come as a bit of a blow. It looks increasingly as if the thing will get completed at some stage and may even produce some gas, but by then it will be under different ownership.
jtidsbadly
26/10/2021
16:47
JA51: this, below, is from p.8 of the new CPR, detailing some of the risks the CP has identified. The increase from £2.4mm. (the figure quoted in the pie chart in the September 2020 Presentation, as you said) appears to have been slipped in, and seems now to be subject to a probable further 20% overrun. It doesn’t seem a lot put this way, but it’s the best part of £1mm. extra. “4. The project costs may be higher (or lower) than forecast. In particular, the operator is currently completing its tendering for drilling and completion services for the SF7V sidetrack and the accuracy of its £2.8m + 20% contingency cost estimate will not be known until the process is concluded.”
jtidsbadly
26/10/2021
16:35
As you point out though, those limits on the Angus Bank account are going to be a problem in the not too distant future!... They burn through £2.5 million a year just standing still.... without Saltfleetby costs, and then you have the loan and interest payments due on top!
ja51oiler
26/10/2021
16:31
JT The original CPR said £2.4 million for the sidetrack. I think the £2.84 Million is actually the revised cost.
ja51oiler
Chat Pages: 515  514  513  512  511  510  509  508  507  506  505  504  Older
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