Angus Energy Share Discussion Threads

[ja51oiler] 25/5/2022 23:13

"The company has surrendered the benefit of tax losses amounting to £3,921,350 to a fellow company under common control without receiving any payment. Therefore, the company has not provided any deferred tax assets in relation to tax losses carried forward"

[ja51oiler] 25/5/2022 23:11

He was talking about Saltfleetby energy wasn't he?As I posted earlier they transferred the available tax loss assets into a sister company!

[jtidsbadly] 25/5/2022 22:59

3Put: so that’s what Mr. Trump sees every morning in his mirror. Explains a lot.

JA51: I’ve looked just now, briefly, at SEL, Forum and AAOG to see if there’s an answer to the tax losses issue you raise. I can’t find one. AAOG is supposed to have £40mm. worth. I can’t see them. Similarly, I can’t find tax losses in Mr. Forrest’s companies. Though they do say that no value has been put on potential tax losses, since they don’t expect to be able to use them. Perhaps if they’ve found a use for them, they’re prepared to write them back in. There’s no mention in the recent SEL or Forum accounts of a sum anywhere near the size that the Anguish Interim MD mentioned in his Zak Mir “interviewR21; yesterday, as far as I can see.

[ja51oiler] 25/5/2022 22:42

Good job his nose is missing!!....Could have had Donalds' eye out!

JT

Any thoughts on the Saltfleetby TAX clawback? I cant see how they can claim £27 Million back in 4 years as they haven't made or spent any money!

[jtidsbadly] 25/5/2022 22:33

3Put: is this Milady’s latest design from her forthcoming Winter Collection for the well-dressed gent’s sleepwear? “The Tupper”

[ja51oiler] 25/5/2022 22:00

OK, so I just listened to the podcast, As I said yesterday the Saltfleetby accounts say something quite different. GL told us that they had a £27 million tax loss, was it? yet the company's own accounts say.

Full accounts made up to 31 December 2018
Page 17 bottom paragraph

"The company has surrendered the benefit of tax losses amounting to £3,921,350 to a fellow company under common control without receiving any payment. Therefore, the company has not provided any deferred tax assets in relation to tax losses carried forward"

[jtidsbadly] 25/5/2022 21:56

If Anguish get as far as drilling a sidetrack and that sidetrack succeeds in doubling production to the plant’s capacity, then you're right, this will be a great investment. We should know next week, when Anguish answer the question on whether the sidetrack can be drilled without closing down gas production, whether this is even possible. Even if the plant is ready to go at the start of July, the successful drilling of the sidetrack can’t start for another month or so and therefore their ability to complete it in time to meet the increased hedged volumes from October will be in doubt. Not to mention the failure of earlier sidetrack attempts to find commercial quantities of gas from this well - or the fact that this is not the well they wanted to drill from in the first place.

Re cash, they’ve paid £250,000 to Forum and received £3mm. from Aleph in the big placing. Presumably Anguish’s advisers told them they couldn’t expect to raise such a large sum in the market from the usual suspects. I imagine the shares received by Aleph are currently being forward sold. So the market will have stumped up the cash in the end. The money received by Anguish is earmarked for completing the plant etc. They had run out of money again. As for the second £3mm from Aleph, that’s the subject of an EGM to be held on 15 June (is it?) - pretty well on the latest revised date for first gas. I would expect this second placing to go ahead if first gas is reached by then. If not, and if it’s not imminent, I think the second tranche of £3mm may be pulled. I wouldn’t be keen to chuck more money into this if I were Aleph’s clients without a decent degree of confidence that Anguish could do it all in time. It’s only Aleph that’s providing this money, not Mercuria, who are Anguish’s hedge counterparties. I think the size of the big £6mm. placing reflects Anguish’s and Aleph’s concern that Anguish won’t have enough cash at the end of July or August to meet the hedge commitments.

Re potential insolvency, there will be no tax issue. The charges will be triggered and the Lenders will take the assets. Knowe have a subsidiary charge but in view of the hedge liabilities, I imagine there would be nothing left for them or anyone else.

If you will suggest what gas prices will be in each of the 36 months from July and the volume of gas Anguish will manage to sell to Shell, and how much profit on oil they’ll get, it will be easy to make a stab at a valuation. 1347 is right that you should also look carefully at dilution. Shareholders here think placings are free money and add value. The market capitalisation goes up so they’re richer! It doesn’t work that way. The number of shares here may be about to double and the money raised used largely to finance the management’s mistakes in estimating costs and timelines. Your investment will have virtually halved in value. If Anguish ever pay a dividend, it will be half what it would have been per share.

[1347] 25/5/2022 21:50

I didn't mention your valuations, I didn't even look at them. Fact is the company is worth much less now than when Lucan took over depsite him raising milions and millions and borrowing millions and millions. Go figure. If you have no money but then borrow a hundred pounds how much do you think you are worth?

[weebun] 25/5/2022 21:26

With all your knowledge and constant posting I would have thought you would have a rough idea so really you can not call my valuation over valued or under valued.

[wg818] 25/5/2022 21:00

Weebun the goon will not answer you as he can't turn it negatively. A non shareholder whose motives here are only to have a go at the company. A troll and not a very good one. He is a laughing stock. I have them all filtered.

[1347] 25/5/2022 21:00

Webun, your question is pointless as I can give you dozens of different values depending on the volume of gas produced each month, the average NBP prices at the time, the outstanding loan balance, the cash position, the Operational costs, the Capex commitments, the Abex provisions, the base interest rate, and the number of shares in issue, basic and diluted. Then you would need to do the same valuation for their other assets, in particular Brockham which is producing at 50 BOPD (allegedly (I'll believe that only when I get the data from OGA)).

Stop being silly and do your own calculations, I have. The thing you should really focus on is the abject failure of Anguish Energy to deliver on any project they have so far attempted, the continual misleading statements they have issued on timescales and costs and the huge amount of shareholder dilution that has occured. Will it be different in the future than it has in the past? Well you gotta ask yourself one simple question: Do you feel lucky Weebun, well do ya?

[weebun] 25/5/2022 20:41

What is the value of the company with out the hedge you seem to know so much about the company that you have to constantly post negativity at all times of the day and night.I am just asking a simple question surly with all you knowable insight what would be the value of the company without the hedge you say my valuation of 300 million is far to much so what is your valuation.?

[john henry] 25/5/2022 20:33

With a successful sidetrack, the substantial tax losses. Loan will be paid back in next to no time. I then expect an aggressive share buyback program.Not forgetting revenues from there other licenses

[tidy 2] 25/5/2022 20:33

The point numb nuts is demand. Worldwide demand for gas current and future demand isn't going away, only increasing.

[jtidsbadly] 25/5/2022 20:31

..and if Anguish wanted the hedges not to exist, they’d have to pay tens of millions of pounds to neutralise them. If you want to see what would happen if an event of default were to occur, have a look at the Charge document.

[john henry] 25/5/2022 20:28

Let's just say if the sidetrack comes in, ANGS ain't going be sitting at a Mkt cap of £22 million.

[1347] 25/5/2022 20:21

The loan is secured, the hedges are a condition of the loan. In any case it's irrelevant, the hedges are seperate contracts for cash swaps, they have to be met or it's breach of contract which in turn would be a breach of the loan conditions which in turn can trigger default.

[john henry] 25/5/2022 20:19

They will make £450,000 from the initial hedge plus approx £525,000 from the unhedged per month on 1.5 m/thThat's £975,000 revenue p/monthA successful sidetrack of 1.5m/th will given revenue of £2.5m p/mTotal revenue £3,475,000 p/month Current market cap at 1p with 22billion shares is £22m with around £12.5 in debt £6m in cash with a deferred cash payment of £6.25 m

[weebun] 25/5/2022 20:11

Can you answer a simple question how much is the value of the company without the hedge

[weebun] 25/5/2022 20:09

Sorry companies going into liquidation have to have an administrator to sell assets the assets are sold for the best price obtained the tax man has first call the charges on the company register second the shareholders next so whatever the price is paid less whatever is owned to the lender.The hedge is not secured on the deeds it’s a gamble that why it would be virtually impossible for the company to go belly up as you put it.

[jtidsbadly] 25/5/2022 19:55

i don't understand your question. The hedge contracts do exist, they apply every month for three years.

[weebun] 25/5/2022 19:28

How much is the company worth without the hedge because that’s what the value would be.