Angus Energy Share Discussion Threads

[1347] 26/5/2022 11:54

JT This is exactly what the Anguish Accounts state:

The Group has incurred indefinitely available tax losses of £21,014,268 (2020: £19,678,919) to carry forward against future taxable income of the subsidiaries in which the losses arose and they cannot be used to offset taxable profits elsewhere in the Group. In addition, there is approximately £35,000 (2020: £6,000) of
deductible temporary difference in respect of the share-based payment.

No deferred tax asset was recognised in respect to these accumulated tax losses as there is insufficient evidence that the amount will be recovered in future years.

Note the bit about the subsiduaries in which the losses arose and not being able to use elsewhere.

[jtidsbadly] 26/5/2022 11:40

Make your mind up Jonny, only last week you were begging me to post more.

[jtidsbadly] 26/5/2022 11:29

HITS: the latest Report and Accounts gives a tax loss figure of just over £21mm. I’m no tax expert but not all losses can be used fully to offset future profits. I imagine Tuppy will have had assurances from Mr. Forrest on the figure he read out in the Zak Mir interview.

[1347] 26/5/2022 11:17

JA/JT Not sure I quite understand the discussion about the tax losses and I haven't seen the Zak Mir thing, I can't stand listening to and watching more jackanory waffle, either from him or the oaf in Downing Street. Are there more porkies flying around?

Anyway, it's stated in the last Wingas Storage (UK) Ltd Accounts that there were accumulated losses of £61,712,345 which are now down to accumulated losses of £50,098,548 in the latest Saltfleetby Energy Ltd accounts mainly due to them 'unimpairing' Poundland.

In the 2018 Wingas Accounts it's clearly stated that. “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.”

I'm not a bean counter but I take that as they've gone elsewhere, but whether the existing losses can in any way be used to ofset future profits from Poundand (that'll be the day) is one for the tax experts.

Anguish of course is sitting on £27,463,000 of accumulated losses, which I assume can be offset against any future profits.

Still First Gas just days away now, 1st June they said, anyone seen an updated EA permit yet?

[jtidsbadly] 26/5/2022 11:13

I see there’s now 2 good investor questions, both succinct and to the point. How will Tuppy Lucan avoid answerin’ them?

[jtidsbadly] 26/5/2022 10:31

Yes, that’s how I read it. So whence has the tax loss of £27mm. arisen?

[ja51oiler] 26/5/2022 10:28

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

Surely this means they (the Russian Federation) took the tax loss out before (selling?) to Mr Forrest? The last sentence surely means there were no tax loss assets to claim from that point forward?

[jtidsbadly] 26/5/2022 10:27

Yes, it’s not actually in the SEL accounts at all, is it? I wonder where the loss arose?

[ja51oiler] 26/5/2022 10:23

JTI posted the 2018 then (Wingas storage accounts) The Russian federation transferred the nearly £4 million tax loss assets into a sister company before forum took over and changed the name.

[jtidsbadly] 26/5/2022 10:02

..though I agree, the SEL statement re deferred tax that you quote is poorly drafted if they’ve actually got £27mm. of usable tax losses!

[headinthesand] 26/5/2022 09:13

This remains a digital situation.

No success with the sidetrack? ANGS makes a nett loss on Saltfleetby over the next three years, given its existing field-related obligations (loan repayments, £6.25 million acquisition costs, field opex costs)..

Success with a production-doubling sidetrack? ANGS generates an extra c. £80 million of revenue over that three year period at current gas futures pricing, which would be a total and utter game changer.

The truth of those two statements is inarguable.

[ja51oiler] 26/5/2022 09:06

"Inspiring what they’ve done."
Yes raising circa £50 or £60 million (depending on how you count it) and only selling around £300k of hydrocarbons since IPO! Truly Inspiring!

[sincero1] 26/5/2022 08:57

Ja51contractvoidoilerWG818 "am I missing something?" A brain and self respect for starters....what a worthless bellend...

[ja51oiler] 26/5/2022 08:29

OK, so it would seem George has been reading this link as he went straight into the podcast talking about the tax loss profile of the companies. What he actually says is the tax loss is similar. He doesn't say that it's available to use though!

“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”

Would very much suggest it isn't! or am I missing something?

[onetomany] 26/5/2022 08:00

Inspiring what they've done. Can't wait until next week. 2p seems nailed on from what I'm hearing

[sincero1] 26/5/2022 07:50

hits another embarrassing start to your day...still praying the sidetrack will fail...1st gas, sidetrack success and you will finally disappear... and what would you have achieved? humiliation, embarrassment and a small loss... are you really worth less than ja51contractvoidoilerWG818....and that bellend puts his self respect worth at £5k .

[headinthesand] 26/5/2022 07:23

"Trust me, Shell will take out this baby" says iceagefarmer (despite his wildly over-optimistic Pinocchioship having flatly and categorically denied this)...

Congrats. That is the single most hysterically funny post I've ever read. I've been laughing so much that I don't even know whether it was the "trust me" bit or the repeat of the thoroughly debunked Shell bit that made me laugh harder.

A fun way to start off a Wednesday... sheer brilliance.

[iceagefarmer] 26/5/2022 05:53

george thinks shell wouldnt buy it in a recent Q & A but he was bound to say that ..trust me shell will take out this baby..i'd say within a month

[iceagefarmer] 26/5/2022 05:50

this is the reason angus was in a rush to buy all of saltfleetby..

100% ownership - follow by bought out by MajorWed 21:57
many are missing the point.

Major player like Shell prefer to buy out asset (or take large stake). hence ANGS consolidates their stake into 100%, so that ANGS is now in better position to negotiate better valuation with Shell.

i can see Shell might buy most (above 75%) or all 100% licence from us, paying cash to ANGS north of 200m and leaving ANGS with small stake or carry in the projects.

wont take long soon after gas production. after all, they have already in discussion.

yes, short term pain, but looks like we are selling our gas licence soon - to Shell maybe, after all Shell is our offtake partner.

[jtidsbadly] 25/5/2022 23:30

JA51: actually, I’ve looked again, can’t find even the statements I thought I’d seen in the Forrest companies about tax losses. They both had taxation and social security items, under “Creditors: amounts falling due within one year” in their balance sheets last year. They don’t publish p&l accounts, as you know.

What’s going on at AAOG? I can’t find their website. They were de-listed a year ago. It doesn’t look like one of Mr. Forrest’s best investments, does it?

3Put: is Milady thinking of taking him like this to a Tupperware party? It looks like he’s really fleeced the shareholders. While pulling the wool over their eyes and spinning it. At least he won’t have to keep bleating on about Poundland for much longer.

You got the big announcement right two or three evenings ago. Is this rumour of yours from the same source?

[3put] 25/5/2022 23:13

Why buy the other 50% now , why not wait ?