Angus Energy Share Discussion Threads

[3put] 01/6/2022 12:58

Does the company continue to be in discussions with the 2 interested parties in Saltfleetby? Asked on 30 May 2022
We have kept an open line to three participants. Non-binding offers have been tabled but they did not reflect the true value of the asset or were contingent on various milestones being met.

It is one thing to low-ball ahead of proof of success, but to low-ball and make a bid contingent on proof of success seems to be having one’s cake and eating it.

In short we were being faced with the same issue that the old Angus had with Horse Hill – sell out the asset at an undervalue ahead of final proof of success, or press on alone and indeed increase our stake in the asset. On this occasion we chose the latter.

[wg818] 01/6/2022 12:57

Goon filtered posts everywhere here today. There must be more progress on site then ,oh and share price rise and all round positivity. Funny how that is always the case. All non share holders too. Makes you wonder why they are posting here.

[jtidsbadly] 01/6/2022 12:54

HITS: you might have mentioned that potential production from the plant over its life is limited to 10mmscfd. Actual production may be any figure below this. So your figures are best case figures

Re July-September inclusive, they don’t need to produce more than about two-thirds of their planned 5mmscfd, do they, in order to cover the hedge contracts for those three months? If they manage to produce at 5mmscfd throughout that period, they’ll be able to sell the marginal gas at market prices. The SIMOPS issue remains, however, as do the much higher production requirements of the hedge contracts from 1 October. Perhaps Aleph are gambling that Anguish will be able to sell 5mmscfd in July and August, and that the share price will thereby rise to enable them to trim their holding at a profit?

[3put] 01/6/2022 12:47

As referenced in a recent interview with George Lucan, if all goes to plan with Saltfleetby is the company still hoping to pay long term shareholders a special dividend? Thanks. Asked on 30 May 2022
Thank you. The new strategic investors are advocating a regular dividend payout policy of 50%. The BoD certainly believe that large reliable dividends are still the best corporate communications that a company can make with shareholders.

[3put] 01/6/2022 12:47

Can the company please confirm the sidetrack schedule please. Asked on 30 May 2022
The precise spud date has not been set but is expected to be in the first three weeks of July.

[1347] 01/6/2022 12:45

JT If what you say is true I do struggle to see how anyone can state on the 27th that something will be delivered on the 29th, i.e. in just 2 days time and yet it not be there over a month later? It must be there somewhere surely? Maybe it's behind the wine cabinet? I'm sure they'll put a snap or two up shortly to reassure you.

[jtidsbadly] 01/6/2022 12:40

1347: the Interim MD has also said that all the kit is on site but we haven’t seen the gas engine generators, have we? Fortunately, he reads my posts assiduously in order to embarrass me, so here’s your chance to share a snap with us and do so again, George, what? Absolutely.

[3put] 01/6/2022 12:40

Was the deal to acquire the remaining 49% of SFB dilutive or accretive for shareholders when you add in all the associated funding?

Thank you. Asked on 30 May 2022
It was massively accretive and not dilutive at all. We acquired the 49%, which by the October P90 valuation was worth c.£25 million, for £14 million. We won’t call it the deal of the century, but it is an outstandingly good deal, especially when you consider that the average forward gas price in that October 2021 CPR has almost doubled today.

It is difficult to do the sums easily, since our own market cap prior to the announcement was only £17.5m (at 1.28p) and barely reflected the October CPR valuation of our 51% interest let alone potential (and now at Brockham actual production) at the southern oil fields. A decent estimate of 100% of Saltfleetby (just on the lower October CPR) and, say, just £10m for the oil fields would yield a value around the £60m mark and give a price per fully diluted share of nearer 2.5p. With current prices, the sky is the limit.

Yes we nearly doubled the number of shares outstanding but, taking into account the price paid for the asset, we more than doubled the value of the company.

Also unlike past placings only a small fraction (4%) of this issuance wss to market participants who might trade out. The rest is either locked up or part of a strategic stake.

Finally the raising of the £6m cash – done to ensure the assent of regulators and lenders – puts the risk of further placings out of people’s minds. Retail should be able to work in this stock with confidence.

[3put] 01/6/2022 12:39

Given the amount of seismic performed over the last 25 years in the field and the number of bore-holes and side-tracks drilled, providing good offset data, presumably the company and its contractors must be wholly confident of hitting the target zone. Putting that aside, what operational risks exist and could the programme be more complicated or expensive than planned? What lessons have been learned from mistakes by previous drillers in this formation? Asked on 31 May 2022
Thanks. The level of confidence about the target zone is indeed very high. We are addressing an area of the reservoir which was being produced from by an existing well, which was shut in due to a well-bore related issue.

An non-exhaustive list of risks, ever present in all drilling programmes is given in hxxps://www.researchgate.net/publication/317248002_Downhole_Drilling_Problems

Pertinent here are 1) hole collapse – this occurred twice in the Saltfleetby field and both times in the same layer, so we have introduced mitigation measures and will approach this layer with appropriate caution and 2) differential sticking ; 3) loss of bottom hole assembly – this occurred twice at Saltfleetby and 4) lost circulation fluids with reservoir damage. Many of these issues can be managed by reducing mud weight which is easier to do when well control is not such an issue as in a depleted reservoir.

It is wrong to characterise the historical drilling programmes at Saltfleetby as being especially prone to failure. Drilling was conducted between 1984 and 2017 by a number of Operators of varying competence. This being the UK’s largest onshore gas field, a great number of the earlier side tracks were in fact wholly exploratory. Some of the later drilling programmes did encounter problems which (by the common agreement of many specialists present at the time) could have been avoided with a relatively small degree of caution by the then drilling manager.

As we have advised before, this sidetrack has been planned with the benefit of enhanced 3D seismic and the oversight of a great number of independent drilling engineers and specialists. Some of the later side-tracks did not benefit from such oversight.

Angus’ drilling programmes have generally been well executed – albeit with disappointment about the target zone at Brockham and Lidsey. Angus drilled Horse Hill-1 successfully before selling out to partners and drilling programmes at the other fields either did not encounter the sorts of issues listed above or Angus was able to rectify them swiftly.

[1347] 01/6/2022 12:33

JA Are you sure, if you look at the RNS of 27th April 2022 it said the target delivery date was 29th April 2022 and the rest of it the first week in May?

[3put] 01/6/2022 12:32

The Dudley Boyz (also known as Team 3D) are an American professional wrestling tag team that consisted of kayfabe half-brothers Bubba Ray Dudley (Mark LoMonaco) and D-Von Dudley (Devon Hughes).[3] The team was also joined by various Dudley family members, notably Spike Dudley (Matthew Hyson).[1] They are best known for their time in Extreme Championship Wrestling (ECW). They are also well known for their tenure in World Wrestling Entertainment (WWF, later changed to WWE) and Total Nonstop Action Wrestling (TNA - now known as Impact Wrestling)[2] for their success as a tag team, being highly touted as the greatest and most decorated tag team in professional wrestling history.

The team wrestled as the Dudley Boyz in ECW and WWF/E, and upon joining TNA—where, due to WWE owning the rights to their names—they became known as Brother Ray and Brother Devon of Team 3D (named after their finishing move the Dudley Death Drop). Hyson later signed with TNA and again sided with Team 3D as Brother Runt. Later in their TNA career, LoMonaco used the ring name Bully Ray while Hughes wrestled as Devon. After a brief feud with one another, Devon and Bully Ray were reunited as part of the villainous faction Aces & Eights.

[3put] 01/6/2022 12:31

Dudley boys ??

[ja51oiler] 01/6/2022 12:20

It appears that they have also mislead the market judging by that RNS!!Just look at the revised structure SHARES NOT IN PUBLIC HANDSThe total percentage of shares not in public hands is 12.2% defined as being beneficial holdings of shares held by shareholders holding above 10% and the directors holdings.Shareholdings in Angus Energy of greater than 3% are as follows:Forum Energy Services Limited23.91%Aleph Fin C Limited7.19%Know Properties4.2%The above information was accurate as at 1 June 2022 and is based on TR1 notifications received by the Company.

[ja51oiler] 01/6/2022 12:17

So just of those Twitter pictures you can see they will not be producing anything commercially this month.The main reason being that the gas generators still don't appear to be on site.That puts them very precariously into paying Mercuria the daily spot price for the hedged gas..........high gas prices are now the last thing they want!!!

[sincero1] 01/6/2022 12:15

twitter pics land... grey old disingenuous nobodies start posting ....why are they so scared ? oh yes , right, it humiliates them... all that wasted time , in their twilight years only to be ridiculed and humiliated ...

i'm off to enjoy the long weekend ... you non shareholders will carry on posting , ...... don't EVER stop as the enjoyment from you humiliation is very satisfying ...

[jtidsbadly] 01/6/2022 12:04

..and a Twitter update! They’re still welding and working on the electrical connections. Work stops this evening, starts again on 6 June. Allow another week to finish all that work = 13 June. He allowed a month and a half for commissioning in an earlier update, didn’t he? Even assuming this is too long, the HSE is going to want to check all their procedures and the adequacy of staff training. No gas this month, what? Lucky to get any by mid-July? Meanwhile, another 250mm shares likely to hit the market. They’ll need the second £3mm, won't they? Their brokers are really going to earn their keep maintaining the share price at or above 1.10p over the next few weeks. That won’t come cheap either.

[dillydally2] 01/6/2022 11:57

Dudley boys had a taste of their own medicine Sub 1p

[jtidsbadly] 01/6/2022 11:49

Yes, an RNS, but hardly the one shareholders wanted to see, what? THe first mention I can recall of the Knowe convertible and the prospect of its being converted. That would be a large number of shares. And confirmation that Aleph want to retain just 21%, so 4% to be sold in the market there too. Unless that was the 83mm., plus some of the 20mm., sold on the day that SEL sold theirs. In view of the risks here, I’m surprised they've committed to buy the same amount again - subject to shareholder approval.

His reference to 70% of revenues from the the field being unhedged misses the point. It’s the next 12 months, and particularly the next 3-4 months, that will determine Anguish’s future, if any.

[dillydally2] 01/6/2022 11:47

There is too much buyingPmsl

[dillydally2] 01/6/2022 11:43

This is going sub 1p

[dillydally2] 01/6/2022 11:43

Dnt think so