Angus Energy Share Discussion Threads

[1347] 11/6/2022 10:48

JT He makes a lot of statements that aren't entirely accurate doesn't he.

Anyway, as we know, if they don't start selling gas soon then what happens next will be up to those that have the assets as security and those on the other side of the cash flow swaps. They could negotiate something to allow more time (which will come at a cost) or they could claim default and call in the heavies and seize the assets.

Either way much of the value there was in Poundland has been peed up the wall in loans, interest, fees and, still to come, royalties. That is value that should have been attributable to ordinary shareholders.

Look how much they recently settled for with Gneiss (which effectively means that Gneiss' claim of misrepresentation was well founded) and then due to that debacle they had to pay a second lot of fees to Aleph and Mercuria, they don't say how much though do they?

On top of that there are huge cost and time (equals even more cost in G&A) overruns for the field itself and on top of that multiple discounted placings and huge shareholder dilution. I reckon £1.5 million on fees just on those since Lucan arrived.

Still it's second day at Trent Bridge soon so we'll continue wending our way over Snake Pass next week.

[wg818] 11/6/2022 10:23

Filtered goons posts everywhere today and they are non shareholders. Non shareholders posting at the weekend? Trolls obviously. Are they being negative? No answer needed, it is all they ever are.

[3put] 11/6/2022 09:53

HITS: Make / generate , 100 million over 3 years would be transformational.

Year 4 would make as a mid tier producer

[jtidsbadly] 11/6/2022 09:51

1347: interesting, isn’t it? All he needs to do is double the shares outstanding again and issue a bullish statement/Malarcy - sorry, Malcy - interview etc., and mug punters will fill their boots again at the prevailing price.

Sadly, on further examination of the stated reasons for the £6mm. he’s attempting to raise currently, it looks as if it’s all to be spent on cost overruns. He’s allowing some for maintaining the Charge provisions but must be expecting that to be made up from gas sales in the next two or three months. The £6mm. isn't going to last long if they don’t start selling the planned volume of gas from next month, what?

[jtidsbadly] 11/6/2022 09:43

HITS: apologies, I was going by this:

“Application will be made to the London Stock Exchange for Admission of the Initial Consideration Shares, Additional Consideration Shares, Initial Subscription Shares and Lender Shares (together the "New Shares"). It is expected that admission will become effective and dealings in the New Shares will commence at 8.00 a.m. on or around 27 May 2022 ("Admission").


Following the issue of the New Shares, the Company will have 2,283,650,514 Ordinary Shares in issue (the "Enlarged Issued Share Capital"), each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The above figure of 2,283,650,514 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.”

There’s another 273mm. of Secondary Subscription Shares, the subject of the EGM vote, to take into account in the event that the meeting is quorate and votes in favour. You are correct.

Interestingly, the Interim MD said in his “interviewR21; the other day that the market cap was £16mm., I think. Presumably trying to make the company appear better value for potential investors. Or maybe he got his sums wrong again.

[headinthesand] 11/6/2022 09:40

3Put, not "make", but "generate revenue of".

However yes, that's the approximate gross revenue figure over the next three years IF a successful AND production-doubling sidetrack kicks in from Oct 1st this year.

[3put] 11/6/2022 08:30

JT: As HITS has already pointed out, if we drill a successful sidetrack next month we will make about 100 million over 3 years. Royal Dutch Shell are buying the gas.

[1347] 11/6/2022 08:00

HITS/JT Yes I know the number of shares issued and those yet to be issued.

Anyway I've figured out where the confusion lies. Both the BB sites, in Kansas and over here in Oz, are still showing the old number of shares, i.e. 1,369 million which results in an MCAP of ~£16.5 million at the latest share price My own portfolio management software, which shows the MCAP in real time (and which I use as it saves me having to calculate it all the time), is the same and that uses a different feed to the BB sites. Why they are all so out of date I don't know as the Tranche A shares were admitted on 27th May 2022.

Oh an interesting factoid. As well as the huge dilution, a la ShareCoin Sanderson, there is now more potential dilution than the share capital of 3 years or so ago, as there are now more options and warrants outstanding than there were shares in issue when Lucan took over (MCAP then was over £40 million). Jolly good fun being an interim MD of an AIM oil and gas company company and delivering such outstanding shareholder value, must be due a pay rise, what, what?

[jtidsbadly] 11/6/2022 01:06

HITS: I think the “New Shares” definition is the whole lot to be issued as a result of the takeover of SEL. So it includes the issues to SEL, the two tranches to Aleph (including the second one conditional on next Monday’s EGM) and the 5mm. Lenders shares. That’s my reading of it, anyway.

[headinthesand] 11/6/2022 00:14

1347, as per the May 24th acquisition/placement RNS, as of two weeks ago, the number of ANGS shares in issue had risen to 2,283 million. Here's the money quote.

"It is expected that admission will become effective and dealings in the New Shares will commence at 8.00 a.m. on or around 27 May 2022 ("Admission").


Following the issue of the New Shares, the Company will have 2,283,650,514 Ordinary Shares in issue (the "Enlarged Issued Share Capital"), each share carrying the right to one vote."

Today's closing price was 1.20p.

2,283,650,514 shares now in issue multiplied by 1.2p... you do the very basic maths any way you like, but that's over £27 million on my calculator.

It should also be noted that ANGS's issued number of shares is due to be increased in a week or so's time up to well over 2.5 billion after the Aleph Massive's second tranche is issued in exchange for a second £3 million.

[jtidsbadly] 10/6/2022 22:09

OK, 3Put, I’ll ask you! Why do you think market capitalisation is important to an AIM company investor?

[3put] 10/6/2022 21:46

JT has had one too many Friday lunch time drinks

Have a good weekend everyone

[3put] 10/6/2022 21:44

Why does anyone care about market cap?

JT: really ?

[3put] 10/6/2022 21:43

Proactive interview - Angus Energy advances countdown to production at Saltfleetby gas project
June 10, 2022 by Jamie Ashcroft
Angus Energy PLC (AIM:ANGS) is counting down to the start of production at the Saltfleetby gas project in Lincolnshire, where the company has now handed over to commissioning specialists.
The company, in a statement, told investors that the last of the electrical and mechanical tie-ins are being completed early next week followed by hydrotesting, nitrogen leak testing, final verification, function testing of all pressure equipment and then live gas testing with well-head gas. 
“This exercise is not wholly sequential as there is considerable overlap of function testing and leak testing,” the company said in a statement.
Angus noted that contractors are working toward a target date for first flow of well-head gas through the plant during the week commencing 20 June 2022, with the project’s first sales coming the week after.
Additionally, it told investors that it has concluded all preparatory risk assessment and planning for the forthcoming side-track at Saltfleetby. It expects a spud date of July 21.

[jtidsbadly] 10/6/2022 19:59

Yes, that’s true.

[1347] 10/6/2022 19:47

"one might have expected some clear information about this."

From Lucan? That really would be a case of hope over experience wouldn't it?

[jtidsbadly] 10/6/2022 19:19

Why does anyone care about market cap? Or even about dilution - these small companies are quite unlikely ever to pay a dividend and I’ve never even seen a reference to net asset value on any AIM chat site. It’s the share price that matters to shareholders, surely?

What’s so disappointing about today’s RNS and “interviewR21; is the absence of clarity on the sidetrack and on an expected first sales gas date. The terms he’s used are ambiguous. He’s a Cambridge English graduate so one can only assume it’s deliberate. No mention of EA, NG OR HSE either. In view of the time allowance they made for regulatory approval in an earlier update to the expected schedule, one might have expected some clear information about this.

[wg818] 10/6/2022 19:14

1.20 finish, nice. So many filtered goon posts. Are they still claiming to be saving investors money? Surely not ,the evidence and share price betrays them.

[wg818] 10/6/2022 19:13

1.20 finish, nice. So many filtered goon posts. Are they still claiming to be saving investors money? Surely not ,the evidence betrays them.

[3put] 10/6/2022 19:08

HITS is out his depth

[1347] 10/6/2022 18:48

HITS Not sure how there could be any dispute on MCAP, as of today it's £16.4 million. Quite tragic really when you consider that they've raised over £50 million to get to this point. Value accretion it sure ain't. Top notch management what?

[headinthesand] 10/6/2022 17:05

The ignorance is breath-taking from the boiler room.

Current mcap is over £27 million.

And £100m per year gross revenue? For that you'd need no hedge, a production doubling sidetrack and gas at £3.00 per therm. Dream on.

There really used to be a better quality of ramper... they used to be at least vaguely credible.

[3put] 10/6/2022 16:49

Have a nice weekend everyone