Angus Energy Share Discussion Threads

[chickbait] 14/6/2022 02:58

It's only a small gas field after all with what seems to be many contractors under the cosh working flat out. Come on ya'll.. We need to get this gas out like yesterday. The hedge kicks in soon!!

I'm sure all of the authorities are waiting on George's orders to get this done asap.

All sounding extremely desperate if you ask me!

[chickbait] 14/6/2022 02:53

3Put13 Jun '22 - 21:23 - 23639 of 23641
0 0 0
Chick: It was posted in the telegram group that testing started at the weekend. Guy said he is a contractor on site.

Did he specifically say that wet commissioning had started? Did he elaborate any further?? Did he say that the wet commissioning is being done in stages after the hydro testing sections were completed. ???

I am sure George and his team have a great understanding with all of the authorities and once each and every small section of all of the major works are complete they just come out at the drop of a hat and sign it off. It's not like signing off on a nuclear reactor plant is it!

[jtidsbadly] 13/6/2022 23:17

3Put: “George seems to think so” wouldn’t do it for me if I held shares in this. I’d want to hear “yes we have full regulatory permission to drill a sidetrack while gas is flowing from the existing wells, and here’s a copy of that permission”. What the Interim MD has said so far has been the usual evasive guff.

[3put] 13/6/2022 21:23

Chick: It was posted in the telegram group that testing started at the weekend. Guy said he is a contractor on site.

[chickbait] 13/6/2022 20:26

Have they started wet commissioning yet??

[chickbait] 13/6/2022 20:25

Still no gas I see...!

[3put] 13/6/2022 20:23

George seems to think so, which is what matters

[jtidsbadly] 13/6/2022 19:53

3Put: the question that should be asked, and answered, is this:

“has Anguish got written permission from the relevant regulatory authority(ies) to drill a sidetrack while gas is flowing from the existing wells? A simple yes or no response would be appreciated.”

A second question should also be asked :

“Has Anguish got EA approval for the Poundland plant?”

[3put] 13/6/2022 19:40

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.

[3put] 13/6/2022 19:40

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.

[jtidsbadly] 13/6/2022 19:39

1347: yes, I’m baffled by the decision, if that’s what it is, to increase the number of nuclear power stations. If they’re concerned about Russia, Russia needn’t use WMD’s, they could just use one of their hypersonic missiles and hit power stations. Wind, wave, tide mills etc and hydrogen are what's required, in my view. And better insulation.

Maybe Wolf is taking time to decide whether he can get a reference to Tids3some into his legal case?

[1347] 13/6/2022 19:02

JT Well Russian money was used to fund the Con servative party, who now form the Goverment of the DUK, so with the oaf in Downing Street I don't think there are any realistic restrictions. It's not as though there's any effective regulation of anything is there, the London Laundromat is aptly named. I also tend to disagree with you, I think there's more to this than meets the eye.

Gas Storage has not been mentioned for a long time now, nor that potential Geothermal thingy at Poundand. UK is certainly short of gas storage, due again to the total ineptness of the DUK Gov. Anyway the oaf says he's going to build a nuclear power station every year, it seems to me these Etonians live in la la land, or should that be lie, lie land?

Wonder how Wolf's getting on?

[3put] 13/6/2022 18:48

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.

[3put] 13/6/2022 18:48

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] 13/6/2022 18:47

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.

[3put] 13/6/2022 18:47

New Investor questions answered

[jtidsbadly] 13/6/2022 18:47

1347: no, I haven’t seen it. I’d like to see twitter snaps of the NG/HSE inspectors, what?

Aleph may merely be protecting their existing investment against Mercuria’s enforcing a takeover if the hedges are not met. This money may be used in part to tide Anguish over until they know the result of a sidetrack. Risky though, if this is the case. Or they may fancy Poundland for long term gas storage. I can’t see Russian money being allowed to take over gas storage in England though, what? Perhaps there’s less to this than meets the eye.

[1347] 13/6/2022 18:24

I don't know JT but I do know that the new pop-up Alpeh International Holdings (UK) Ltd was owned by Aleph International Holdings Inc, the one in Delaware, when the company was incorporated and yes this latest pop up has a Bulgarian Director that spent a lot of time in Moscow and was until last November working for VTB the Russian Investment Bank. So on top of Gazprom being Russian it seems lots of roads lead to Moscow and others to Delaware, via Florida. So where the ultimate ownership lies and who exactly is providing the funding for the loan and for the latest shares, well we don't know do we. More bends ahead on Snake Pass I expect. Anyone seen that new EA permit yet?

[headinthesand] 13/6/2022 17:54

Well, the only thing that's for sure is that the number of ANGS shares in issue (1,369 million up until the end of May) is about to be increased again...

...up to 2,556 million.

Sincero, why would anyone place the slightest faith in any of the board's "expressions of confidence" re the as yet unattempted sidetrack? George and his executive dream team have "expressed confidence" many times that various things will happen in various timeframes and at various costs in the past - and to date not a single one has come true.

Literally every single time so far, the cold hard light of reality has shown up George's "expressions of confidence" to be utterly misplaced and that he's not had an earthly clue about what he's variously assured and promised.

But you never know. As they say, even a broken watch...

[jtidsbadly] 13/6/2022 17:02

So, all resolutions passed and they’re getting the second £3mm from the latest Aleph pop-up, which appears to be managed by a Bulgarian chap who’s spent at least 10 years in Moscow, first at Goldman Sachs, then at VTB Bank! What’s going on, 1347?

[sincero1] 13/6/2022 12:18

hits ..the board has said numerous times it is confident of sidetrack success but you just won't ever say it ......as normal you post doubt....naughty boy...100 lines ... " i will not be a bellend"

[tidy 2] 13/6/2022 11:32

Don't worry about it HITS you don't hold but thanks for keeping the bb busy putting us on the map drawing more people to the opportunity to get onboard before the big rerate north.