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Angus Energy Share Chat (ANGS)



Share Price: 3.80Bid: 3.60Ask: 4.00Change: -0.30 (-7.32%)Faller - Angus Energy
Spread: 0.40Spread as %: 11.11%Open: 4.10High: 4.10Low: 3.75Yesterday’s Close: 4.10


Share Discussion for Angus Energy




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Taverham
Posts: 1,353
Opinion:No Opinion
Price:3.825
RE: Gas plant
19 May '19
The costs indicated are imho too low. The connection to the grid alone could cost £1m [ including metering] and the pipeline, depending on what the route involves £0.5m more than indicated. Furthermore, knowing how national grid work this project will take around 2 years . They do need a gas professional / reliable consultants because it seems to me they are being too optimistic with this project.
 
gkb47
Posts: 2,059
Opinion:No Opinion
Price:3.825
RE: Gas plant
19 May '19
No don't like it, only increases my concerns whether Angus BoD know what they are doing. I keep coming back to the same two fundamental points:

1. Angus do not have experience in this area.

2. Nobody else seems interested in this Poundland asset.
B2HS2L
Posts: 432
Opinion:No Opinion
Price:3.825
RE: Gas plant
19 May '19
From Page 21 of the April 2019 presentation:

The field presents an opportunity for field rehabilitation and further development. To get production going
we believe the following would be required:
• A short pipeline extension (1.2km) to bypass the old terminal
• New hydrocarbon and water dewpoint control. Compression to enable export into the national grid
• Agreement of the national transmission system to feed into the grid

From Page 19:

SMALL – SCALE PROCESSING
In-house processing including compression and dewpoint control are estimated to cost £1million to install

NEW PIPELINE
New 10 inch flowline (1200m) to divert around current
facilities and feed directly into National Grid (£500-700k)

From Page 20:

Workover of existing wells: £1 million

From 30.04.2019 RNS:

"Under the currently discussed terms, the Proposed Acquisition licence would also bring with it a cash contribution toward eventual abandonment costs. The Directors believe, taking into account site visits and discussions with abandonment operators and extrapolating from abandonment quotes on the Company's existing wells, this contribution will cover the Company's 51% share of abandonment costs on the Gas Field. Alternatively, but not additionally, the same cash contribution will, in the opinion of the Directors but without external verification, suffice to pay for the reconnection costs of the Gas Field to the National Gas Grid. This, plus anticipated additional work on the Gas Field, is currently anticipated to cost a total of £1.7million."

These costs (£2.7 Million as a minimum), will need to be incurred to make gas available to the grid.
A gas professional to oversee the project would be a wise move, with or without board appointment.
CharlieLondon
Posts: 118
Opinion:No Opinion
Price:3.825
RE: Gas plant
19 May '19
I hope the money we spend on due diligence of this asset means ANGS are very,very sure what they can and cannot do with abandonment cash.
Mirasol
Posts: 250
Opinion:No Opinion
Price:3.825
RE: Gas plant
19 May '19
Biggest worry is if the OGA pick up on his using cash set aside for abandonment as working capital - they might ask him to stick it in escrow - and £2 mm to fully abandon 8 wells looks very light to me
Mirasol
Posts: 250
Opinion:No Opinion
Price:3.825
RE: Gas plant
19 May '19
I thought Lucan said the wells were simply capped - so it's a (relatively) simple job to weld on a new well head and then drill out the concrete plus and run a new completion?

Will cost but nothing like starting a new new bore.............

and then the pipes may still be in place underground - connect and pressure test I guess..........
B2HS2L
Posts: 432
Opinion:No Opinion
Price:3.825
RE: Gas plant
19 May '19
Knowing there is X amount of gas in place is one thing, but the infrastructure to access and export it is no longer in place.

Capital expenditure on re-connection to gas grid is stated as £1.7m + , so ROI might be a year, without spending on any well refurbishment required.

Doesn't this fact impact the Lucan 'doubling the market cap on clinching the deal' statement?
wasit10538
Posts: 2,391
Opinion:No Opinion
Price:3.825
RE: Gas plant
19 May '19
Angus and it's shareholders are not in a position to turn any profit down,so if the gas project doubles the present market cap that will do for me and hopefully Brockham and Balcombe will be very good ( although the initial rates from Brockham I suspect will be on the low side as they proceed with caution ).
nomlungu
Posts: 3,269
Opinion:No Opinion
Price:3.825
RE: Gas plant
19 May '19
It will keep the BOD employed if the current testing is not positive...

Pay £1 and keep getting Directors Fees - nice for some; not necessarily good for share holders.
Mirasol
Posts: 250
Opinion:No Opinion
Price:3.825
RE: Gas plant
19 May '19
that sounds about right - £ 2 mm a year net Angus - enough to keep the lights on but that's about it

Definitely a Plan B move...............
scallywag3
Posts: 1,283
Opinion:No Opinion
Price:3.825
Gas plant
19 May '19
Redid my calculations on this. last lot last week were wrong. ( I did say at the time I would have liked to someone else's)
Anyway, works out at £4.4M Gross income per year for 9 years.

Question is, If the contract is signed before the O.O. ends. Is it enough for the market to save it ?
We will soon see.
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