Angus Energy Share Price (ANGS)

I think a lot of people are now trying to judge two separate things at once:

1) How long the current stronger production/gas price environment can realistically last

2) Whether management can actually get the restructuring completed before the field moves past this stronger period

Personally I suspect the longer negotiations have dragged on, the more likely it is that:

- creditors,

- management,

- and advisers

have all had to reassess the economics as:

- production broadly held up,

- condensate improved,

- and gas prices rerated materially higher than they were earlier in the year.

I still think the most likely relist window is probably:

- late May

- through June

simply because at some point they need:

- audited numbers,

- final documentation,

- lender sign-off,

- and market confidence restored.

I can understand the frustration though. If the current ~65–70k therm/day plateau and ~120p+ gas environment is genuinely temporary, shareholders naturally want to see the company relisted while those economics are still visible to the market.

Sage an - all good what you say but I’m just a little fearful that it may go past it’s peak - which I would rather see whilst it is LISTED.

Another strong day confirms the recovery trend. Even with those interruptions earlier in May, hitting ~71.8k therms/day shows they’re on track back to the higher plateau. This consistent uptick since mid-May is reassuring. If this continues, we could see a solid month overall despite the hiccups. The market wants to see sustained improvement, and these numbers are heading in the right direction. Keep an eye on if this momentum holds through the rest of May.

Another strong production day was also recorded on 18 May at:

~71.8k therms/day

showing continued recovery back toward the higher-flow plateau after the softer interruption days earlier in the month.

May Production Volumes (From 6 May 2026 Onward)

06/05/2026 → 2,165,556 kWh → ~73.9k therms/day

07/05/2026 → 2,137,168 kWh → ~72.9k therms/day

08/05/2026 → 2,066,667 kWh → ~70.5k therms/day

09/05/2026 → 2,054,444 kWh → ~70.1k therms/day

10/05/2026 → 2,112,222 kWh → ~72.1k therms/day

11/05/2026 → 2,136,667 kWh → ~72.9k therms/day

12/05/2026 → 2,016,667 kWh → ~68.8k therms/day

13/05/2026 → 1,343,333 kWh → ~45.8k therms/day

14/05/2026 → 2,125,556 kWh → ~72.6k therms/day

15/05/2026 → 2,025,556 kWh → ~69.1k therms/day

16/05/2026 → 1,950,000 kWh → ~66.5k therms/day

17/05/2026 → 2,119,354 kWh → ~72.3k therms/day

18/05/2026 → 2,104,038 kWh → ~71.8k therms/day

Average since 6 May 2026:

~2.03 million kWh/day

~69.3k therms/day average

Whole May 2026 Average So Far (1 May → 18 May):

~1.91 million kWh/day

~65.2k therms/day average

One important point in the latest production data is that the original projected production guidance was broadly around:

~64k therms/day

The hedge book was then structured at approximately:

~44% of forecast production

based around those projected production levels.

However, since 6 May 2026 the field has averaged approximately:

~69.3k therms/day

which is approximately:

~8.3% above the original projected guidance level.

The full May average is therefore currently running:

~1.9% above the original ~64k projected level.

Using the current full-May average of ~65.2k therms/day, projected May gas production would be roughly:

~2.0 million therms for the month

With ~44% hedged around ~135p and current spot gas around ~125p, blended realised pricing looks roughly in the:

~129–130p/therm area

That gives rough May gas revenue of around:

~£2.6M

Adding estimated condensate contribution of roughly:

~£80k–£150k

puts total estimated May revenue somewhere around:

~£2.7M–£2.8M

Despite:

- the major interruption on 13 May

- softer interruption days earlier in the month

- and periodic lower-flow days

the post-6 May production average is now sitting around ~69–70k therms/day overall.

Bubble

The old hedge structure and debt burden arguably made it much harder for strong production to translate into meaningful cash generation for shareholders.

If the restructuring materially reduces debt pressure and the field is now producing into a much stronger gas market, then the economics going forward may look quite different from the previous setup.

The retail upside is that if the restructuring genuinely resets the balance sheet while production and gas prices remain materially higher than they were under the old hedge/debt structure, then the equity may end up attached to a far more investable business than before.

Not saying there are no risks obviously, but I don’t think comparing today’s production directly with 2 years ago tells the full story without considering the gas price rerating and potential balance sheet reset.