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UPDATE: #COPL set timeline for Q2/Q3 Nigeria drilling programme
RESULTS: IFA led wealth managers AFH Financial results show strong growth


Member Info for gkb47


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Member Since: Wed, 15th Aug 2018

Number of Share Chat Posts (all time): 1,490
Number of Share Chat Posts (last 30 days): 544

Last Posted: Fri 19:05


Post Distribution over the last 30 days




Fri 19:05

One thing those Monks do know is patience, which we all need here. Brent is on Route 66 heading for $70, as I predicted. I just wish I could predict the Loto numbers, then a few p on the SP here and there wouldn't matter.
Fri 15:29

Thanks. (BTW - I don't wish to get involved in your personal feud) but I'm still not totally clear on this (maybe it's just me).

Anyway, maybe I didn't phrase the question that well but the thing I'm still not quite clear on is whether they've actually done the full 60 day test, i.e. it's actually still in progress, or whether they just did a short test and stopped due to the water issue?

The thing is that if they need to fix the water issue first then do a 60 day test then they'll shortly run out of time to do it won't they? Does this mean they need further planning permissions from WSCC and if so why haven't they put in applications by now?

The question arises from the bit below taken from the Pressure Monitoring Activity in Stage 1 from the FDP originally from Cuadrilla and for which they had temporary planning permission from WSCC (inherited by Angus Energy) for a period of 6 months.

----

It is anticipated that it will take 2-3 days to remove the pump and install pressure gauges in the well. The well will be shut in and secured for an estimated 60 days. It is estimated that it will take approximately 9 weeks and 10 HGV movements for this operation.

----
Fri 14:29

Try again - I'm sure someome must know the answer to this?
---
Maybe I'm missing some piece of information here but this is bugging me - did Angus actually commence the pressure testing on Balcombe or was it not possible due to the water issue? The RNS of 2nd October 2018 doesn't say whether it commenced or not.

If it didn't take place then given that it was supposed to last 60 days and Angus only had temporary planning permission for 6 months, which will be up around the end of March, then is the case that there would not now be enough time to complete it, especially as they have to isolate the water first?
Fri 14:22

AP can do all the podcasts he wants but until I see that offtake agreement in place I'll sit on the sidelines. I have enough here already with the current risk. If/when the offtake is in place and 'in principle' changes to 'in facto' I'll probably take some more then to average down, but not yet.
Fri 14:10

The claim has been known about for some time, Enquest disputes it. What is the purpose of bringing it up again now?
Fri 11:59

Correct - to get a new area they would have to wait for the next Licensing round from OGA. To get into an existing one they'd have to do a deal with the current licence holders, which would likely cost a fair bit depending on the prospects. OGA would need to also approve it.

https://www.ogauthority.co.uk/licensing-consents/licensing-rounds/
Fri 10:58

I've said for several weeks now that it appears like someone wants the SP held down within a range. Either that or sentiment is so much against Enquest now that buyers just aren't tempted in yet. However the general trend is slowly upwards, but I think the catalyst will be the results provided that they are fairly good, which is what I expect.
Fri 10:28

Posted this earlier but it got pushed underwater (like the shares) by the placing RNS.

Is anyone able to clarify where Angus are with the pressure tests and how they proceed given that the 6 month temporary permissions are up shortly?
Fri 10:06

Ha I've got it - we needed a guy with garish strides to match Sanderson over at UKOG. It all makes sense now.
Fri 08:00

ART123 - except that by waiting YA would have converted this week. Indeed it would have been better to just let them convert or to get this placing done earlier to avoid gifting extra warrants for the 15 day extension. This is hardly the deal of the day. No not impressed.
Fri 07:45

Vrocky - I doubt that they have but the MMs may have done expecting to get another wedge of shares on the market this week. It won't bother them though as they can just run any short position they have on until the placing shares arrive, there are plenty of them to come in a week or so.
Fri 07:43

"Maybe they should include Angus as a case study..how not to run an AIM company."

Yes quite likely I'd say although there are plenty of other candidates on AIM. Many AIM companies just seem to be essentially ponzi like companies where those at the bottom of the chain (that's us PIs) get screwed.
Fri 07:37

After a bit more thinking I'm not sure this is a good deal. If YA II PN Ltd and Riverfort Global Capital had converted the first tranche then it would have resulted in about 30,000,000 shares hitting the market if converted using a VWAP of around 5p. With this new placing we now have 55,000,000 shares hitting the market shortly, bigger dilution.

I assume YA II PN Ltd and Riverfort Global Capital will also keep the warrants given to them (although yet again the RNS is not clear on that point), which they'll also convert at an appropriate time. No I don't see this as masterful piece of financing and wonder if real reason behind this that the 'right' people benefit from the fund raise rather than YA II PN Ltd and Riverfort Global Capital?
Fri 07:19

Hardly a great deal from the new MD with supposed good City contacts. I don't know why they just didn't do a bigger placing last November and get it over and done with at a higher price, this piecemeal approach with a pay day loan interspersed in the middle and ongoing operational issues has killed the SP.

Obviously the latest price is well below what it was last time and even below the IPO price of 6p which is great for his City chums who will no doubt make a tidy sum out of this but it's a kick in the gonads for us long suffering PIs.

I just hope they spend it better than the last wedge and actually deliver something for a change!
Fri 07:10

Maybe I'm missing some piece of information here but this is bugging me - did Angus actually commence the pressure testing on Balcombe or was it not possible due to the water issue? The RNS of 2nd October 2018 doesn't say whether it commenced or not.

If it didn't take place then given that it was supposed to last 60 days and Angus only had temporary planning permission for 6 months, which will be up around the end of March, then there would not now be enough time to complete it especially as they have to isolate the water first?
Thu 21:00

Completely wrong - Sheep move in flocks.
Thu 16:24

Thu 15:02

So three people from Edinburgh are challenging the official conclusions from the OGA investigation. Hmm do they have an agenda I wonder. Also seems somewhat coincidental given that UKOG recently published plans for further drilling.

Anyway if you look at the list of people involved in that investigation it seems to me that it's from more diverse and more widely experienced than just these from Edinburgh.

https://www.ogauthority.co.uk/media/5174/2018_11_23-newdigate-workshop-summary-finalv3.pdf

https://www.ogauthority.co.uk/media/5174/2018_11_23-newdigate-workshop-summary-finalv3.pdf


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