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When one gets down to the actual hard bottom line in the FY report (and you'll have to scroll an awful long way to find it)...
3. Profit/(loss) for the financial period
The Company has taken advantage of section 408 of the Companies Act 2006 and, consequently, a profit and loss account for the Company alone has not been presented. The Company's loss for the financial period was approximately £5,475,000 (2022: £2,168,000).
It is (eventually) clear that ANGS's actual loss for the full year to 30-09-23 was over 2.5 times bigger than the last full Financial Year.
So I really don't think the company can be considered to have reached any sunny uplands.
Angus Energy PLC, (AIM: ANGS), the AIM quoted independent onshore Energy Transition company with a complementary portfolio of clean gas development assets and legacy oil producing fields announces that following the announcement of the Company's year-end results today, Richard Herbert, the Company's Chief Executive Officer and Carlos Fernandes, Chief Financial Officer, will be holding a live Investor presentation and Q&A session via the Investor Meet Company platform on 26TH March 2024 at 5.30 pm (UK Local time).
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet Angus Energy PLC via:
https://www.investormeetcompany.com/angus-energy-plc/register
Investors who already follow Angus on the Investor Meet Company platform will automatically be invited.
For further information please visit www.angusenergy.co.uk , follow on X @angusenergyplc or contact:
Angus Energy Plc
Richard Herbert
Do I sense a glimmer of hope on this board ( has the bashing come to an end )
:-)))))))))))))
There’s nothing here on the terms of the Trafigura offtake agreement. There’s very little, it seems to me, that Angus can do now to improve profitability. They’re in the hands of the gas market and of the ability of the increasingly depleted Saltfleetby field to maintain production at levels which will service their liabilities and pay for a new well.
It’s good to see that the executive directors are now receiving proper AIM-style remuneration for their efforts.
Hey, we're in the wrong business! Instead of trying to get gas out of the ground (or find someone who wants to put it in), we should become derivatives traders. It seems to be more profitable and you don't have to deal with faulty compressors, nimby neighbours and the rest of it.
Most of it reads that they have spent most of their time and effort trying to draw a line under the GL effect, most of the figures noted are borderline now irrelevant, as in trying to draw a line under it all and create a new baseline to build on.
I don't think they are quiet there yet, along with the past reputation still leaving a bit of a bad taste in retail mouths, BUT if they are smart going forward and show more transparency, and "carefully" use the funds they have and excess revenues to meet the 2024 objectives, then by year end or the next 12 months "could" see this as bottom and the building platform for "some" retail upside.
I am still on the fence with it, as in no rush to do anything, as I still see SLBY as nothing more than a feed for at least some or all funding of works here and elsewhere, time will tell.
They've clearly decided to focus on Brockham and Balcombe amongst their oil assets.
In performing impairment review, the Group assessed the economic value of individual production assets. Following the Company's analysis of the re-mapping of the Lidsey structure, the company has decided, for the time being, not to continue with any further exploration at the site. Instead, it has focused its attention on re-starting production from the Lidsey X2 well, which has previously produced from the Jurassic Great Oolite Limestones. On this basis it has considered an Impairment on Lidsey of £3.717m. (from Note 11)
Today's announcement looks good but there's a need for more transparency. The derivative profit dwarfs the operating loss but there's v little detail on how/why, will it continue etc.
With the comments on condensate bottlenecks, it does look like rates are being limited to control and manage liquids, mainly condensates, something they hopefully can resolve through 2024, not that you can stop liquids, but at least get the velocity strings in place and sort out surface to cope better with that.
Not sure his comment in increased rates is anything more than probably getting back up to earlier highs, I doubt the reservoir and associated dew point could really deliver more. but past highs is good enough as long as stable.
Richard Herbert, the Company's Chief Executive Officer and Carlos Fernandes, Chief Financial Officer, will be holding a live Investor presentation and Q&A session via the Investor Meet Company platform on 26TH March 2024 at 5.30 pm (UK Local time).
Outlook
With gas production at Saltfleetby increasing the Company looks forward to positive cashflows for the year ahead.
The Board will focus on maximising the potential from our existing portfolio, including its storage potential and accelerate its evaluation of new projects to complement production from Saltfleetby.
Edit. Looking
I do not like the debt.....but I do like this:
"Geologically the Saltfleetby gas field also has great gas storage potential."
A very positive and profitable year and statement indeed.
I am not surprised shorts are closing .
Obviously debt still owed but things are low in king very good now .
Sorry if this is repeated guys, now showing as this short is closed, anyone know the date this was amended please?
Thanks and GLA
Looking really good now. Oil back on the way up and should breach 100p again soon. Results any day now will clarify alot and we should see the overdue surge begin.
74.3p at the close, +9.25%:
https://www.ice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5600724
17/03/2024 System Entry Calorific Value, Saltfleetby, D+1 41.2500 *** Avg cal value 41.2528 ***
17/03/2024 System Entry Energy, Saltfleetby, D+1 2,026,667.0000 *** 6.2366 mmscf/d ***
17/03/2024 System Entry Volume, Saltfleetby, D+1 0.1766 *** 69,153 Therms ***
Gas Price Per Therm 18.03.24 = £0.72
Gas Price Per Therm 18.03.23 = £1.05
Year On Year Variance Price Per Therm = - 31.13 %
Daily Output (Therms) = 69,153
Month To Date (Therms) = 1,202,969
Daily Output (Mmscf/d) = 6.2366
Month To Date (Mmscf/d) = 108.5502
Average Per Day (Therms) From 01.01.2024= 70,763
Daily Hedge Requirement Therms = 50,000.00
F/C Monthly Therms = 2,193,650
Average Monthly Price Per Therm = £0.6546
F/C Hedge 1 = £721,525
F/C Market Revenue = £421,346
F/C Net Monthly Saltfleetby Gas Rev = £1,142,871
F/C Net Rev Less Disbursements = £1,125,728
Links To Source data Files =
https://tradingeconomics.com/commodity/uk-natural-gas
https://data.nationalgas.com/find-gas-data
https://www.theice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5351152
https://gridwatch.co.uk/
Assumption That The Hedge Requirement Is A Daily Pro Rata*
Daily Output Of 50,000 Therms Per Day To Complete The Daily Hedge*
1) 6 Month Hedge Requirement Of 9,150,000 Therms / 183 Days: 01.10.2023 - 31.03.2024
2024 Q1 Therms Revenue
Jan-24 2,540,377 £1,465,465
Feb-24 2,089,130 £1,081,414
Mar-24 2,193,650 £1,142,871 Forecast
2024 Q1 6,823,158 £3,689,751 Forecast
2024 Q1 Therms Revenue
Jan-24 2,540,377 £1,465,465
Feb-24 2,089,130 £1,081,414
Mar-24 2,193,650 £1,142,871 Forecast
Apr-24 2,122,887 £1,032,310 Forecast
May-24 2,193,650 £1,002,355 Forecast
Jun-24 2,122,887 £970,021 Forecast
Total 13,262,583 £6,694,437 Forecast
12 Month Share Price Forecast: 7.35mmscf/d
PE Factor = 5.00
Ord Shares = 4,167,893,340
FC Avg Therms / Day = 70,763
Debt Outstanding KPI* = £4,552,045
12 Mth Rev-Debt = £8,234,696
12 Mth Share Price (p) F/C = 1.35
Based Upon Current Market Data and Responsible Debt Repayment Plan
Regards,
15/03/2024 System Entry Calorific Value, Saltfleetby, D+1 41.4000 ***avg cal value 41.2528 ***
15/03/2024 System Entry Energy, Saltfleetby, D+1 2,018,889.0000 *** 6.2119 mmscf/d ***
15/03/2024 System Entry Volume, Saltfleetby, D+1 0.1759 *** 68,887 Therms ***
16/03/2024 System Entry Calorific Value, Saltfleetby, D+1 41.3800 ***avg cal value 41.2528 ***
16/03/2024 System Entry Energy, Saltfleetby, D+1 2,040,000.0000 *** 6.2754 mmscf/d ***
16/03/2024 System Entry Volume, Saltfleetby, D+1 0.1777 *** 69,607 Therms ***
Regards,
Well done Ukraine, what goes around comes around.
Fair point, Bubblepoint.
With Putin re-elected for a further 6 years, Europe's prospects remain troubled.
Ocelot,
Pretty certain the move on futures gas is primarily linked to the notable attacks on a good number of Russian refineries and gas plants ongoing, which could see a bigger push on prices, depends if these plants and refineries keep getting knocked out, as there are still importers of Russian gas within Europe.
Https://www.ice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5600724
14/03/2024 System Entry Calorific Value, Saltfleetby, D+1 41.3700 ***avg cal value 41.2525***
14/03/2024 System Entry Energy, Saltfleetby, D+1 1,944,444.0000 *** 5.9823 mmscf/d ***
14/03/2024 System Entry Volume, Saltfleetby, D+1 0.1694 *** 66,347 Therms ***
Gas Price Per Therm 15.03.24 = £0.68
Gas Price Per Therm 15.03.23 = £1.05
Year On Year Variance Price Per Therm = - 35.31 %
Daily Output (Therms) = 66,347
Month To Date (Therms) = 995,322
Daily Output (Mmscf/d) = 5.9823
Month To Date (Mmscf/d) = 89.8264
Average Per Day (Therms) From 01.01.2024= 71,094
Daily Hedge Requirement Therms = 50,000.00
F/C Monthly Therms = 2,203,927
Average Monthly Price Per Therm = £0.6497
F/C Hedge 1 = £721,525
F/C Market Revenue = £424,855
F/C Net Monthly Saltfleetby Gas Rev = £1,146,380
F/C Net Rev Less Disbursements = £1,129,185
Links To Source data Files =
https://tradingeconomics.com/commodity/uk-natural-gas
https://data.nationalgas.com/find-gas-data
https://www.theice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5351152
https://gridwatch.co.uk/
Assumption That The Hedge Requirement Is A Daily Pro Rata*
Daily Output Of 50,000 Therms Per Day To Complete The Daily Hedge*
1) 6 Month Hedge Requirement Of 9,150,000 Therms / 183 Days: 01.10.2023 - 31.03.2024
2024 Q1 Therms Revenue
Jan-24 2,540,377 £1,465,465
Feb-24 2,089,130 £1,081,414
Mar-24 2,203,927 £1,146,380 Forecast
2024 Q1 6,833,434 £3,693,260 Forecast
2024 Q1 Therms Revenue
Jan-24 2,540,377 £1,465,465
Feb-24 2,089,130 £1,081,414
Mar-24 2,203,927 £1,146,380 Forecast
Apr-24 2,132,832 £1,040,266 Forecast
May-24 2,203,927 £1,009,549 Forecast
Jun-24 2,132,832 £976,983 Forecast
Total 13,303,025 £6,720,056 Forecast
12 Month Share Price Forecast: 7.35mmscf/d
PE Factor = 5.00
Ord Shares = 4,167,893,340
FC Avg Therms / Day = 71,094
Debt Outstanding KPI* = £4,508,076
12 Mth Rev-Debt = £8,379,594
12 Mth Share Price (p) F/C = 1.36
Based Upon Current Market Data and Responsible Debt Repayment Plan
Regards,
The Frack Free Balcombe title is comical, it's all about the nimby snobbery regarding house prices, nothing more nothing less.