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"Angus, in my view, needs to be working full steam ahead on getting gas asap, irrespective of the possible sale."
Absolutely correct, Yanis and as some of the more measured have been saying here ever since the FSP got RNSed.
The one thing ANGS can NOT do is sit on its hands and wait so see what may or may not happen. Those separate two alarm clocks of debt repayment and hedge fulfilment continue to tick...
So, if ANGS needs to raise another swathe of cash to get Saltfleetby over the line (as strongly suggested both by the Jan 6th RNS and the hastily-arranged single issue (E)GM), sure, this latest underestimate will be infuriating... but FFS get on with it.
Or if ANGS has realised it's not in a position to get Saltfleetby to production by itself, then FFS get on with selling the asset and/or the company. Whatever you do George, do NOT do nothing.
Either way and as you know, investors deserve (and frankly, have the right to) a greatly increased level of transparency and meaningful updates. I mean fercrissakes, George is STILL on record as saying first gas by mid-Feb... that's just three weeks away,so it is just not going to happen - so revise your estimate, George! It's long past the time that the company should be being a whole lot more candid about what's actually going on, what's now likely to happen and when.
Very fair point Yanis, but it was known about by each of the 6/7 bidders so must be part of the negotiations.
Hang in there buddy.
Howey, the hedge.
That is still a separate contract and what if the prospective buyer doesn’t want to take it on? What then?
Angus, in my view, needs to be working full steam ahead on getting gas asap, irrespective of the possible sale.
Yanis, Taverham, I agree entirely if come the end or March/April/whenever, Angus are still in control of Saltfleetby. If someone else sees the value (gas prices aren't dropping any day soon) and wants to take over, they will have their own timeline and will accelerate progress as they see fit. It becomes their problem.
If the sale falls through, we need to get our skates on but the gas prices are going to be maintained or even grow in the short to medium term, so you cannot rule out the lack of pace driven by focusing on getting the best outcome in the sales process.
GLA.
Taverham, that is exactly my point. At this stage we can rule out 1st gas by end of March, even end of April now begins to look not doable.
We need to see increased activity at site, not even one item has been installed yet (bar the pipeline).
Howey, looking at the pictures it is clear they are making progress but my experience with construction and gas projects makes me think it will be sevral months before any gas flows looking at how much is still left to be done , with or without their detailed schedule.
BV, there is a hint in today’s tweet that the concrete poor may have been awarded as one of the spots has been prepared for concrete poor.
My issue is that we are not moving fast enough at site and tanks deliveries have already slipped from early January.
We not told why and that worries me. We had too many revisions to the delivery schedule, why has it slipped yet again?
Yanis. You must have read my mind, at least we're not going backwards LOL!
Albeit a timely one given your "why not do the concrete pour" question. Things are progressing but not as quickly as you think necessary to hit the current 'timelines'. I've not seen a detailed plan for dates so it's hard to make a definitive statement on that but we were told to expect a day by day plan. Probably late because of the sale process and around the circle we go again.
Let's have an RNS stating that Shell and BP are currently bidding at the 50p mark.
Morning Yanis. How do you know the contracts are not awarded, i presume the next pics will show that query. Regards the SP, the mm's are known to dive down to take stop losses and bang the SP back up again, Chillax.
Yanis, the piling is probably not going to land them in trouble with the EA and PP as it is not visible . Perhaps too risky to go further atm.
There is another tweet from site, but really we are moving along at very slow pace
https://twitter.com/angusenergyplc/status/1485577118054600704?s=21
Yanis, Taverham, I bow to your knowledge of the processes at play as it's your area of expertise but what I am suggesting, as an alternative to everything is f*&^%d, is that depending on who the buyers are, it might not be picked up as a going concern as they might wish to move the project forward in a way that works for them. I am not disagreeing with you, it's just that in any takeover, there are usually changes made to the way business is done as dictated by the new owners. Even something as simple as they have their own contractors for the civil works. Just a thought.
MM's will need to lower the ASK if they want buyers but at the moment the spread is too wide. I guess they are trying to relieve the weak of their shares. Dropping on pretty low volume but ASK is still 1.15p.
Chickenlover
Not great but understandable as all the market has, at present, are ‘non binding indicative proposals.’
GLA
We are in danger of dropping to below 1p again.
Taverham, they piled some areas? I suppose that they are confident on those so why not do the concrete poor and complete the foundations?
Ok "Carnage" was a tad over dramatic, however with an offer of 1.4 already turned down last week this should stay north of 1.2p not hovering above 1p?
… has to be constructed as per approved drawings …
Doesn’t matter who the Owner is, the plant has to be constructed in the same way, unless the approval process is started from the beginning again.
Yanis , I thought the EA permission was still outstanding meaning the civil works cannot safely start.
What is now required is a rns with a rvised timeline and a statement on cash flows if the first gas date slips. Potential buyers will work it out for themselves but it is material info that should be disclosed to the market , for good or for bad imv.
Howey, the gas plant has to be approved as per approved drawings and documents. I suspect that we are not seeing progress at site because Angus is waiting for EA & PP approval.
"Carnage" in volume of 4.6m so far?
It's carnage.......
I suspect a message will arrive stating that things have slipped because of the sale activity, which is fine if the sale transpires. The risk is that the sale doesn't materialise and first gas slips, meaning we've missed both boats!
It also possible that the civil works haven't been awarded because it is 'inappropriate' to award them given the sale activity going on behind the scenes. Would a particular buyer want to do things 'their way'?
Right, is January, one more week.
What about the lack of activity at site? Why haven’t at least two of the last 3 Civil contracts haven’t kicked in yet? Why has equipment delivery slipped again?