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Therifle, they are selling now because they have a cash squeeze coming and the risk of delay could put them in default - so given high price of gas they may find a buyer with deeper pockets will see the project through to completion whether or not there are delays which angs cannot guarantee imv. Shareholders could do well here or alternatively feel ripped off if there are delays . I sold out at a loss because I thought the bod were technically inexperienced and unrealistic about risks to the project.
HITS. I don't think yuo have any investments full stop IMO!
BV, I've been aware (for much longer than you, I'd imagine) that ANGS is a short-term trader's dream share, if one's into quick flips - which many posters here very obviously are, no matter what they may assure to the contrary.
However, I personally am not one for short-term trading.
HITS should have bought in at.06 instead of listening to his .05 placement prediction, actions speak louder than words and rather than waffle could have made lots of wonga LOL!!
Northman1,
Take a look at the revised CPR of 26/10/21:
https://www.angusenergy.co.uk/wp-content/uploads/2021/10/Angus-Energy-Saltfleetby-Reserves-Valuation-Report.pdf
Doesn't surprised me that people are out looking for a bargains with the gas price where it is and we have this new/old supply ready to come on stream. Bearing in mind the economics of the project were good a year or so again when we bought it. Does anyone know the low medium and high revenue of this project with the current wholesale gas price? I'm assuming its many multiples of where we were with it a year or so ago?
Careful HIT’s pointing out the bleeding obvious is known as De-ramping on here now.
Conversely predicting pie in the sky nailed on of always said 5p “fella” despite saying I 3p over the weekend is fine!
Are you actually allowed to give fantasy predictions on here?
I'd agree that ANGS is as near as dammit all about Saltfleetby and nothing else - so that's the (as yet unproven) potential in the asset, together with the liabilities tied to it (loan and hedge fulfilment obligations).
Today's RNS is hardly unexpected - ANGS has received up to (why "up to", I wonder? Anyhow...) six expressions of interest, which of course are categorically not the same as offers or bids. They're pretty much "if the price is right, we'll think about taking Saltfleetby or the company off your hands".
It's all a bit moot, really. As today's RNS mentions, the decision-making authority on accepting any offer if made for Saltfleetby lies pretty much entirely with those on the other side of the existing loan and the other side of the existing hedge.
That appended mention of very recent restated OGA guidance on adequate financial resources is noteworthy too and worth a bit of research....
Anyhow, none of this changes what ANGS simply must carry on doing in the short-term, namely getting to full production as soon as possible. It simply cannot sit on its hands doing nothing while this FSP plays out one way or another. I'm sure everyone would agree that, if Saltfleetby were in full production, the asset would be more simple to value (and if George's most recent CPR was proven accurate, more valuable too). The reverse is equally true though... the closer it gets to July 1st while the field is not producing, the more distressed its sale would be - because of those two separate ticking alarm clocks of debt servicing and hedge fulfilment.
Going to be interesting to watch this play out.
Torr. IGAS and Third Energy are repurposing oil wells for Geothermal projects also?
WG. The truth hurts doesn't it, because you get caught out you resort to reporting those facts, AHH DE- DUMBS!
Approaches have been made and consequently, this interest has to be declared. Angus has not put up a FOR SALE sign. Just made the buyers interest public.
It looks to me like it is all about Saltfleetby and my guess it is will be a subsiduary of Shell. A good pay off and a lump of cash tro go ahead with the Cornwall project would be an ideal outcome for me.
The Company is pleased to announce that it has had at least six bona fide approaches to participate in the FSP and/or other indications of interest in a potential offer for either all of the shares of the Company or the Company's licence interest in the Saltfleetby Gas Field ("Parties"). In accordance with the Company's announcement of 6 January, the Company considers it inappropriate to identify the Parties but the Company will engage with and evaluate each expression of interest until a firm proposal can be agreed and announced.
Angus is not a large and complicated group and the Company does not envisage an extended period of time will be necessary for the Parties to complete due diligence, other than that involved in familiarising themselves with the documentation details of the GBP12m Saltfleetby Gas Field Development Loan Facility (the "Loan") and associated security arrangements and gas sales hedge ("Hedge").
I'm struggling to understand this. Surely the best time to be thinking about selling all or some of ANGS is when the gas is flowing at Saltfleetby. Why the urgency in trying to conclude a sale prior to that? Do they really have such little confidence in either the assets or their own ability to deliver?
It much buying interest atm
1.2 goes and it’s straight to 1.5
Hope no one sold listening to the noisy ones
Interesting times for angs and gas prices still rising, no wonder we have so much attention for our asset gla
Are they not sure then? At least? I’m not sure why you lot are surprised at 6. I had around that figure in my mind just in related parties evolved in some way or another.
Any one remember sound energy and that data room?
And they OGA newly restated guidance mentioned? That seems strange.
Not sure anyone would want to get paid out in AAOG or UKOG share for shares either!..lol
Ocelot - i missed that bit!
In fact, the RNS speaks of AT LEAST six bona fide approaches.
Morning
proper timed this right for once.
Let the fun begin gla
6 bidders to start but others will join the queue and GAZUMP, I like that word GAZUMP LOL!!!
The question is, how Many bags are we getting?
May the fireworks begin, this is where those on the fence get locked out because you have to be in it to win it.
Crocman, I could believe that if it was 1 party but not 6. Impossible.
No doubt some will still try and suggest this is some kind of ploy to raise the SP in order to place at a higher price.
Look forward to the negative spin being applied to this latest news
Sounds very positive.