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20% spread doesn't help, but it certainly keeps day traders away.
Still no update. And a 20% spread. This doesn’t look good. I am gutted such a good asset. Poor that they can’t keep investors updated.
See you all tomorrow gla
Worrying gets you in trouble.
Do something about it?
De-risk cut your holdings so you can sleep at night?
Or add?
Whatever you do, remind yourself why you are in this.
£12m funding isnt small beer, its massive against the market cap.
Gas prices remain elevated...
GLA
Morning BV, I am hoping to see increased activity too. Else we could be in trouble with cash! We really cannot afford to have the 1st gas deadline of Feb-mid-March missed.
There's (very obviously) a new operator of the keyboard behind the EchDelta ID this morning.
Shift change, clearly.
Ocelot, we cannot just simply blame the pandemic for this, delivery dates were set during the pandemic. The RNSs announcing these dates were issued during the pandemic.
No, there is an issue here and is the same issue that is stopping them from issuing the promised SFB reconnection plan. Something is not right. Where is the plan? One more day and November is over.
Yanis - thanks for a detailed response.
Ocelot - agree with you.
Also when there is a period of exponential value in an asset class such as gas, those developing a gas project will face challenges in the supply chain and procurement, why because demand is sky rocketing for spares, repairs, specialists on EXISTING fields etc
Angus have done alright so far, they are slow and notoriously poor with meeting deadlines. Maybe everyone should never take their dates seriously and JUST WAIT it out.
Yanis, I know you are hurting and hurting deep in this shares. Take a look at ADME, RBD, UJO and others, we are in a stronger position. All the naysayers who say they arent fully funded havent bothered reading the CPR where it says the funding amount should cover the overruns etc. How do I know? I read the damn report.
So, give them a chance to make it right. I am thankful they have a Q&A section which saves time on the proverbial.
FIRM hold and I did buy at 0.78p levels!
End of.
Good morning Yanis. I'M hoping to see more equipment landing on site this week to keep moral up, it's now time to pull their finger out as you say!
Lots of disruption caused by the pandemic, Yanis, we are living in difficult times.
Ocelot, yes they did close the debt facility after a lot of delays and frustration.
They secured this funding months ago … why now that we have all the money that we need are we not on (the re-re-re-… revised) schedules at SFB?
Where is the equipment that was meant to be on site already? What is holding them back?
There is now no excuse.
James, the flare is the last piece of equipment they going to need. Before that they are going to need the 3-phase separator, compressors, filters, pumps, etc, etc. The flare is simply a safety item. That is not to see that is good to see it on site.
We really need to see a big big ramp up of site activity now.
You all are right
Hold board to account
But I'm happy
End if
Yanis- I am 100% in agreement with you. However, the gas flaring equipment arrival at site suggests that gas connection will be made shortly and flared after EA permission. I entirely agree with you that the delinquent BOD should be transparent and stick to program as per their own set plan, in which they fail regularly .
HITS, I fully understand what you are saying, is based on past experience. However, this time round there is a good possibility, in view of the £12 mil funders, for things to be a bit different. Is based on this belief that I recently added to bring my average down.
I would like to see the plan for two reasons: (1) it gets them to think and do the plan and (2) we got something to keep them in check with. When they miss something we can remind them.
Also, Covid or no Covid, there is no excuse for the equipment not being ready at this present time. There is another reason behind this and I am hoping the plan will give us a clue.
... in five years I am yet to see one promise materialise.
--------------------------
The £12m debt facility, Yanis.
Yanis I both agree entirely and sympathise completely.
The problem is, even if ANGS does come up with some cobbled-together re-re-re-re-re-re-revised plan by close of business tomorrow, as you, I and every other long-term ANGS watcher knows, it won't be worth the paper it's written on. ANGS hasn't hit one single schedule it's announced. Ever. And it doesn't seem to give a damn, instead just kicking the can further down the road with updated schedules whenever it can be bothered to issue any.
What I find mildly noteworthy is that this morning ED (who to all intents and purposes is George's mini-me) states:-
"Also I expect the plan or schedule to not materialise."
Bracing us for no news yet again, apparently... and I suspect he'd know.
HITS, I know … that was my question!
And I am still waiting for the answer … i.e. the PLAN which was promised in October, then November … and is now 1 more day left in November and no plan!
I don’ttake anything that Angus says at face value - in five years I am yet to see one promise materialise.
I will be making some noise soon if the plan is not delivered by tomorrow. I hope other sensible shareholders do the same.
Yanis (as I know you know already) please don't pay the slightest attention to anything assured, promised or predicted by ANGS, whether in an RNS, or on their website or anywhere else.
This from the Investor Questions & Answers section of the company website:-
Investor Question:
The market appears to be extremely cautious on Saltfleetby reconnection plan, hence the undervaluation of the current Share Price.
Can we please have a detailed and transparent plan with dates to First Gas ?
Where is equipment being built and approximately when is each skid coming onto site and what is the remaining work needed to tie in each skid on the site?
Is it true that EA approval is not required until the gas actually flows? Thank you.
ASKED ON 15 OCTOBER 2021
Angus Answer:
Yes. We have in mind a further presentation THIS MONTH on precisely this level of detail with a list of all suppliers and their best estimates of timelines etc.
So, given ANGS issued its answer above in mid October, there's yet another something it "had in mind" that entirely failed to happen in the promised timescale - and still hasn't materialised either. How typical.
How much gas and by when, George? Radio silence is not an option.
EchDelta, I have 40++ years in FEED development, Engineering Design, supervision of design & manufacture, installation, commissioning and hand over, all in the upstream and downstream Oil & Gas industries, including sewage treatment plans, hazardous waste treatment plants and biofuel plants. I am a Chartered Engineer.
Please, don’t tell me to relax. I can see when the project is not progressing as it should. As I said before, unless we see a sharp increase in site activity NOW and expediting of equipment delivery, we are not going to see 1st gas in Feb/mid-March
Meeting this promised deadline, for me is VERY important.
Yanis read their response in RNS and on the Website regarding a schedule - it was an aim/intention not a definite. Also I expect the plan or schedule to not materialise.
So please relax, nearly December and hopeful (money where mouth is) that this continues to progress irrespective of delays.
A lot of new commentators on here have educated us all on how real Oil/Gas operations and commissioning happen.
Please revisit those.
Absolute no brainer for me to continue to hold :)
Either today or tomorrow … as per Angus promise … we should be having the long awaited, long overdue SFB reconnection plan.
It really is inexcusable that Angus left it this long to issue it … and will it be issued by tomorrow?
Or, will it be another broken promise … as other missed deadline???
We shall see.