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"Expect nothing"... excellent advice for a change from ED. That's certainly an expectation that George and cronies continually prove themselves extremely capable of fulfilling.
How much gas and by when?
You shall be rewarded
Thats the ANGUS LUCAN expectation management show surely?
New forward month, Jan 22. Prices remain very firm.
I disagree — when you issue an RNS that includes the statement “We aim to update shareholders during the course of November” providing a timely update is important to maintain credibility with [potential] investors. If supply chain issues are causing delays, say so; most reasonable people could accept that as an excuse.
Issuing no update today will be poor form, as it would have taken up little of management's time.
Lucan should STOP SETTING ARBITARY DEADLINES
The world would be a happier place!
Once ..one time
That is right Nom, I was just going to tell HITS that he missed that one out.
For us shareholders and particularly long term, the only way to see recovery of our investment, not to mention a return, is for Angus for just ones … just ones … to stand by a promise and deliver 1st gas by their latest self declared deadline of Feb/mid-March.
Is not much to expect.
'accepting that they will never meet any dates' is why some are expecting a placing soon. Wages and bonuses do not grow on trees and cash reserves are finite.
Given his recent advice to expect nothing from ANGS, it's almost as if ED knows there'll be no meaningful update forthcoming and is trying to soften PIs up for such a disappointment? Anyhow, ED says:-
"...they will never meet any dates they set, BUT will eventually get to First Gas. When? Different question..."
All well and good, except for one rather important thing. There's a couple of nasty ticking clocks unavoidably in play. So ANGS definitively has NOT got the luxury of "as long as it takes" to get to first gas (and from then on to consistent monthly production).
First, it has significant debt funding repayments to make (the £12m is an amortising loan, so these will involve repayment of both interest and capital) - so it (duh!) needs to generate sufficient revenues in time to cover these plus its standard costs. Second, it has to deliver against the hedge it signed up to - so it (again duh!) needs to generate sufficient ?production volumes of gas in time to fulfil those commitments.
Both of those alarm clocks start ringing come July next year. Therefore ANGS finds itself in a time-critical window of opportunity that is shrinking every day that passes - hence investor nervousness at ongoing missed schedules and anger at radio silence. Both entirely justified.
The same old question therefore still applies... how much gas and by when? Any chance of being transparent on this for a change, George?
I am indirectly accepting that they will never meet any dates they set BUT will eventually get to First Gas.
When? Different Question.
I need, want and hope to see Environment Agency greenlight the permit application NOW!
EchDelta, for the love of God, if you are not expecting anything why are you here? Does not make sense!
DONT EXPECT ANYTHING
BEst way with Angus!
Ocelot- with all due respect , when the BOD pay no heed to RNS and fail, what is the worth of IQ replies. It is just a spin as BOD failure prove continuously. There is excuse other than incompetence
I share your sentiments and have been here for sometime and I am well p*****off . Hopefully our fears will prove to be of no consequence and delivery will happen as promised. 800K shares bought at full ask is telling! what happened there? after a few million sold cheaply yesterday one would have thought that one could buy a few million at around .82 level. Full ask suggests that something good is coming.
It's the 30th, Investor Questions will provide Angus with the opportunity to provide some further clarification of where things stand at present before the market opens tomorrow morning.
James, not issuing a reconnection plan in November as per last promise is absolutely, totally, 100% inexcusable.
This is a plan that was originally leading to 1st gas last year (August 2020 I think), then the need for the £12 mil funding arose and the plan was redrawn for 1st gas NOW (Dec 2021), then readjusted for Jan 2022, Feb 2022 and we are now told mid-March but still sailing for Feb 2022.
It is extremely simple to let the market know of this plan, at most it needs a little polishing - where is it? Why is it not issued?
Knowing how important this is for transparency to regenerate some market confidence Angus should have issued this and not burry it in an SFB presentation not yet ready and which now they may claim that they need more time to produce. Get the plan out FFS the market needs to see transparency now.
There is obviously a serious reason for not issuing this plan and for falling way behind promised site activity.
Despite the endless claims from the cheerleaders that those of a more negative opinion must either be evil shorters, XR swampies or furious locals, that's just not the case. That's just an attempt by the ramptastic squad to discredit those of a more realistic opinion.
Well, here's shock news (not). I (and I bet pretty much all of those with more negative views) do not want ANGS to fail.
However, what I categorically DO want is for ANGS to start telling the truth. And as it knows it. If it started to do that, there would be a whole lot less anger at the company. .. and it might even start to repair its threadbare credibility.
It's hardly rocket science - and surely not too much to expect by those who have been entirely funding the company over its last 19+ months of zero revenue generation. Regardless, radio silence is NOT an acceptable option.
Yanis-Incompetence and gross negligence is 100% but there may be deceit too . Amy be they lied about other matters such as ordering but not paying anything. The BOD are more interested in milking the company via exorbitant salary rather than doing any work.
Need to avoid gaslighting people - is not an honest way to make money.
You been around for a while and you know the story here. From your posting history, I assume you recently bought back in below 0.8p? If that is the case, well done but gaslighting is another issue.
You state earlier “For my part I am very relaxed and await the next RNS as opposed to listening to self appointed experts who actually "know" SFA and present their suppositions as fact. I await an RNS and actual production like the rest of the market!”
You been around for a while and you do know that (given all history to date) you cannot trust the RNSs or anything else that Angus says.
I think you know very well what will happen when 1st gas deadline slips again in to the future … yes, SFB has the £12 mil funding but that does not pay salaries and keep the lights on. Funds raised in last placing will not last forever. Ofcourse I will be alright Jack … buying in below 0.8p my risk is limited, you may be thinking. (Well, my average is much higher than 0.8p and so is for many other LTHs).
Angus, unless they substantially ramp up site activity and seriously expedite equipment delivery, they will very likely not meet the promised 1st gas deadline of Feb/mid-March - there simply isn’t enough time to build the gas plant by then, unless they work 24/7 seven days a week - are they allowed to do this and would they go for it?
Angus promised that the SFB reconnection plan will be issued in November (2021) and today is the last day of November - another missed promise? It does not take long to polish up a plan that has already been reworked umpteen times.
The £12 mil funding has been available for a while now and equipment was pre-ordered long before the funds were secured - there is really no excuse for further delay - other than pure incompetence.
Lucan has secured financing and nobody should be under any illusion you could get a plant up and running again with a processing facility to boot for £3m, no chance. The very fact is that there are activities on-going and I reckon the EA permit may be the biggest bottleneck or limiting factor.
If the Environment Agency gives the greenlight via Permit Approval then Saltfleeby becomes a genuine reality.
I firmly believe this permit is the make or break regardless of dates.
Massive Hold for Me.
I am hopeful this is another CHAR, whereby it goes up in market cap as we head closer to First Gas date whenever that is!
The silence of the company is most uncomfortable. It may also be the case that works are going on at full speed and the company itself may be looking for clarity before it issues RNS to update the market with progress. considering they had all the funds available any delay would be down to BOD incompetence and negligence and for that some director must resign. Covid 19 excuse is way past its sell by date. Its equally baffling the BOD cant be bothered to be transparent and considering their past deceits (sudden funding requirement of £12 million) it is severely affecting the SP. GL should be ashamed of his conduct but AIM is full of delinquents.
As I said dont expect anything concrete lol
This is Lucan after all
We need under promises and OVER DELIVERY
"Great so every PI knows more about the company than the management."
Given that on every issue the negative posters have been right and several months ahead of any Company RNS telling us more bad news I think you're statement is correct
First Gas Date: Lets just manage our own expectations.
Management cant deliver a sound expectation, so I anticipate April (Optimistic) or May 2022.
However, Id rather they over deliver and under promise right now.
2.0p not yet.
EA Approval should seal 1p+ fate IMO.
ECH- I have read every RNS and am well aware of the failures. Per my earlier post this has been rescued by commodity prices. The management are rubbish but eventually production multiplied by price per therm will do the talking. In the meantime I am very chilled. GLA