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has the director loan been repaid ?
What they are planning is changing the site possibly sites into a processing facility, not an extraction point! That is a very different animal!
https://drillordrop.com/2020/01/21/live-news-updates-decision-meeting-on-third-energy-ryedale-gas-sites/
10.01am Legal statement
The meeting is told that Friends of the Earth have asked for a screening direction on the applications. This means the meeting cannot decide on the applications today.
The meeting can still hear the submissions but the decision would have to wait until after the direction from the Secretary of State.
10am Meeting starts
I did mention this would likely apply to Saltfleetby......Another for the Q&A
They may have to put Tidswell on overtime. Couple of weeks worth of work there for him I expect!
YL :-)
MESSAGE FROM THE M.D.
We have received today, on the cut-off date, one particularly long submission comprising some 20 questions! We apologize for not loading these questions at this time for voting on. We will split up the questions into a manageable format and load with answers before the 30th as otherwise detailed. Thank you to the questioner for their interesting points.
From the Investor Questions page on their site.
Hopefully, they will let us know in due course. It will make a big difference one way or the other short term on cashflow!
Fair enough, Ja51.
I read it that costs are ANGS's until the submission of an FDP to the OGA.
Hi ocelot
Its a bit sketchy to me. I take it as that the First stage Angus would pay 100% but I'm not sure after that hence the question!
Re your question 18, this is an extract from the original RNS of 22/01/18 announcing the agreement to acquire 25% of Balcombe:
Under the terms of the agreement, Angus Energy will pay a cash amount in two parts as set out below
along with the costs of the well test program of Balcombe-2Z. If the results of the well test are
determined successful, the Company will assume the associated costs of a Field Development Plan
(“FDP”) submission to the Oil & Gas Authority (“OGA”).
JA51, that is quite some piece of work! Excellent questions.
With so many questions, if they are all retained, it is likely that no one question will be rated particularly highly.
It'll be interesting to see which emerge as the most popular.
Thanks Crocman
I have corrected the typoes and just submitted them to the site.......watch this space I guess!
Thanks JA51, some good questions in there in addition to the 3 already up on the IQ page on the website.
Let's see how many they look to answer by month end, they could take 3 months for all of them given their commitment to answer the 10 most popular if there are too many, although some of these may require an RNS.
Wondering if a detailed strategy plan for 2020 could be issued (RNS) to cover much of this in one go, rather than cover individually in the Investors Q&A.
gla
Ja51,
There's one spelling error I'll bring to your attention, but I wasn't looking for spelling errors when I read through your questions:
9 As there is no suitable disposal sight - SITE, not sight.
ILL make sure they are corrected on the Q&A site. Thanks for the heads up...im sure you get the jist though!
17. something's missing in the 3rd sentence:
The project will then be put on hold whilst a detailed
Re 10: something's missing from the last sentence
15. Can you confirm that a firm commitment by Cuadrilla and Lucas is in place for future funding and De-commissioning costs (Should they be required) for their 75% stake at Balcombe? This question follows on from press speculation regarding Cuadrillas future intentions generally and the failure to secure the funds requested during their last placing?
16. In several of your funding RNS releases, you give details of where the money is to be allocated. When reviewing financial will the OGA take account of this in their calculations? The £800,000 allocated to the 12.5% interest in the Holmwood licence (PEDL143). for example?
http://www.angusenergy.co.uk/wp-content/uploads/2017/02/RNS-Angus-Energy-Fundraising-and-Acquisition.pdf
17. Reading your revised Hydrogeological Risk Assessment which became available on the WSCC planning portal on Friday the 17th Jan. When reading in detail it transpires that should Planning permission be granted the operation will now cease after The Stage 1 removal of drilling fluids if successful. The project will then be put on hold whilst a detailed as highlighted by the following from the Zetland group report attached to Heatons report “ 5. CIVIL AND STRUCTURAL ENGINEERING AND DESIGN
Contingent upon the success of Stage 1 of the development (pumping out previously used drilling fluids to ascertain
any oil flow (up to 4 weeks)), a detailed civil and structural design will be prepared, informed by this”
Could you please indicate the length required to compile this detailed civil and structural design. Following that the timescale and likely cost to carry out the extensive civil engineering work and the associated costs for this and the initial design phase.
18. Can you confirm the costs incurred by Angus for stage 1 and 2 of the Balcombe EWT Will be 25% of costs on both stages.
19. Following on from the news that Balcombe will require an extensive bunding program can we expect a similar requirement for both Sites at Saltfleetby and likely costs if so?
20. Can you comment on recent articles made regarding the Company in the magazine “Private Eye”
SORRY TOOK 3 PAGES.
10. You are on record criticising Paul Vonk for taking a convertible loan note out at a poor time for the company. You have recently been taken exactly the same type of cash injection with the explanation it makes the company "Best in class" This seems very much at odds with the previous viewpoint. Could you confirm or deny that it's likely the case that after meetings with the OGA they have in fact insisted that such provisions are put in place? (see abandonment question earlier) the taking of the loan for any other reason would seem odd given your
11. You have assigned de-commissioning money to Lidsey. However In previous RNS releases you have also assigned funds for the new exciting new prospect as Mr Vonk described it. Was this not first discovered in 1987 and actually falls outside your licence area?
Please could you indicate a cost, timescale and the associated difficulties in accessing this prospect given the area has been relinquished back to the OGA.
12. On the Saltfleeby presentation, you have based your figures on producing 5.5 mmscf per month sighting that this was what produced when field last produced in December 2017. Could you please explain where this figure has come from?
The OGA Official figures for Saltfleetby are as follows and are in mmfcf
Jan 4.,55
Feb 5.08
March 4.39
April 3.46
May 4.86
June 1.53
July 2.97
Aug 0.56
Sep 0.00
Oct 0.00
Nov 1.19
Dec 0.44
This gives a total for the Year off 29.03mmscf... If you allow for your 15% fall yearly that would become 24.68 ..The condensate is also a fraction of your figures.
You have also based your calculations based on the OFGEM figures of 50p per Therm. The latest Figure that Ofgem list is 24.87 a therm.
Both figures are below half what your presentation projects? Could you confirm which figures are to be believed the official OGA ones or yours?
Is the project actually viable given both sets of figures I have supplied are those that you base your presentation and business plan on?
https://www.ofgem.gov.uk/data-portal/gas-prices-day-ahead-contracts-monthly-average-gb
https://data-ogauthority.opendata.arcgis.com/pages/production
13. Can you confirm or deny you have had correspondence from the "alleged" no-win-no-fee legal action group?
14. Can you confirm or deny whether that the FCA, AIM regulators or any other authorities have investigated Angus or your nomad following your former Directors actions concerning America 2030 or for any other reason including misleading RNS announcements?
http://www.angusenergy.co.uk/wp-content/uploads/2018/06/ANGUS-ENERGY-PDMR-29.6.18.pdf
http://www.angusenergy.co.uk/wp-content/uploads/2018/07/ANGUS-PDMR-02.07.18.pdf
http://www.angusenergy.co.uk/wp-content/uploads/2018/07/Angus-Energy-Director-Shareholding-3.7.18-1.pdf
The list that is being submitted to the Q&A Angus website. Lets see if they appear.
Supplied over two posts
1. After speculation on Angus cat boards, can you confirm that the 1st Convertible loan of £3 originally now with £1.5 paid back via the recent placing has the remainder of the £1.5 Million still available at any time on top of the £1.4 million available from the latest Convertible loan?
2. Can you confirm interest was paid on the JTP director loan
3. Can you explain why the OGA has placed a "field abandonment notice" on Saltfleetby following your appointment?
4. Can you update the market on EA meetings regarding water injectors?
5, The two producing wells at Salltfleetby are at separate sites. Can you advise if processing equipment would be required at both and estimates of cost for such equipment.?
6. The OGA placed limits on both oil and gas during the Brockam EWT (see attached) which equated to 301 barrels per day and a gas rate of5.664 TCMD. Can you give the figure imposed on the Balcombe EWT if known yet?
https://www.whatdotheyknow.com/request/523935/response/1277768/attach/5/brockprodconsred.pdf?cookie_passthrough=1
7. Your previous explanation of the gas to wire at both Brockam and the forthcoming (hopefully) Balcombe seem at odds
depending on the audience. You state in a previous Q&A answer you look to Horse Hill for not requiring gas to wire there.
However, Horse hill was a 90-day test if I'm not mistaken and you are requesting a three-year EWT. Given it was a requirement at Brockam and also a detailed explanation by Jonathon Tidswell at an investor conference last year sighting a very long lead time to connect to gas to wire can you confirm that the OGA does not require it as this is a 3 year test?
https://www.ukinvestorshow.com/videos/uk-oil-and-gas-panel/
8. In your explanation regarding Gas to wire at Brockham, you revealed that you had only just started a trench I believe. Given that JTP stated it could take a year minimum to connect to the grid is it fair to say there would have been a considerable delay should the well have been successful and we should expect the same at Balcolme if the OGA do require gas to wire?
9. In Your Salfleetby presentation, you state that water disposal cost is £48 per Barrel. As there is no suitable disposal sight in the south of England, your comments in the annual accounts and your drill or drop interview and no injector well available, can you confirm any water cut at Balcolme or the now 40% water cut at Lidsey according to the OGA website Latest available figures( 10 barrels oil... 4 barrels water) at Lidsey would cost the same or more to dispose of?