The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Surely Occam's razor means that the magic pixie dust breeder reactor is just a convoluted excuse?
"There was a forced pause in Saltfleetby because of the debt facility delays"
If they'd done their costings properly to start with, they wouldn't have suddenly realised they desperately needed an extra £12m. Against any scale, that's a pretty large failure to notice.
"By advancing Lidsey, Brockham and their geo-thermal project, they are showing they have not been wasting their time."
But for the foreseeable future at least, these absolutely are a waste of time - and resources. They cannot afford to progress any of these - and they shouldn't even be able to spare the attention. Let's face it, it's not like ANGS has mountains of cash and crowds of expert staff, both sitting idle, just waiting for the next opportunity?
There was a forced pause in Saltfleetby because of the debt facility delays:
by advancing Lidsey, Brockham and their geo-thermal project, they are showing they have not been wasting their time.
James,
I intended to hold firm after Brockham, but the news on SF last year (CPR, off-take agreement in particuar) gave me cause for optimism of delivery within the expected timeframes, so I added several times to reduce my 4.5p average down to 1.5p.
I still target a more modest 2p to 2.5p for SF, and see anything else before then as a bonus (although unlikely even now, imo).
I do still see a profit here, but will also cut loose if I feel necessary information/action is not kept on a tight schedule now.
I did this elsewhere in Jan taking a 90% loss after 2 years of failure to deliver, but with the comfort of gains made elsewhere to soften the blow.
It is time for my more poorly performing investments to start delivering though.
Yanis,
I would rather they get SF producing, and be able to say to investors 'look what we've done here. We've got cashflow, so show us some numbers for a new project which we can part fund from our regular income'.
Not too much to ask for some meaningful cashflow after all of this time to attract better funding and grow the company from a sounder financial footing?
I will cut back on posting here until news (I keep saying this), as I do not believe in running a company down all the time. Challenging particular aspects is ok, if reasons given, but not repeating the same thing ad infinitum.
gla
I think it's a little disingenuous to blame the (as far as I know) long non-existent "AAAG" for ANGS' most recent bout of lacklustre performance. It strikes me that it's the BoD and the company itself that is entirely and uniquely responsible for the current lamentable state of play.
Crocqman is (as usual) bang on the money with his appraisal below. Concentrate exclusively on the most likely cash-generative and commercially worthwhile project - and damn well bring it home. Once you've done that and got revenues rolling in, then and only then start chasing other potential prospects.
This is trebly true of ANGS, which hasn't even yet secured the financing to be able to bring in their self-alleged jewel in the crown at Saltfleetby, so God alone knows why they're now re-raising some mad desire to re-engage with Balcombe, Lidsey and Brockham. And if that wasn't enough, they want to also get involved in chasing what could with extreme charitableness only be described as a very long-term and highly expensive geothermal project in Cornwall?
Call em a cynic if you like, but to me, this is such bizarre behaviour that it only makes logical sense if the BoD knows that things really are not looking good in Lincolnshire. Either they are having real trouble getting the unexpected £12 million to finance the cost over-run. Or it's going to take even longer to deliver on than we are being told now. Or they've come across previously unrealised problems with the gas field.
This would (unfortunately) explain why there's such a sudden flurry of ANGS doing its best to point at a whole swathe of other projects - presumably in an attempt to persuade investors that there's more to the company than Saltfleetby. Except in realistic terms, there simply isn't. One would almost forecast yet another placing attempt, such is the surreal nature of the latest puff and spin emanating from the company.
Be that as it may, I firmly and quite justifiably view ANGS as a one trick pony, for all its attempts to pretend otherwise. It's Poundland Gas or bust, IMO.
Just a thought ... could the other projects be a way of enticing the funders and investors? Just saying to them ... look is not just SF, we have all these to come?
" Lidsey should be producing the desired levels of oil had they focused on it properly. "
I was told years ago that Lidsey was a bust - a lot f people have apparently looked at it over the years but no-one fancies sit all
Croqman . we are in the same boat except I am not sitting on losses. I averaged upwards as Sf progressed and equally annoyed with untimely placings and delays. I think funding etc will be sorted in the next few weeks and we will see 2 pence or thereabouts.
Agree James,
SF should have been the sole focus for well over the past year now. They have indicated on several occasions that this is the case, but they seem now to be trying to do half a dozen different things at the same time.
All other existing assets should have been managed on the basis of handling required issues as and when, but not at the expense of delaying the main goal.
Every small AIM oiler seems to do this, move on to look at other projects before they crystallise the 'main one'.
Bring in the cash first before you start chasing other dreams.
The delays to Q4 2020 for first gas was acceptable to me, due to covid issues and getting organised.
Moving this target to Q1, and then Q2 in a fairly short timeframe was really disappointing.
The likelihood of Q3 now before we see anything at SF, is incrediby poor.
I have been very patient here, having sat through Brockham and deciding to hold for this project, but that is wearing thin now. I had hoped to exit here with a 50% loss at the end of last year, which I would have considered a big result after being circa 95% down at one point.
I almost broke even before the last disaster of a placing last month.
I feel I have been more balanced than many here over the past 18 months or so, and with a realistic SP target, but no more defending of the bod for me now.
I will continue to hold - this is my largest position by book value - but have now set myself a firm exit date regardless of performance over the coming months.
gla
James/ According to the Angus energy transition heading they are relying on extra revenue from Lids and Bal for the expansion plans.Geothermal special note still requires permissions, i presume it's from the land owners. If they don't want to play ball that plan could be scuppered.
Croqman- SF still is a company making asset if the BOD focus on it. There may be 4 projects and these should be easily doable if the BOD focus . its very obvious they have NOT. And that's why lenders are taking their time. The security is there and its not performing because of incompetent BOD. Unlike shareholders a lender would not stand for BOD BS.
The BOD have wasted too much time and money on the geothermal stuff. the focus should have been assets in hand. Get some performance behind you. The management FAILURE including GL is chasing BS rather than focusing and completing what they actually have and also deliberately withholding vital information about severe cost escalation in SF . The SP is where it is because of incompetent BOD which appear to behave like confidence tricksters. Having said that we are where we are. There should be no deviation from the plan. BOD requires some culling and GL is ,so far a failure IMHO. Lidsey should be producing the desired levels of oil had they focused on it properly. Missing deadlines on Balcombe is also BOD fault as they were messing around with Gerothermal and yet the BOD with massive experience does not have the common sense to present the project properly to shareholders while it keeps touting it to lenders. GL NEEDS HIS HEAD EXAMINED. Get the money in and focus on 4 assets. And cut the useless staff and costs . The share price would be 2 pence plus even now if the incompetent BOD could focus.
SF is (was) supposed to be that 'company making' asset though, Gallifreyan.
I agree James, asides from the Lidsey development (which was a nice bonus) and confirming the delayed SFB timeline, the presentation didn't present anything of near to medium term interest.
I'm in favour of Angus building a portfolio of producing assets (preferably on a timely basis), but what they seem to be lacking is a 'moonshot' / company maker asset which can really ignite investor interest.
Jack. I'm glad you didn't loose any money. If the finance is agreed that would be welcome news,but it's all coining out for the next few months until production. All the projects mentioned are a long waiting game, and will require the patience of a saint. Any one wanting to make a serious return here will have to wait 2 to 3 years if all goes well. ATB with your future investments to make up for lost time.
share price is anticipating doom and gloom thanks to AAAG fuelled by BOD failure to deliver on time. Its a few weeks delay in funding and if the company does draw down end March as they say, we will be at 2Pence. IMHO, if we can secure the 9-10 million in loans and do the placing for the rest to put all money worries away it will be a good thing. GL has to deliver in a transparent manner instead of regurgitating same old BS. Its time all 4 projects come to life in a timely manner . That geothermal stuff is too far away with no indication of economic numbers .Why so much time is being wasted on that? But the BOD indicate that loan funding is also available for it. Why cant they disclose to shareholders the economic benefits to the company. That presentation was a complete waste on that front.
It's true, the share price does not currently seem to be anticipating a favourable Balcombe decision.
Balcombe news are next week. delays with permissions etc cant be blamed upon the company. same applies for brockham. lidsey is mysterious at the least. BOD should be producing ,end of. SF pipeline completed. costs overrun shocking abd a few weeks delay in funding is no big deal considering the size of the facility. wont be surprised if this is above 1.25 pence next week this time. we could do with good news from balcombe . thats worth 0.5 pence .
BV - we may even see those lows again. Sold my shares on Monday morning following the SF RNS. Was invested for 3 years at a first price of 15p, managed to average down to 1.1p, sold up at 1.1p on Monday morning - took me 3 years to make no money but at least I didn't lose any. The only way was down based on Monday's RNS. I may buy back in over the coming weeks depending where the SP sits. GL to all the LTH and those who still believe in this company.
nomlungu. I think a grilling is too nice, most will prefer cremated. Being invested here is like running for a bus and then it sets off for the next stop.
No probs, thankyou.
No I have not. BO are p*** takers. no delivery!!!
Highroller. You've changed your tune from your previous post 17 Feb. Bod and ceo p**s takers to not so bad now, sounding like a trader.
frankly its not as bad as it sounds or being made out. funding is close and draw down date has been shifted from January end to March end with consequential delay on SF. Balcombe permission due next week. Brockham is still in play and lidsey is getting a new lease of life. Biggest problem is the failed delivery to date but WE ARE GETTING CLOSER.. I definitely would be adding on any significant weakness. this dog will surprise us all . but its a punt only.
As stated by other posters, the gas production was for August 2020. So obviously the price window was lost, and now the seeing is believing attitude will be adopted by most astute holders.