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I'm hoping for positive funding news so that I can sell my last few shares and finally walk away from my whole Angus and UKOG ordeal (6 years worth), but it really is looking like there won't be any good news. Lucan really is a disgrace.
Crocqman: "Sadly, the realism for some decent posters here is becoming more aligned with the 'I told you so' brigade"
Well, yes. The smell of the ever increasingly bitter coffee is now so prevalent as to be able to wake even the brain-dead.
However, I'd dispute the usage of the word "decent" to only describe posters who bought into and kept on believing the ANGS fairytale - especially in the face of an ever-increasing mountain of counter evidence.
Firstly, I'm not aware of any dictionary or thesaurus which would maintain that "decent" means "easily fooled" or "gullible". Secondly and to use the word "decent" in any of its correct senses, it is more than justifiable to state that those here who have expressed their ongoing doubts about ANGS, its unrelenting lack of achievements and its invariably missed deadlines and assurances are if anything far more "decent" than those who have eternally waved the ANGS pompoms.
gkb47 - your 'Time Lord' comment made me chuckle
croc. Speaking of IQS, I think GL is testing every Angus shareholders IQ.
I thought SF had been rejected under the 'old regime', but was reinstated when GL and team took another look at it?
Agree with the remainder of your points though Gallifreyan.
I was considering submitting an IQ along a similar vein on the SF funding, timeframe, etc, but how to phrase tactfully enough for them to consider publishing it?
The last related question was basically brushed aside with the respoinse 'we believe are in the final furlong' - that was asked precisely 1 month ago. - so would not expect anything different now, they would just refer to their 29 March RNS again.
Seriously considering selling around half my holding on any spike from funding news now, as even if news lands this month, I feel we are now well into Q4 for 'first gas', almost 1 year longer than I was realistically prepared to wait for based on original timeframes (my deadlne to exit was EOY 2020).
Their most recent presentation (Feb '21) states 'Pause for funding' with a time frame of end Oct/ beginning Nov to early March, with first gas at the end of August/early Sep, so even going by that, we have slipped by over a month already less than 2 months after they updated us all, and you can guaranteee further delays will occur.
Sadly, the realism for some decent posters here is becoming more aligned with the 'I told you so' brigade the longer the funding question drags on.
I will be making a decision as to my holding in any case if no news arrives before May Day, so 2 weeks.
Still hopeful of the successful completion of funding, but this really is ridiculous now
gla
Gallifryan, did you get a reply? I emailed in the past and no response, not even an acknowledgement. It says a lot doesn’t it?
Thanks Yanis. I've emailed GL quite a lot lately and so I think he's well aware of my views. I didn't get the sense he was overly concerned though.
Gallifreyan, good post. You should email an exact copy of it to Angus. Patience here is being tested to the limits.
I still haven't completely given up hope on the funding coming through, George seems very confident on it. That said, George has been very confident on quite a few things now that have failed to happen. And that's the problem - even if the funding does come through, trust has been lost under the new management regime and I will take anything they have to say in the future on SFB or future projects with a very large pinch of salt.
I still remember that BS about Angus starting to pay dividends from SFB and Balcombe as from last year...
I'd love to have a conversation with Fraser Lang on why he's chosen to invest so much into Angus.
I share your sentiments. GL has FAILED miserably. He was deceitful a year ago when he withheld severe cost escalation in SF project. He refuses to explain why funding is needed to the tune of £12 million when bulk of the costs have already been incurred. The odd announcement of procuring equipment is probably a acquisition of nut and a bolt! ESG is load of trash and waste of resources. Lidsey in particular is utter nonsense. we stopped production as oil price down. then the equipment failed. the nut and bolts required were not available. guess what, lets start the spin on Lidsey again and we missed the target and found a better target. complex financing does take a bit of time but not this much. It was meant to be January latest, then February and March and on each occasion the time line is becoming more and more ambiguous and lengthened.
Its all down to the extortionate financing and no one knows the truth other than GL lot which are proving to be utterly unreliable. Sf may pump gas end of this year, if we are lucky. The company and its management is forbidden to generate revenues and profits for its shareholders and its management is focused on pies in the sky and remuneration for themselves for regurgitating projects and non delivery.
We can expect a holding statement next week I think - if only to avoid having to answer very pointed questions in the month -end Mastermind
Gali - completely free with what you have said.
Another time Investors have been Lucaned....How does the Temporary MD with zero oilfield experience define 'clarity' and 'reasonable timetables'?
22nd January 2020 RNS
George Lucan, Managing Director, writes “After a frustrating wait for activity on any of our sites, we now have more clarity on positive outcomes on three of our sites within a reasonable timetable.”
https://www.angusenergy.co.uk/wp-content/uploads/2020/01/Operations-Update.pdf
No real surprise either...
George seems to think it's perfectly acceptable to put timing 'on pause' for a project that is a year overdue.
George's whole premise was to turn around Angus on improving comms and executing on projects.
He initially made some good inroads on the first point, although more recently comms are failing due to ongoing funding uncertainty.
The latter... sadly execution is becoming just as bad as under the old regime.
I wanted to give George the benefit of the doubt and the opportunity to show he could turn Angus around. He's failed on the above points, plus the SP performance has been much worse than under Vonk.
The other point that is sometimes missed is that George has not brought a new project to the table since he joined. SFB was already on the table back then and otherwise he's just rehashed Brockham and Lidsey to date and got nowhere on Balcombe. Ok, he's talking about a lot of ESG projects, but that's all pie in the sky at the moment. That's not to say I would support a new project, but nonetheless business development has not been an area of redemption for George either.
George has also failed on the financing front to date, supposedly his area of expertise.
So, all in all, in my opinion not good at all.