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One of the questions I sent to Angus Investor Forum in May 2020....No response
Regarding your RNS 2nd Oct 2018 for Balcombe 7 day test.
How many barrels of oil were recovered for each individual test (to give you 853 / 1,587bopd, as well as 3,000bopd slugging) and what was the test time period for each to the nearest 15 minutes.
The reason for the question is witnesses didn't see any tankers leaving with hydrocarbons during the test period and the RNS rates have been averaged over a 24hr period.
A test for 1 hour with 35.5bbls of oil recovered gives you +/-853bopd, but that is not physical production.
Publishing these numbers will give your much weary investors some confidence, as up to now targets / times scales have been woefully inaccurate.
“The test utilised Nitrogen and coiled tubing to clean and prime the well which when removed allowed a natural flow at 853 bopd equivalent, not including 22.5% water. A second flow period was undertaken with the well flowing naturally at 1,587 bopd equivalent, not including 6.6% water.
……During the initial flow period, the well slugged at up to 3,000 barrels per day which had to be reduced as it exceeded separator operating capacity. Duration of the test runs were limited.”
http://www.angusenergy.co.uk/wp-content/uploads/2018/10/18.10.02-RNS_-Angus-Energy-Completes-7-Day-Well-Test-at-Balcombe.pdf
takeyourbet - I am assuming this comment was actually meant for this thread...otherwise folk can't read the entire exchange. "Because a company took that long doesn’t mean angus will? So again where did you get longer than 2 years specific figure? Unless you’re god of course and can tell the future!"
That is how long it takes for an onshore UK production licence to be issued and I would say it will take even longer now due to a consensus move to more greener technology. So yes expect it to be dragged out ...and thats before Angus get to the EWT and then we have to see the results. Strange how they don't want investors to know for how long each punished flow rate was for? That makes a huge difference.
Balcombe 7 day well test was concluded 2nd October 2018......the well was drilled in 2013.......and now Angus as Operator gave up the testing permit...so thats why Balcombe site has been producing just cobwebs...due to the experts at Angus....no one else. That is truly shocking.
Balcombe planning office was quite frank.
"The Company has also been reviewing the Planning Officer's recommendation to West Sussex County Council Planning Committee. The recommendation of the Planning Officer is presently to decline the application based on interpretations of local and national requirements for hydrocarbons and whether these may be sufficient to justify a development of this kind in the High Weald Area of Oustanding Natural Beauty."
http://www.angusenergy.co.uk/wp-content/uploads/2020/03/Balcombe-Oil-Field-Planning-Application.pdf
Takeyourbets - You are aware that Balcombe won’t be commercial for another 2 years…and that’s from when they start the EWT. And to pre-empt the comments, just look as UKOG HH to see how long it took......2 years.
Once they have the EWT information then they have to do a CPR and then they have to submit a Field Development Plan (FDR) that needs to be scrutinised by all various bodies, local authorities and residents….and then they can build the processing facility and drill more wells ( as at the moment there is just a well head and nothing else) .
Below is the time it took for UKOG to get a production licence:
19 December 2017
UKOG says it will submit a planning application for production and extra wells at Horse Hill.
https://drillordrop.com/2017/12/19/oil-company-to-seek-consent-for-production-and-extra-wells-at-horse-hill/
27 June 2018
UKOG announces start of extended flow testing.
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=UKOG&ArticleCode=y7ed9yzq&ArticleHeadline=Production_Flow_Test_Operations_Commence
13 March 2020
UKOG announces OGA production consent for Horse Hill.
https://drillordrop.com/2020/03/13/ukog-announces-oga-production-consent-for-horse-hill-oil-site/
Sonny you seem quite angry and agitated today? I’m merely an investor I’m not quite sure why you’re angry at me ?
Alan2017 unfortunately this doesn’t explain why it won’t produce in the 2 year time frame.
Takeyourbets - I can only lead you to the water (pardon the pun). Its right there step by step. I suggest you look at when UKOG did their EWT and when they were finally given permission to produce...hence the 2 years. I hope this clarifies
You are aware that Balcombe won’t be commercial for another 2 years…and that’s from when they start the EWT. And to pre-empt the comments, just look as UKOG HH to see how long it took.
Once they have the EWT information then they have to do a CPR and then they have to submit a Field Development Plan (FDR) that needs to be scrutinised by all various bodies, local authorities and residents….and then they can build the processing facility and drill more wells ( as at the moment there is just a well head and nothing else) .
Angus has to pay 100% of the costs for all the appeals, applications , consultant fees on first obtaining the testing permit which even with 80 years of oilfield experience…gave up, which is a gross error in judgement.
Where does Angus find the money to pay for 25% of the process facility costs and well costs that run into millions?
Angus also has to pay 100% of the EWT costs.
Angus also has to pay 100% of the FDR costs.
And the 300blbls mentioned is Gross not Net, so Ngus would only get 75bbls of oil revenue.
Alan2017 it does not explain the timetable unfortunately. Can you explain where you got this time frame. Cheers
Takeyourbets - please see the original post as it explains everything regarding the steps to actually start First Oil (production).
So sadly your Balcombe timetable is impossible.
What calculations are you using to reach 6p. What is your average oil price and how much barrels of oil a day?
Alan2017 we’ll have to agree to disagree I think production within a year, but I’m quite interested why you think 2 years? Either way I am happy to wait 2 years for a 6p share price. I’ll break even and then I can top slice!
Either way very strong but at this current price!
Michael - I suggest you ask these guys to show you hard figures / calculations, with links to the Angus documents to back up their position. I am interested to see them.
I do note no-one can disprove the Lidsey / Balcombe and Saltfleetby figures taken from Angus Annual Accounts and RNS.....I find that very telling.
Takeyourbets - I note you started a thread which has been sadly removed stating 5p to 10p for Balcombes value.
You are aware that Balcombe won’t be commercial for another 2 years…and that’s from when they start the EWT. And to pre-empt the comments, just look as UKOG HH to see how long it took.
Once they have the EWT information then they have to do a CPR and then they have to submit a Field Development Plan (FDR) that needs to be scrutinised by all various bodies, local authorities and residents….and then they can build the processing facility and drill more wells.
Angus has to pay 100% of the costs for all the appeals, applications , consultant fees on first obtaining the testing permit which even with 80 years of oilfield experience…gave up, which is a gross error in judgement.
Where does Angus find the money to pay for 25% of the process facility costs and well costs that run into millions?
Angus also has to pay 100% of the EWT costs.
Angus also has to pay 100% of the FDR costs.
And the 300blbls mentioned is Gross not Net, so Ngus would only get 75bbls of oil revenue.