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I have sympathy for E_Al here - a company the size of Angus (or UKOG or Egdon) can't efforts to have well test engineers sitting around all day - they cost serious money. The actual testing (the operation of the kit etc) is contracted to the likes of PW Well test and the engineer are brought in from Halliburton, Schlumberger XODUS etc etc
You can bet your life their reports reflect & report the actual facts without any spin.
The problem occurs when these are given to management who cherry-pick the data to give themselves a good RNS. A number of us raved on trying to point out out that Angus NEVER reported total production from Brockham - just instantaneous rates that were spun like silk by Vonk et al to entrap investors
The people who should have stopped it are the NOMADS - but they probably don't know a flow test from a hole in the ground - 3rd rate City types who can't get a job at a decent institution - plus of course they make money from the Company and trading - so they're always open to pressure
In 5 years the reports will be public.......... a bit too late for all of us I'm afraid
Thanks rxdav,
Similar to Alan, I never liked JTP and I hoped that Angus will get rid of him somehow but I never expected this to happen simply because he is the founder of Angus and the individual who owns 4.27% of the company ! Now things have changed and we got Mike Wells in charge of 'UK' operations :
" Mike Wells, a (non-board) Director of UK Operations. Mike began his career with BP at Eakring and was involved in the development and appraisal of many wells in Lincolnshire and beyond including, co-incidentally, the original successful exploration wells into the Portland at Brockham.
Mike was employed by ROC Oil to oversee the Saltfleetby Gas Field (the "Field") and he remained with Wingas UK Storage Ltd on its acquisition of that Field. Mike has extensive experience in field management and engaging with all of our regulators. We are very lucky to have his immense experience in UK onshore to help us as we address reconnection of the Field and recommencement of operations."
Again, no more IF & BUT here, we have the right man to do the job, he got the experience needed and was involved in the Weald & Saltfleetby before. If he is good enough for a company like Gazprom's and made them agree to partnership with Angus and pay them £2.5M then I am happy with that and things should move north from here for Angus.
E_AL: Fair enough - guess you'll be hoping they keep JTP as far away as humanly possible from either project then (Mr 'Kiss of Death'). After the hits you seem to have taken (and I can empathise there big style) I reckon it must be a difficult call to bring yourself to trust ANGS to deliver both projects - given their track record to date (i.e. near total failure). But I give you full marks for perseverance that's for sure - as ever, time will tell.
IMO
Not really, I see it from a different angle, Angus like any other O&G companies hired a specialist company to help them to run the flow test so Vonk mentioned in the video, the flow rate figures were given to them so why not to quote the source of these figures - Halliburton ?
As for Saltfleetby, the figures were already there, Angus didn't produce them, they were given by Gazprom to OGA. Angus' own analysis of individual well pressure data confirms what we already now and proves that a substantial amount of remaining gas should be recoverable.
**After losing substantial money here and in UKOG, I changed my investing/trading strategy ... Less IFs & BUTs and no more O&G exploration gambles (at least for the short/mid term) and I will only relay on facts. Halliburton is a reputable experienced company which was hired to do one job - to provide flow test results to Angus and they did! Saltfleetby gas storage figures were gathered by Gazprom/Wingas and officially submitted to OGA .
All of the above gave me the extra assurance I need to know that 1.5p is ridiculously cheap sp for what Angus owns and I feel very confidence that sooner or later the poor sentiment will fade away (This is AIM) & the sp will bounce back up to appreciate the true value of these assets.
My target is 4p which imo is very achievable.
E_AL: A rather disingenuous response which dodges the point I clearly make. I did not say not to rely on the figures given by third parties - I said it spoke volumes that you have to bring to the fore those figures given by others because very few believe what the ANGS BoD say (i.e. They are not to be believed or trusted until third party evidence can be brought to bear to support the BoD's veracity). What does that say about the BoD you are hoping will deliver Balcolmbe and Saltfleetby? - speaks volumes to me.
IMO
So you want me to ignore Halliburton & Gazprom figures now which were officially submitted to OGA and listen to your conspiracy theory ? ha
E_AL: Doesn't it say something when you have to rely on numbers given by third parties as you are unable to rely on the veracity of what your own BoD say? Speaks volumes for me - and a few others I suggest!?
IMO
Mirasol, I already answered this question last night:
Balcombe and Saltfleetby are very different to Brockham . Balcombe can flow and Saltfleetby already been in production unlike Brockham and most importantly their figures were given to Angus by Halliburton in Balcombe's case and Gazprom /Wingas in Saltfleetby so there shouldnt be any doubts about the authenticity of these figures.
Balcombe : Paul Vonk saying the flow test results were given to Angus by Halliburton: https://streamable.com/yupdt
Saltfleetby : George Lucan saying that the gas field figures were given to Angus by the previous owner: https://streamable.com/zdy4p
Mirasol: Absolutely spot on.
IMO
"the total value of the company's assets "
trouble is this "value" was brought to you by JTP/Vonk/Lucan - the same people who puffed Brockham
So why do we believe any of what they say ?
The market clearly doesn't believe them
I agree gmed, I wish I didnt invest in ANY of the Weald companies (UKOG,ALBA,Angus). I lost alot of money in UKOG Q3 last year when the sp dropped from 2.4p all the way down to 1.4p . I then decided to switch to Angus before JTP "turns the taps on" but I guess you know the rest of the story .........
Like almost all of us on here, I am not a fan of Angus but the total value of the company's assets worth much more than the current MCap so the SP must respond to this FACT at some point. I averaged down after the last drop because I believe the sp hit the rock bottom and it wont go much/any lower than the current level.
Brockham's Kimmeridge story is in the past now so if Lucan secures a good deal to sell Brockham or if the new Operations Director decides to target the Portland reservoir then the sp will respond positively, I also wouldn't mind to wait for some time if needed until the sp bounce back up to more realistic level, 4p would allow me to break even and to possibly make a small profit too. New investors/value traders holding from this level could easily double or triple their investment with "almost" no risk - imo.
Scally: Interesting and balanced post.
Alan I believe was, as he said, A profesional planner with a Major oil company.
His work would have been from "the book" with no deviation / health and safety top priority.
A dry hole to that company would be like a paper cut on your finger. A dry hole for Angus (as we have found)
is like cutting a major artery.
Alan wasn't able to adjust to the likes of Angus who work on a shoestring, there were obviously going to be confrontation
due to Angus working off book.
I wonder though, if he believes Angus story of "Not mature enough". I certainly don't.
In time the truth will out and anyone deserving a prison sentence will recieve one. JTP. G.L. A. Hollis.
I believe without a doubt angus have decieved us.
I don't believe the Litigation road will help anyone but the lawyers, I believe that is a bigger scam than Angus are pulling with BRX4Z at Brockham.
"Third party funding" That will just be a token amount put up by the law firm, shortly after there will be a call for funds from those pursueing the action, it won't be much and they will have hyped themselves up to getting their loses back, so will pay up.
Now it works like a blackmailer ( it's not blackmail though) another call for another smallish amount of money,
This will continue for months, then the call will be for higher amounts, by then your in their web, you've paid in so much
if you drop out your losing everything and so it goes on.
Eventually though everyone pulls out of the scam.
That's another case succesfully dealt with that hasn't gone to court with no disclosure.
So, I say, On the very first call for cash from any of you, Don't.
e al - my biggest "shoulda" with angs is that I didn't sell when alan flagged the christmas work stoppage as being very odd. But I did listen to him and dumped my holding in ukog when he smelled that something was not right at BB. Made a very nice profit which almost covers my losses in angs. Win some, lose some, although I wish the balance was a bit more on the win some side.
I think gkb47 is probably correct - he was fooled like the rest of us.......
I found his technical stuff pretty much spot on, though he had a tendency to patronize anyone who had a slightly different opinion. I suspect he's in the industry, maybe in Aberdeen. I never saw him as a JTP fan, more he looked at what they SAID they were doing and believed it........ BIG MISTAKE
Probably spent his career working for normal oil companies and couldn't believe anyone would be such a bunch of ... optimists???
Maybe that 'Loooooong sigh' was his last.
Not true at all , in fact Alan was adding value to this board unlike most of the rubbish posts on this board over the past couple of weeks by the three deramping musketeers . He has a considerable experience in the oil and gas industry and put plenty of time and effort to respond to each of our technical questions. He always provided independent and professional views on Angus's operations &performance and just like almost all of us here, Brockham's rns took him by surprise .
He said something wasnt right about the work suspension last Christmas, he never liked JTP and he said on numerous occasions that Angus could do much better without him.
Hi Pboo. I hope you are well. Thanks for your pic inputs through the past months.
Alan fed in an enormous pile of comments and information here, mostly highly opinionated but obviously based on a bank of experience. I doubt he was here to simply polish his ego and play impatient teacher for why otherwise would he depart so abruptly. Perhaps his ego was not as invulnerable as he or we imagined and that, as you suggested, ultimately it could not bear the conclusion that he was plain wrong on a number of key points. Those errors smashed his strongly projected image and I imagine he is a sorry mess right now. You would have thought he would have known the risk profiles better coming from an O & G background. Perhaps his experience was less than portrayed. Long sigh.
He has done a runner out of embarrassment that he was 100% wrong.
???