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Started: hand-some, 16 Feb 2024 10:21
Last post: hand-some, 15 Mar 2024 12:55
I use swissquote
What trading provider do you use? On IG they haven't yet booked the shares at zero - wondering who your providers prime broker is?
Just got the 'Worthless liquidation" message on my trading account and AAOG completely removed. I lost lots of money, still cant believe how stupid they were afterwards not to utilize tax losses for some other company to get listed. What a silly investment for Mr. Forrest and co who lost themselves 500k.
Live and learn..
Started: Kwota, 19 Sep 2023 13:57
Last post: dandandan, 29 Jan 2024 15:13
According to the Gov website the company is dissolved. Is there any chance we can get back some money through a discretionary grant?
I wonder if it would be worth approaching ShareSoc with this malfeasance?
Additionally, what about reporting to the police as Forrest is obviously an agent of Russia?
Yes our shares are now worthless.
There’s advantages for the company Directors past and present in that their actions will not be investigated , who would bother and why. There are few consequences for them , most of them resigned before the company was dissolved so are in the clear , and any others , the worst that can happen to them is they will not be allowed to operate a company with the same name or start the same business for about five years ( I cannot remember what the law is exactly)
Anyway our money is gone, and someone else is enjoying it !!!
Good luck everyone, and try to forget about the scumbags that run this company!!!
Just checking in after some time guys. Is that the end for our AAOG shares?
Just like that - the useless scumbag directors don't file?
Can this not be reported for fraud?
Can Share Soc investigate?
Thank you for sharing this update, Mouse. It's really unfortunate to hear about the dissolution of the company due to the oversight regarding the annual returns. I understand that this marks a significant turning point, but I'm curious to know if this is absolutely the final end of the company. Is there any possibility of a revival or restructuring in the future, or is this the definitive conclusion?
Any further insights would be greatly appreciated.
Started: DutchStanton, 11 Jul 2023 14:00
Last post: DutchStanton, 11 Jul 2023 14:00
She seems to be doing allright verat HE1
https://www.helium-one.com/about/board-and-management/
Started: irishmouse, 10 Jun 2023 08:37
Last post: MrEMC2, 20 Jun 2023 21:54
Notified 20 June 2023
"ANGLO AFRICAN OIL & GAS PLC - Important Information
Removal of Stock
Following the Cancellation of Listing in 2021, we have received notification that the Anglo African Oil and Gas Plc (Anglo) shares are no longer eligible to be held within the UK Settlement System".
@Irish. I wote this off as a lost cause and not kept upto date with it tbh, but what is this meaning in terms of reclaiming any value in shares held?
Did a court case happen at any time as it seemed this was a big scam?
Our beloved CEO went on to form a FactChecking company which is a bloody good reason to distrust fact checkers imo.
If I understand this correctly, it seems that someone does not agree that AAOG should be dissolved... now, it would be interesting to know who this person is, what arguments he has against dissolution and what his motives are.
From companies house, latest update.
STRIKING OFF ACTION SUSPENDED 04140379 ANGLO AFRICAN OIL & GAS PLC
Action under Section 1000 of the Companies Act
2006 has been temporarily suspended as an objection to the striking off has been received by the Registrar.
Irishmouse: yes. When Companies House says “in ten days”, it often means they’ll be available imminently, so it's worth watching their site.
County court judgment registered for just over £5k, this must be the end and no hope of recovering anything
Started: irishmouse, 2 Jun 2023 15:19
Last post: OofyProsser, 4 Jun 2023 16:16
Irishmouse: when he got involved with AAOG, Mr. Forrest’s SEL owned 49% of the Saltfleetby gas field. A few months after his appointment as a Director here, he negotiated terms for the sale of SEL to Angus on very generous terms. He’s been busily selling the hundreds of millions of shares he acquired ever since. Whether he’ll retain his Angus Non-Executive Directorship once he’s sold them all is a moot point. If he plans fully to exit Angus, it’s hard to see what AAOG has to offer him. He’ll be a rich man, either way. I’d be surprised if he allows this
AAOG to be struck off while he’s a Director, though, with the reputational damage that would follow and in view of the small outlay that would be involved. I’m not sure how the host of small investors here will benefit, either way. AAOG’s only attraction, as far as I can see, are the tax losses but where are the companies with sufficient qualifying profits against which these losses could be offset? I’m no accountant though, I don’t follow all of the oil and gas companies and anything can happen in AIM companies.
Apologies for earlier fat finger.
Irishmouse: when he got involved with AAOG, his SEL owned 49% of Saltfleetby gas field. A few months after his appointment as a Director here, he negotiated terms for the sale of SEL to Angus on very generous terms. He’s been busily selling the hundreds of millions of shares he acquired ever since. Whether he’ll retain his Non-Executive Directorship once he’s sold thevall is a moot point. If he plans to exit Angus, it’s hard to see what AAOG h
Lou’s? Should read plus…. Small phone keypad and fat fingers.
Good post Oofy and a Lou’s one from me.
The accounts only need to account for the £200,000 that Sara Cope managed to take from Zennith and that’s all as we are not trading. I assume Paul Forrest could do the accounts during lunch break so why the reluctance to publish then and keep us alive to fight another day ?
Irishmouse: As I understand it, this has been a cash shell for nearly three years, when its most recent report and accounts were published, and its AIM-quoted status has been suspended for the past two years. Mr. Forrest’s company, Forum Energy Services, withdrew its financial support at the time it became a cash shell, but Mr. Forrest became a Director in February 2022, giving rise to hopes he had a use for AAOG’s tax losses.
There must have been a reason for Mr. Forrest’s interest in AAOG and the possible consequences of his allowing the company to be struck off will be unpalatable to him, I should think. So I’d be a little surprised if some action is not taken on the filing of accounts soon. He may have been busy with his new responsibilities at Angus Energy and in finding appropriate uses for the large amounts of cash he is amassing as a result of the sweet deal that his company SEL concluded with Angus last year. Whether he and his fellow Director are still interested in keeping AAOG going or would prefer to finance its winding up is unknown but they’ll have to decide and act accordingly within two months or it looks as if the decision will be taken for them, leaving the Directors with reputational issues and potential financial liabilities. If he bought into AAOG in the first place against the possibility of using its tax losses, Mr. Forrest will at last have to bite the bullet on this. I doubt that Angus Energy will feature in AAOG’s future. Who knows, though, this is AIM?
Started: Keving23, 5 May 2023 23:50
Last post: ZaphodBeeblebrox, 12 May 2023 10:15
what goes on at zenith is only of interest now to aaog as far as the actions of paul forrest go.
i still think aaog needs a good investigation by the fca, but then they are as useful as matt han****, boris j and liz truss, and i suspect that is on purpose, sadly. with the russian connection to forrest you would have expected mi5 to be onto him, respectable businessman that he is.
Ive no idea what this means ?
Dutch
Interesting, would this money now belong to AAOG or rather to ZEN (who took over the rights from AAOG). What is your opinion on this?
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Update on Tilapia
Fri, 17th Feb 2023 11:30
RNS Number : 3185Q
Zenith Energy Ltd
17 February 2023
February 17, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Update on Tilapia
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company with proven revenue generating production, exploration and development assets in Africa, the Middle East and Europe, provides an update on its business activities in the Republic of the Congo.
Zenith had previously announced the successful completion of an Inquiry of Public Utility (Enquête d'Utilité Publique) ("IPU"), involving an in-depth technical and financial review of the Company performed by the Ministry of Hydrocarbons of the Republic of the Congo, on February 10, 2021.
The purpose of the IPU was, in accordance with local law, to determine Zenith's suitability for the award of a new 25-year licence to operate the Tilapia oilfield following confirmation, announced by the Company on December 23, 2020, regarding the successful bid submitted by Zenith Energy Congo SA ("Zenith Congo") for the award of a new 25-year licence to operate the Tilapia oilfield ("Tilapia II").
The Company has now become aware that a company named Olive Energy E&P has been awarded a licence to operate the Tilapia oilfield.
The Company is disappointed by this development, which contradicts the aforementioned milestones.
Debt owed to Zenith by SNPC - approx.US$5.3 million plus accrued interest
The Company announces that it has engaged a legal representative to negotiate the full repayment of an original principal amount of US$5.3 million plus accrued interest owed by Société Nationale des Pétroles du Congo ("SNPC"), the national oil company of the Republic of the Congo, to Anglo African Oil & Gas Congo S.A.U ("AAOGC"), a fully owned subsidiary of the Company, for past work performed during the Tilapia I licence.
Legal Claim against SMP for approx. US$9 million
Started: ZaphodBeeblebrox, 13 Apr 2023 16:46
Last post: Stool, 14 Apr 2023 23:24
Perhaps he needs the money to pay the fine for not posting the year end accounts on time. They were due 31st march.
From todays RNS at ANGS
"The Company has been informed that Paul Forrest, Non-Executive Director, on 6 April 2023 sold 13,000,000 Ordinary Shares of 0.002p each ("Ordinary Shares") at an average price of 1.8 pence per Ordinary Share. Paul Forrest's total shareholding in the Company is now 499,856,061 Ordinary Shares representing 13.92 per cent. of the Company's issued share capital."
So he is taking cash out of ANGS. To rescuscitate AAOG with another venture, or for Monte Carlo casinos and hookers, who knows.
Started: DutchStanton, 15 Mar 2023 15:47
Last post: OofyProsser, 30 Mar 2023 00:41
Sorry, fat finger. ... not many with profits against which the losses may be offset that these losses may not be much of an attraction. If someone were going to bid for It, you’d think they’d have done so before AAOG was suspended.
There’s no option here for shareholders but to wait and see. Mr. Forrest does seem still to own 25% but that may mean something or nothing. It’s probably the best hope.
MrEMC2: I don’t think that transaction with Zenith ever went through. The sequence of events is all there in the first page of RNS’s here. Mr Forrest seems still to own 25% of AAOG but he’s allowed its AIM status to lapse. There was a proposed deal in the Angus Energy Saltfleetby field between AAOG and Saltfleetby Energy, which held Mr. Forrest’s investment in the field, but that did not take place. If Mr. Forrest wants to continue to be involved in AIM, other than as a non-executive Director at Angus Energy, AAOG may be his vehicle but he looks like making so much money from his very sweet deal with Angus for the sale to them of his 49% stake in the Saltfleetby field that he may prefer an easy life in the sun somewhere. Who knows? There are tax losses in AAOG but there’s a lot of small oil companies with large accumulated losses and not manybwith profits againstv
Hi OofyProsser, looking back at past posts the £500k investment was mentioned by a number of posters in 2020 linked with the name Forum; perhaps it was meant that AAOG was worth £500k to Forum.
It would appear that it arose from RNS 27 Dec 2019 - the £500k was from Zenith so you are correct - Forum did not make that actual investment.
RNS 27 Dec 2019 Disposal, Capital Reorganisation ....
"The Company has entered into a conditional sale and purchase agreement ("SPA") with Zenith Energy Ltd for the sale of an 80% interest in AAOG's wholly owned subsidiary Anglo African Oil & Gas Congo S.A.U ("AAOG Congo") which holds a 56% interest in Tilapia in the Republic of the Congo ("Disposal").
The consideration for the Disposal is the payment by Zenith of £1 million, of which £500,000 is in cash payable in six equal monthly instalments from the date of completion and £500,000 of Zenith Ordinary Shares to be issued at the VWAP of a Zenith share for a period of 14 trading days prior to completion of the Disposal. In addition, Zenith will fund AAOG's share of a US$5.5 million work programme on Tilapia and will fund the upfront cash element of any signature bonus payable for the new licence negotiated with Congolese Ministry of Hydrocarbons."
So the £500k is lost and around 499,434,220 shares in issue are worth 0.0p but the company is still 'active' at Companies House.
MrEMC2: I haven't followed AAOG for very long and have only a cursory interest in it, but Paul Forrest resigned from Forum Energy Ltd. in May 2019, at the time he was acquiring 100% of Wingas’s Saltfleetby gas field (which he has since sold on to Angus Energy in two tranches). He has been the only officer in Forum Energy Services Limited since 2015, and notified a controlling stake in it in about February 2020. The two Forum companies appear to be unrelated in ownership terms. Mr. Forrest is the sole Director of Forum Energy Services Limited
Forgive me if I’ve got it wrong, but I can’t find a reference to Forum Energy Ltd. having made an investment in AAOG. Forum Energy Services Limited has. Their accounts are pretty thin.
Since June 2022, Mr. Forrest has been getting rich as a result of his sale of his 49% in the Saltfleetby gas field to the 51% owner, Angus Energy plc. Whether he has any plans for AAOG is unknown. He has a further Directorship in a thing called PGOX Massey, which might be worth a look.
She is still active as director at five other companies. She probably got fed up not being paid anything.
I'm wondering what was all that business about Forum Energy pumping £500,000 into AAOG - that was the hook that encouraged me invest. Paul Forrest is a here but he resigned from Forum Energy 31 May 2019. Presumably Forum would like it's money back too!
Started: Proffit, 31 Jan 2023 15:59
Last post: Proffit, 2 Feb 2023 14:09
Paul Forrest sent a conformation statement to company House there is a small fee for this £13. We were also given paper share certificates. Why bother Unless you have a plan for the company.. but what’s the plan .?
At least we are not dead yet... and the posting of Profit + BiguPajc shows that someone is active in the background and deliberately wants to keep AAOG alive.... there must actually be valid reasons for this.
One never knows what time will bring!
Could we be the "from rags to riches story" of 2023 ?
The confirmation statement gives Companies House a yearly snapshot of the management and ownership of the business and carries an annual filing fee.
Therefore the company is not dead just yet ....
I think he means that the annual statement was posted on companies house:
https://find-and-update.company-information.service.gov.uk/company/04140379/filing-history
Started: JoeCreed, 9 Jan 2023 16:16
Last post: JoeCreed, 9 Jan 2023 19:01
Ok :)
Happy new year Joe I am just fine. Don’t write this off just yet, this month we should get the annual confirmation statement and end of year results ( which we’re delayed for six months) which could give us some idea where Mr. Forrest may take us.
AEX… what year (:-)
Hi, how are you doing? I have written my modest investment off here, I had high hopes! Thanks for watching the shop here lol.
Aminex spudding in March...you getting back in?
Started: irishmouse, 31 Dec 2022 19:06
Last post: ZaphodBeeblebrox, 3 Jan 2023 09:13
Just looking in after some time and good to see some regulars such as oofy, irishmouse and petroleum are still about. Paul Forrests Saltfleetby project appears to be paying off so far and I wonder what his plans are next.
From the Qand A response from ANGS about their lack of plans to buy AAOG, to be fair I don't think they could or would say they had such plans even if they did. Commercial sensitivity and all that.
The prospects for our AAOG investment lie in the hands of Paul Forrest and his friends. It's still as murky a situation as before, but there is still hope for a resurrection this year.
All the best, and hopefully a Happy New Year for us all.
Z
I hope everyone has a safe, peaceful and happy new year. Maybe just maybe next year could be eventful for us at last.
Last post: dandandan, 19 Dec 2022 01:28
Thanks for the reply! I thought that was the case, I kinda hoped I was wrong :)
Sorry to tell you that at this time you are unable to sell your shares here as they are not listed on a trading platform and have zeroed value. However things could change in the future. Hope that helps.
Sorry for the dumb question, but I've never had to deal with cancelled shares before; is there a way to "sell" them at all?
I bought them using my ISA with Barclays but now I need some cash flow for a different investment: any way I can get (some of) the money back?
Thanks to whoever replies :)
Started: Merlin2014, 28 Nov 2022 07:40
Last post: Merlin2014, 29 Nov 2022 21:17
MrEMC2 - Thank you and very much appreciated !
Hi Merlin, Well, the company is still registered at Companies House as 'Active' and has a £42m tax loss allowance on books so it is not completely dead and cancelled.
Very long wait to see whether Paul Forrest (who has taken over the helm from Sarah Cope) comes up with any ideas for the use of the tax loss allowance which might benefit existing shareholders.
https://find-and-update.company-information.service.gov.uk/company/04140379
I'll be honest I've lost track here- but are we totally dead in the water, or do we have an asset/interest at some future point?
Started: JODO, 30 Sep 2022 19:56
Last post: JODO, 6 Nov 2022 17:09
Oofy
Thanks for taking the time!
J
JODO: thanks. Angus’s near term future depends virtually entirely on the success of the sidetrack which they’re about to drill. If it succeeds as they forecast it will, they’re out of the woods and you may expect a useful rise in the share price. If its completion is later than scheduled by more than ten days, they’ll need more money. If it fails, Mercuria will be making the decisions, I should think. So far, Mercuria appears to have been supportive and the Anguish management says they are long term supporters. But we’ve had next to no details of the terms under which the missed hedge payments from July and August (£8mm-ish?) and what part of the loan repayment due at the end of September have been deferred. Meanwhile, Mr. Forrest continues to sell his shares. If you believe the story the Angus management tells, the shares are grossly undervalued. So Mr. Forrest must have something very good into which he’s investing the proceeds of his sales. As I’ve remarked before, Angus Directors are not buying, though they have voted themselves a whole lot of options. If you can get yourself a similar deal - free options that convert at 2p once the price has reached 3p - fill your boots.
I’m no expert on oil and gas drilling. It’s a fact that several earlier sidetracks from the well from which they’re drilling this one failed. The management have a range of reasons they offer for these failures and it seems that they’ve got a host of competent people advising and doing the drilling this time, and better seismic. You pay your money and you take your choice. A cynic or an old AIM hand might expect the usual suspects to engineer a ramp up to 3p+, at which the management options can be exercised and the relevant individuals enriched irrespective of the outstanding loans and hedges. Who knows?
Oofy
Welcome back!
What about the near-term future for Angs in view of your concerns about them invariably missing targets?
Thanks
Mr. Forrest appears to be getting rich, gradually selling his huge shareholding in Angus in the market. None of the Directors has bought shares for well over a year and each of their holdings is very small. He got a sweet deal when SEL sold his 49% to Angus.
It’s clear that Paul Forrest has sold us down the river just like the rest of the board and we will never see any of our money again.
Started: ocelot, 1 Nov 2022 18:02
Last post: ocelot, 1 Nov 2022 18:02
When will the company buy AAOG with £42m tax loss allowance and will you expect problems from the chancellor with any new revised fiscal policy. Asked on 1 November 2022
We have never suggested that we have any plans to buy AAOG – nor do we. As to the Chancellor, we know as much as you.
Started: petroleum1, 14 Sep 2022 21:49
Last post: JODO, 15 Sep 2022 17:04
Petroleum
I think even Starmer was able to come up with this idea 6 months before Sunak!
"EU targets €140bn from windfall taxes on energy companies"
https://www.ft.com/content/c936d529-4223-4983-980c-0e4251ed1297
This article is behind a paywall. What is so intereting about it is that it was the idea of the British ex Chanceller Rishi Sunac who pioneered taxing energy companies. One of his ideas also was to stop tax losses from being transferred from one company to another. I hope this is not bad news to AAOG.
Started: petroleum1, 10 Sep 2022 00:39
Last post: OofyProsser, 11 Sep 2022 19:01
Petroleum1: so you're taking as fact the ramping of an unidentified Twitter user, are you? The single compressor currently on site is rated at 5mmscfd. Production will need to rise significantly above its current flow rate to avoid another loss, on the September hedge. They’ve got big debt service payments this month, and have to maintain a large cash float under the terms of the Debenture Charge. They haven’t got money for a sidetrack, even if they’re allowed to drill one while operating the existing plant. We don’t know the terms on which Mercuria have allowed Angus to defer their existing large debts on the missed July and August hedge contracts. This incompetent Angus management has just added two very competent senior people, one a non-executive Director, the other a hands-on Executive. Others think this means Angus is going places. I believe they’ve been put in by the senior lender, who are on the other side of the hedge contracts.
I calculated the existing revenue for ANGS at a gas flowrate of 5mmscf/d to be £51,000 /d excluding condensate of 50 b/d.
Also Sunday blog of oilman jim, Malcom Rees reported the following:
"Angus Energy (ANGS) announced Saltfleetby flow rates: from well A4 of 4 million cubic feet of gas per day and over 4.5 million cubic feet of gas per day from well B2. Current capacity to process gas is 4.6 million cubic feet per day and the aim is to raise this process capacity, such that in the coming days the plant will reach a minimum steady state of 5.5 million cubic feet of gas per day, which would meet the company's hedge obligations for the fourth quarter. !Stabilised condensate production also has started at around 50 barrels per day. "
From Twitter
https://twitter.com/mgrahamwood/status/1568652617366278144?s=46&t=_LNRGJl0ivhk0bxK64Hm2g
"- 2nd compressor online this month"
They will be very short of money at the end of this month if they don’t have a placing. I can’t see where in this statement it says they’ll have a second compressor in place by the end of September. They’re at Mercuria’s mercy. The two new Angus executives were most likely appointed by Mercuria and are reporting to Mercuria, who appear to be able to exercise their Charge and acquire Angus at will.
If this were looking so good, why has none of the Directors bought any shares in the past year? Why have insiders been selling into the rise?
Started: petroleum1, 2 Sep 2022 23:58
Last post: OofyProsser, 5 Sep 2022 01:09
Well, I wish you luck with it, it would be nice if something good happened for the AAOG shareholders.
It’s possible also that the NSTA has had a look at the accounts of Angus and is not impressed. These new Board appointments could result in the exit of the current Chairman and MD. the new men would impress the regulator more. i can’t see such people accepting roles at Angus without large cash incentives and guarantees. Angus isn’t in a position to offer them either. The only company involved with Angus that could is Mercuria. Why would they want to leave the ownership of Angus with the current shareholders, when their Debenture Charge entitles them to take Angus over if they fail to meet certain financial requirements. There’s £5mm of debt service charges due soon, on top of the invoices for the cost overruns and a month of hedge deferment - as well as a second month’s worth which may or may not qualify for a deferment. I know they’re getting excited on the Angus chat site but there remain very big risks here.
OofyProsser
Iam expecting the flowrate for the second well to be comparable to the first as shown in page 5 of the history pesented by the company.
https://www.angusenergy.co.uk/wp-content/uploads/2019/12/Saltfleetby-Gas-Field-Dec19.pdf
Also I will be watching next week the live flowrate data of the two wells in the National Grid.
https://gasdata.nationalgrid.com/InstantaneousView
I am almost sure that this will come good.
As I have 4 million shares in AAOG and there is high probabilty it combine with ANGS there is no point of me buying into ANGS.
The high caliber of the new directors indicate the importance that Saltfleetby has become to the country whether for energy security or gas storage capacity.
Petroleum1: yes, those two new Directors are far bigger hitters than the present Board members, they must be on a promise. Who’s in a position to promise them anything? Not Lord Lucan, whose position is looking very shaky with the appointment of Richard Herbert to an executive directorship encompassing all the gas and oil assets. It looks as if Mercuria has put them in. Read into that what you will.
Two dirctors were appointed today. The first one is Krzysztof Zielicki who
" was Vice President for M&A and Strategy." in BP and Rosneft. Also a well informed poster on the other board said talk of takeover is taking place now at Angus board. I am hoping some good news will emerge for AAOG.
Started: mmafr, 25 Aug 2022 14:07
Last post: petroleum1, 25 Aug 2022 17:41
mmafr
Angus Market cap is now £44m. To add to it £42m from AAOG would not be a bad idea For Mr Forest who is a nember of the board directors at Angus.
The NPV for Angus now based on the present gas price of 567p/therm
P90= £417m
P60=£731m
The gas price is still rising.
https://tradingeconomics.com/commodity/uk-natural-gas
A lot of revenue will be generated at Angus and AAOG tax allowance of £42m will become useful.
However to me now remain the question of when to buy into Angus. I missed the uppurtunity to buy below 1 p.
Now, could this have an impact on AAOG? Lets cross our fingers....
Commissioning Update at Saltfleetby
Angus Energy (AIM: ANGS) is pleased to announce that the Company's site operations team, with supporting specialists, has now introduced and processed well head gas throughout the combined extraction and condensate processing facility.
Well B2 has alone been delivering at an equivalent rate of 5 million standard cubic feet per day, surpassing the Company's internal expectations, although we expect deliverability to normalise with time. The Company will introduce the stream from the A4 well shortly.
The stream has been passed through the whole process plant including condensate stabilisation and storage tanks as well as gas analysis. Specification gas has been achieved in short tests to date as has an export pressure of approximately 60 barg sufficient for entry into the national transmission system, or "grid"
The Company will make nominations for gas sales when it is satisfied of stable flow, uninterrupted by electronic trips, for an extended period of time being not less than 8 hours continuous flow which we strongly believe will occur before the end of August thereby meeting the current deadline under the Company's revised hedge arrangements as notified on 29 July 2022.
Started: petroleum1, 24 Aug 2022 14:18
Last post: petroleum1, 24 Aug 2022 14:18
Irish
We are approaching the finish line. If ANGS succeed we will combine and start trading. If ANGS fails (I do not beleive so)
we will find another revenue generating entity and combine with and we also start trading.
Started: petroleum1, 19 Aug 2022 22:06
Last post: petroleum1, 24 Aug 2022 11:58
B_A_B_A
As I see it, our future in AAOG is closely dependent on the success of ANGS. If ANGS succed we will be part of the outfit.
Our director Mr Forest is also the directorof ANGS who will be able to use the £42m of the tax losses into ANGS future revenue. Mr Forest could have reversed AAOG into any entity that generate revenue some2-3 years ago but did not. Why ? because he want to combine it with ANGS. I want ANGS to succeed so that AAOG can combine with it and we start trading. Thak you for pointing this out.
Is this AAOG Chatboard or ANGS?
I was going to buy at 0.6-0.8p but I did not. Some negative posters on the other site changed their stance to positve dependent on success of sidetrack. Lord Lugan must know some people with money who can step in. It all depend on what is happening at the well site. They should update people on the progress but they do not. I am hoping nothing serious they are encountering.
Petroleum1: apart from the fact that Angus has £5mm of debt service costs to pay the Lenders soon, from cash resources that they don’t currently possess, the loan is not their big problem: the big problem is the hedge contracts, on which they already owe something like £6mm, by my calculation, and possibly more. If they get the plant working at capacity in the first week and a half of September, they’ll break even that month, possibly a bit better. Thereafter, however, the increased volume from 1 October required by the hedge schedule cannot be achieved from the existing wells, so further big losses will be incurred that month. From November, they need a successful sidetrack to enable them to meet the requirements of the hedges. They haven’t currently got enough money to pay for a sidetrack, by my calculation and a sidetrack from that well is not certain to find the necessary volume of gas. Mercuria will be in a position to take Anguish over at any time if Mercuria want to.
This is AIM, though, anything can happen and investors are capable of deluding themselves for extended periods, so the price in the short term is not reliably predictable. Good luck with it if you’ve bought some.
OofyProsser
I used NPV (Net Present Value) numbers in the CPR. I am assuming that they have taken everything into account.
In any case when you \have a PRESENT NPV of the following magnitude,
NPV P90 = £387m
NPV P50 = £678m
and rising , Mercuria debt of £11 m become irrelevant. I am going back to the CPR and try to see if I can find out more information.
Started: irishmouse, 12 Aug 2022 11:46
Last post: petroleum1, 12 Aug 2022 15:22
I bought £30,000 worth of shares in RMP(Red Emperror) some 2 ears ago. They went bust and the company re-emerged as FME(Future Metals) soon afterward. Total trading history is shown below:
https://uk.advfn.com/cmn/chrt/chrt_wrap.php?epic=LSE%3AFME&name=&type=1&size=2&period=12&ind_type1=1&ind1_1=&ind2_1=&ind_type2=0&ind1_2=&ind2_2=&ind_type3=0&ind1_3=&ind2_3=
John Forest could have done similar thing 2 years ago but he did'nt. He can still do it now before next prime minister election next month. Can we share holders sign a petition asking for ths to be expedited?
Irishmouse: I don’t either. I came across it when I was looking at one of the late unlamented NMC Health’s Directors, who was also an Angus Director. It’s been a very interesting introduction to AIM and to the appalling absence of any investor protection whatsoever. I’m more interested in this being exposed in due course, rather than in Angus per se. I’m posting here because I don't think the connection with Mr. Forrest and Angus can be relied on to be of any benefit at all to AAOG shareholders, and arguments to the contrary should be met. I’ll probably be banned from this site now!
I really don’t give a stuff anymore about Angus, I just want us to move on, find an asset and start trading again.
Started: petroleum1, 11 Aug 2022 14:29
Last post: OofyProsser, 11 Aug 2022 23:44
Ah, yes, the CPR. Which assumed a start date of mid-March 2022 and 3.5 months of unhedged production until end-June at market prices at a rate of 5mmscfd. Instead of which they’ve produced nothing in those months and are currently owing £4-4.5mm on the July/August hedges and counting. The CPR assumed a sidetrack to double production would be drilled before the plant began operation, instead of which it looks as if they won’t be able to drill it without stopping production (once production starts - they’re certainly not allowed to drill while building and commissioning the plant) at the existing wells. They haven’t got the money to drill a sidetrack in any case and there wouldn’t be time for full planned capacity production from a sidetrack to meet the hedge requirement in October even if they could do it. The existing wells won’t meet the increased volume required by the hedges in each of the nine months from 1 October, so there’s a virtually guaranteed substantial shortfall for at least the balance of this year on the hedges. In other words, really big losses. Mercuria, with whom they have signed the forward (hedge) contracts, have agreed to roll over the losses on part of the Q3 shortfall into Q1and2 of 2023, but we know none of the detail. If Angus can’t drill a sidetrack, they’ll be losing money until at least June 2023. If they can drill a sidetrack, they’ll be producing very little gas in 2022, since the existing wells will probably have to stop production while it’s drilled. From June 2023 the hedges decline to the level of the production from the two existing wells but the hedge price falls as well, reducing their income further. Meanwhile the 15% or so long-term annual reduction in production experienced since the field began production will start to resume. Even if they were to find the money, and the regulators were to allow simops of production from the existing wells while they were drilling a sidetrack, there’s no certainty the latter would find gas. They’re currently existing on the charity of Mercuria, which can pull the plug if Angus can’t meet the hedge payments. Mercuria are also due £3.5mm in debt repayments, probably by end-September, plus £1.5mm. of interest. They may agree to roll these over as well but they’ll doubtless want a sweetener for agreeing to do so. Meanwhile the weight of debt continues to increase and will have to be repaid one day from cash flow. Having taken over SEL in a very generous deal for Mr. Forrest, the losses and debt payments will all fall to Angus’s account.
There’s little doubt that Saltfleetby gas will prove a highly profitable resource. Probably not for Angus, though. Mercuria is going to take virtually all of it, in my view. Unlike the Angus management, they know what they’re doing. Angus may be kept in business but to attribute to them a prospective value of 3p per share or more seems to me to misunderstand their position.
OofyProsser
CPR values on 26th Oct for Angus only when gas price was 64p/therm was:
NPV P90 = £31.7m
NPV P50 = £55.4m
I believe that the above values are reported in RNS.
As the gas price now is 408p/therm the above NPV values for Angus only are calculated as follows:
NPV P90 = £202m
NPV P50 = £353m
If you add SEM share of 49%, the NPV for Saltfleetby field will be:
NPV P90 = £301m
NPV P50 = 526m
Calculated by whom?
Angus shares in issue 2590 m
At a gas price of 359p/therm, the NPV was calculated to be £408m.
Therefore the expected share price at a gas price of 359p/therm will be £408 /2590m = 15.75 p.
But the gas price today is 408p/therm.
https://tradingeconomics.com/commodity/uk-natural-gas
Therefore the expected share pprice to exceed 15.75p.
Started: petroleum1, 8 Aug 2022 13:51
Last post: OofyProsser, 8 Aug 2022 16:34
The Angus chat board on LSE is largely the preserve of company shills, boiler room types and irremediable dimwits. Most of the informed people have been banned from it by a complicit admin and/or moved to ADVFN, where the conversation can be quite intelligent.
The issues discussed by the rather superior people who’ve done lot of research on the other site are the monthly hedge contracts, the sidetrack, Angus’s current cash position vs. its debts and trade invoices, and the extremely late and slow progress toward producing gas for sale. The eventual flow rate is anyone’s guess. Yes, they should in theory be able to get 1.5mm therms per month but when will it start? And will they be required to stop operations to drill a sidetrack? And it’s too late now for even a successful sidetrack to meet the flow rate required by the October hedge. If it’s not drilled, or is unsuccessful in finding gas, Angus can’t meet the 9 months’ supply required by the hedges from October. Even if gas flows from the two existing wells at the required monthly rate from tomorrow, they’ll still be losing money on the August hedge. There’s also a massive share overhang from Mr. Forrest’s deal with Angus and from Aleph.
On Angus board some people accuse management of fraud and say SFB will not flow.
SFB was flowing at 5 mmscf/d prior to shutting in in 2017.
https://www.angusenergy.co.uk/wp-content/uploads/2019/12/Saltfleetby-Gas-Field-Dec19.pdf
The reseevoir pressure at that time was 1400 psi (95+ bars) from the plot of P/Z vs Cumulative production. If you subtract the the pressure of the hydroststic column of 2300m (reservoi depth) you get a wellhead pressure of 80+ bars as reported by recent RNS. There is no reason why SFB will not flow at 5 mmsc/d when put on streaam now.