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Where does it say they pay 400000 a year for RENT.Their office space is £48 a sq foot.Come on guys where does it say this.
We shouldnt clog the board with posts we have already discussed so hope that helps. Practice what you preach MichaelGoodwill all this garbage you and Alan keep posting was dealt with over 12 months ago and is not relevant to today.You can not show me anything that says they pay 400000 grand a year on RENT.If you are going to post things like that prove it.
Baits - I already answered your point several times, so your comment "You can not show me anything that says they pay 400000 grand a year on RENT.If you are going to post things like that prove it."....is actually redundant.
Posted 3rd July 2020 @08:06
Baits - your comment “Who said Angus pay 400,000 a year on office space.I think you are way off with your post and I think you know that don't you.
https://www.rightmove.co.uk/commercial-property-to-let/property-70263146.html “ is again wrong. It is best to stick to facts which I do using Angus Annual reports / RNS.
If you had read the report then you would know. Click on the PDF link for “Accounts for a small company made up to 30 September 2019”
Page 20
Why has rent gone up from £115,000 (2018) to £410,000 (2019)? Is this the reason Knowe properties has never sold a share since Angus went PLC as they make more money through rent?
What is the £402,000 of Bad debt?
Counsultancy fees of £400,000….well what do you expect when your staff are ex interns with no oilfield experience. 1 for the price of 2 sadly.
https://beta.companieshouse.gov.uk/company/SC055329/filing-history
Angus now use the address Audley House, 13 Palace Street, SW1E 5HX which is nice if you need to borrow sugar from the Queen, but is it really good management to being paying such high prices for smack bang in the middle of London? George and the ex-interns could meet at a Starbucks.
I would imagine the Scottish address is just a virtual office or mailing address for the Scottish registered company.
Losing £400,000 in rent and a pay reduction of 20-30% equating to £200-£300,000 actually makes Angus a more viable company to survive Covid-19....your savings pay for 1 years salary (well thats before all the additional consultants are factored in...but at least its a start in the right direction).
Angus do not pay £400k in office space. This is shoddy analysis and a poor grasp of reading financials.
Lovepoundnote - its astronomical amount when you compare it to the previous years amoutn....but yes it is correct...it's all there in black and white.
If you had read the report then you would know. Click on the PDF link for “Accounts for a small company made up to 30 September 2019”
Page 20
Why has rent gone up from £115,000 (2018) to £410,000 (2019)? Is this the reason Knowe properties has never sold a share since Angus went PLC as they make more money through rent?
What is the £402,000 of Bad debt?
Counsultancy fees of £400,000….well what do you expect when your staff are ex interns with no oilfield experience. 1 for the price of 2 sadly.
https://beta.companieshouse.gov.uk/company/SC055329/filing-history
Rastuss - yes it strange and then we have a sudden influx of knowledgeable new posters who dismiss official numbers posted by Angus in Annual accounts, presentations and RNSs.
I would imagine the Scottish address is just a virtual office or mailing address for the Scottish registered company as they went via the English route for the PLC company.
Angus are using Audley House, 13 Palace Street, SW1E 5HX, so I would expect this to account for a large chunk if not all of the rental costs. But yes it is rather a tangled web. How much is Chiswick costing?
My recollection of Crowe audit costs were £40,000 per annum. Maybe the costs are related to Saltfleetby acquisition and obtaining the Operator licence?
gkb47 - The Lease payments have been set since before the IPO, so that doesn't explain the rapid increase in rent costs. Angus just used to use a virtual office prior to Lucan. And yes there is no reason to justify spending £400,000 on office rent for a company the size of Angus and the projects they are current undertaking. They aren't exactly busy at the moment and any business can be undertaken by using zoom and work on files together.
https://support.microsoft.com/en-us/office/work-on-a-file-together-058173f5-031b-4f37-8724-ce2a50aa1d1d
On Page 21
“Historically the Company has agreed certain arrangements with the landlord of the Brockham land, Meredith Brodie, and certain of her related parties (being BCL and BE LLP) whereby for a 10 per cent. carried interest in the Brockham Licence and the Lidsey Licence in favour of BCL and an annual cash payment of £140,000 to be paid to BCL, ABW3 was granted a lease over the Brockham land and certain other rights, such as the right to inject off-site water at Brockham.”
http://www.angusenergy.co.uk/wp-content/uploads/2016/11/Angus-Energy-AIM-Admission-Document-7.11.2016.pdf
gkb47 - "Having an expensive office in South West London would be ridiculous for a loss making company of this size." is so true, but also sadly true as that is the address listed in their email response.
Why does it show their address as
Building 3 Chiswick Park
566 Chiswick High Street
London
W4 5YA
on their website
Baits - I take it you saw the repost of the response regarding the £400,000 for rent and how it is correct.
The Palace Street address in London is the one that was listed in the Angus Energy email response, so one would be reasonable enough to assume that this is the working address. One would ask why they have a need for a further address at the Chiswick address?
M Goodwill, Alan2017
I still find £400,000 eye watering, pardon the pun. There has to be more to this. At 35K per month approx, there has to be a third property. The lease from the Brockham land owner assumably is under the Brockham account. And it wouldn't be for office space given they already have two in theory. Maybe a Polo pied-à-terre? A Surrey safe house? A Chelsea bolt hole?
"Angus just used to use a virtual office prior to Lucan." i don't think that's true - I think they've had the Chiswick office for some time and I was told that's where the operations (and all the folk Alan2017 sigh ****s off) are run from. The Mayfair address look like a legal/ commercial brass plate operation.
Are the increased rentals due to picking up 50% of whatever SFB costs to rent ?
If the principal preoccupation is the accounting treatment of rent, then that looks pretty bullish to me!
Sorry, gkb47, have filtered a number of the principal protagonists, so have very little knowledge of what you are talking about (please don't attempt to explain it to me!).
on a page of, in theory, 25 posts, 15 are green.
sorry, miscounted, that should have been 17 are green.
Have only filtered 4 posters (in chronological order, wealdpwr, MichaelG, Rastuss and Alan2017).
In fairness to wealdpwr, he has always limited the number of his posts, so it is the last 3 above-mentioned posters who seem to be responsible for a large percentage of all posts on this board.
gkb47,
Your post of 19:06 refers to the questions "about the debts and the acquired tax liability from an associate?" - I have no knowledge of these questions (because I have chosen to filter those posing them).
Re the rent, this is not something that caught my eye when reading the group accounts, so I will leave it with those for whom it raises a question.
PS: if the questions posed by those I have filtered produce any information of interest, that is when I will take a closer look.
PPS: what interests me about AEWB No.3 Limited is its tax losses, because these cannot be transferred within the group and because AEWB No.3 Limited is the group's only operating subsidiary and, therefore, the subsidiary in which the Saltfleetby project is located.
For the rest, AEWB No.3 Limited's figures are fully consolidated within the group accounts, as a 100%-owned subsidiary, so it is the group accounts which count (for me, at least).
Ocelot - just in case you remove your filter...this will explain why Angus have many hurdles to get over.
Your comment for a start requires the company to be making a profit "If you're planning to make taxable profits, then it is better to start with tax losses to offset against those profits than to suffer the full impact of the total tax rate of 40% on those profits."
And the Saltfleetby CPR / Annual Accounts 2018-2019 show that Angus won't be making a profit at Saltfleetby even with an average of 40pence/therm....and this is before Corvid / Gas price crash hit.
Angus fail the stress test and that is even without the Holmwood £1 million commitment to pay for a well.
Just the costs of getting to First Gas, salaries places an immense strain on the companies cash reserve.
Angus have predicted it will cost £2.79million to get to first gas, so deducting the £2.5 million leaves them £290,000 short.
Angus annual wage bill £1 million and rising.
A sidetrack is planned Q1, 2021 and it is costed at £2.36million (which is a perfect well and no issues encountered).
Angus share of the costs (51%) = £1.2million
As well as having to pay for all the Balcombe applications after screwing up the permit they already had in place.
Angus are also liable for all the EWT costs for Balcombe and pay for the FDP.
Being generous and saying 40pence/therm minus 2.5pence = 37.5pence.
Over 10 years that is circa £37.5 million.
Subtract £2 million for decommissioning = £35.5 million.
Angus share = £18.1 million over 10 years.
1 year equates to £1.81 million
Subtract £0.97million
Subtract £1million
Leaves you owing £160,000 a year.
And that doesn't even include the £1.29 million for the sidetrack or the £290,000 missing to get to first oil........
And that is with 40 pence/therm
The cookie pot is well and truly empty.....
And thats before the missing £1 million for Holmwood.
Angus will have to start taking any profit (from whichever year that is) at the start of the project ....ring fenced (just as they did at Lidsey and Brockham).
Angus raised £2million for Holmwood and £5 million for Balcombe.....and its all gone without actually doing the projects. At some point tomorrow has to come and you can't keep putting off your commitments....which means more share dilution.
Mirasol - "i don't think that's true", so you don't know then. There were numerous posts from investors phoning the company via the given number and getting through to a virtual office whose only job was to take messages.
"The Mayfair address look like a legal/ commercial brass plate operation." That is the address George Lucan is using for signing off his email as Angus Energy MD.....why would he do that if that wasn't where they worked?
Mr Nation - perhaps I didn't make it lear enough but the 'Over 10 years that is circa £37.5 million' is actually for the entire project and before you divide it up (Angus has 51% of the project) and take away costs / liabilities...so I will repost it for your benefit under a new thread.