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"Each of the projects is separate and separately funded"
Are any actually funded yet?
Nomlungu, good point, read that “to be separately funded”.
I must agree the wording isn't very clear. Two other points to clear up please,Geothermal timescale stated 18 months but that is only up to prep for drilling. Brockham water injection after EA permission, Angus will apply for a further 5 yrs extension. Is the OGA giving the extension,or have we got to haggle with the council again with different views on oil production. All the info is on the transition presentation.
bet they wished they'd left out "two or three"
In my opinion, Angus opened up too many projects at once - You cannot run until you have learned to walk.
I am beginning to wonder now - will Angus ever close the SF funding? Is becoming more and more questionable.
The only straw of hope I am clutching on to is the large TR-1 holder - they should know something for them to invest hundreds of thousands of pounds. But then again, could they have been duped?
The funding deal should have closed by now.
the funding deal is very near closure. Its the execution of security which is taking time and I assure you that these kind of delays are happening a lot in covid19. Simplest second charge bridging finance has too many rituals and lender requires securities duly registered. In angus case, it would be a debenture of sorts where various registrations will be required.
They cannot use the covid card because everything is on zoom and email. GL said that the virtual meetings was speeding things up, I presume it should be the same in all cases.
From Gkb’s 22:31 post below : “Legal and corporate due diligence is being conducted in parallel with the drafting of the loan facility and security agreements, with the objective of concluding the documentation in the coming two to three weeks ...”.
There is no mention of “security” in the 25/01/2021 RNS. So, what is really holding conclusion of funding up.
Let’s put things in to perspective - GL ... a Finance SPECIALIST ... has been working on this for over a year now - UNSACCESSFULY!
My patience now is very very thin.
What I meant to say Security been an issue.
the interview did explain the delay . there are 4 parties. SF/Angus/Property owner and lender. It can be quite complex as suggested in the interview. and lawyers do try churning fees by clocking hours
James,
4 parties - SF, Angus, Lender & Property Owner - who is the property owner for SF?
We have all our experts from finance to field expertise,but for some reason we are parachuting more people in than a SAS mission. Who's next Bear Grills the survival expert,mind you not a bad idea.
The site has owner has no effect on the financing - they will have a 25 year contract with the SFB operator
The finance guys will be all over the reservoir engineering, production forecast and the estimates & timescales for new kit
Especially with a company that has the track record that ANGS has
Gkb, thanks for that. Mirasol may have a point there though. Either way, it should not take this long to close the finance deal when the will is there. Something not quite right - really concerned with all the other Projects coming in to play prior to SF finance closing.
From what I've seen about raising cash fro projects the potential lender will look at everything that can go wrong or be delayed and weigh that against the amount they may get.
Here I'd suspect their two main issues are the production profile (as SFB wasn't producing much when closed in) and ANGS ability to deliver a working project on time and to cost. The fact they've had to raise more cash will be a flashing red light here. The Lender may want to cream a great deal of any upside to balance the risks .
I suspect Lucan is not a happy man
Yeh GL did mention to malcy that there is certain risk with connection.
Wonder if George is having a wee snifter just now, he needs to pull a good one on this preso and convince us on financing et al