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Deary me, what some do to get smoke blown up their rectum, are we to waft the other 98% back to where it came from LOL!
Whenever this share price has momentum, the selling ensures this is kept low. Seems to be a repetitive pattern. Ideally would like to know who is selling in the background. Doesn't seem to be numerous sellers. This process is very deja vu.
'Sarah Finch is challenging the drilling of four oil wells on climate change grounds.'
the uk produces 2% of the worlds Co2,
2%...
ffs.
What a waste of space she is.
June 30th according to https://www.angusenergy.co.uk/investors/financial-calendar/
Angus seem pretty serious about geothermal. They’ve been working on it for over three years and must have spent a fair amount of money on it (for example, see this 42 page presentation from September 2021: https://www.angusenergy.co.uk/wp-content/uploads/2021/09/Angus-Transition-Energies-Sept-2021-Final2.pdf ). Moreover, they continue to progress their work in exploring it: see page 8 of the Annual Report from March 2023 at https://www.angusenergy.co.uk/wp-content/uploads/2023/03/Angus-Energy-Annual-Report-2021-2022-1.pdf
Of course, since the Annual Report was prepared we’ve acquired a new chief executive in Richard Herbert and maybe he’ll take a different view on whether it’s worth continuing with, but as recently as May 2nd 2023 he re-affirmed the intention to continue progressing the geothermal project. We should hear more next week when the interim accounts are issued and then perhaps even more in the promised presentations that are due to follow.
I appreciate that to many the promidse of unlimted free energy looks enormously enticing. Recently news has reported on the " First deep geothermal project for 37 years" which now powers some of the Eden project. It was paid for by various private and public funding and was expected to produce enough energy for the Eden project and enough left over to power thousands of homes via the grid.
The Eden project is no stranger to free money via development grants exceeding 138 million in the early part of the millenium.
The cost savings delivered to Eden via geothermal means that rthe well will pay fot itself in 25 years if you ignore the future cost of money. Financially it will never return the investment, Furthermore, geothermal wella have a finite lifetime. In countries where geothermal opportunities are geographically highly available, analysis has shown well have lifespans varying grom 12 - 40 years, depending on many variables but most commonly thermal stress. So even on an interest free basis it is quite likely that geothermal power for Eden will only ever repay a fracyion of it's costs. This explains perhaps why this is the first deep project for 35 years.
I hope one day that mining techniques can deliver energy at a cost that is competitive , before fusion makes all such endeavours redundant maybe.
The successful exploitation of geothermal energy in the UK looks difficult in the current state of the technology.
I do not consider that a business plan for viable geothermal energy can currently be imagined except in the greener brain that puts virtue beyond finance.
We can, however, always hope.
Srk,
Much of the plant has been in field a year, not all of it, as the 2nd compressor was added later etc, but 12 months will require inspection, including thickness tests, and possibly some line pressure tests and the separator will have a detailed requirement, which is typical under annual certification for integrity, safety and insurance purposes.
@ bubblepoint/push,
What is this "summer maintenance"? We have just about started producing, why is such a maintenance required so soon?
BV,
To be totally honest, I struggle to find a reason that they would put need to RNS the new pipework as a stand alone rns.
They could include it within a general update, but as it is almost certainly not going to change the flow then it is nothing more than a material change on site.
They "may" decide to general update to confirm the maintenance is completed successfully and flow is resumed, and potentially include it in such an rns, but again, it is not a value adding rns, and we know they are doing it already.
A national newspaper headline from earlier today: “The near-infinite energy source that could win Britain’s net zero race”.
They’re talking more about geothermal: https://www.telegraph.co.uk/business/2023/06/20/can-deep-geothermal-energy-help-to-solve-britains-net-zero/
BP, if that theory is correct we should get the RNS confirming the connection on Friday or Monday.
BP, so the measurements are double checked and it's produced in the workshop to be delivered.
BV,
There are many outfits that can produce such pipework, but I would almost certainly think it has been done by the same outfit that manufactured the compressor systems for them. Logical option for me.
BP, that also makes sense to me as a Time Management view, but we don't know when the engineering of the new pipe commenced. How & where would the pipe be constructed for H&S reasons in your opinion.
Ab,
It'll be cheaper to run the new pipework because the temporary pipework is almost certainly under temporary rental from the outfit that did the welltest, therefore they will be getting billed daily for it until it is returned.
I think Angus said the new pipe will be cheaper to run than the temporary one, but wouldn’t of itself increase flow rates - I think it’s in one of the recent answers to questions.
BV,
Much of the "temporary" pipework was in part almost certainly needed for the B7T extended cleaning up of unwanted's from the well, and to route & facilitate diverting the gas & unwanted's to the plant and storage on site.
I would fully expect the B7T well to be producing with fairly minimal unwanted's now, so the temporary pipework and it's routing are not really necessary.
It is logical to try and do the pipework installation during this "maintenance" period, as it will put the whole surface system in the same annual cert window.
What you don't want is various parts of the surface set up having notable different renewal dates, as you would end up doing small shut down's every other month, so getting it all regrouped in a one'r is the smart way forward.
I also really doubt the new pipework will make any difference to the flow rate at all.
The surface flow is almost certainly being carefully managed to keep the reservoir and wellbore to surface managed relative to the "dew point" which will help keep the condensate at reservoir manageable.
That's my take on it anyway, and all good.
1st time I have done this but at this price, side track successful and oil futures stable this is a strong buy. Risk /reward ratio here is now excellent. £1 party = lol! However, 4-5 p party = good chance with 1-2 year time horizon.
97.45p now, + 13.3%
https://www.theice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5419492
MULTIPLIER 66,964
FIXED PRICE £0.7597
MERCURIA PAYMENT TO ANGUS = £50,870
MULTIPLIER 66,964
SPOT PRICE £0.8578
ANGUS PAYMENT TO MERCURIA = £57,442
LOSS on SWAP is £6,572 (made up from a loss on swap 1 £27,825 and a profit on swap 2 £21,253)
-----------------------------------------------------------------------------------------------------------------------------------
DAILY PRODUCTION therms 4,398
SPOT PRICE per THERM £0.8578
GAS SALES PAYMENT BY SHELL TO ANGUS = £3,773
GAS SALES gross loss = £2,799
Month to date GAS SALES PROFIT £1,358,661
less Shell 1.5% and Ntsec 0.386p/therm
1)SAP used instead of NBP
BP, are you saying that RH is trying to catch us out with the new pipework installed before late Summer?
Donek, the derampers are like flies looking for a turd to land on, now Angus are in the money they have no angles here anymore.
Well it likely is a really good time to get the scheduled maintenance done, since they are so far ahead on the monthly production curve.
I expect much of this is annual system & pipework tests for certification & insurance, & hopefully getting that final bit of pipework installed at the same time.
OUTPUT DATA 19.06.2023
***IT APPEARS THE PLANNED THREE DAY SHUTDOWN HAS COMMENCED***
Applicable At Applicable For Data Item Value Generated Time
19/06/2023 01:00 19/06/2023 System Entry Calorific Value, Saltfleetby, D+1 41.2900 20/06/2023 12:01
19/06/2023 01:00 19/06/2023 System Entry Energy, Saltfleetby, D+1 128,889.0000 20/06/2023 12:01
19/06/2023 01:00 19/06/2023 System Entry Volume, Saltfleetby, D+1 0.0112 20/06/2023 12:01
Regards,