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Mirasol. Do you have the old collectors item house brick phone or have you upgraded in the last 40 years, stop living in the past.
Dear dear,you can see the uninvested coming out. 1 ignoring part of the RNS and 2 ignoring new technology advanced. Never mind Angus Energy isn't your problem anymore so relax.
Cigars and Christmas cake for the BoD
The net proceeds of the Placing will be applied towards:
...
-- Working capital and general costs.
"So now do they sell part of the asset say 15-25% to a third party to pay for a relatively shallow sidetrack?"
In the current market you'd be looking at a 1 for 1 - new guy pays 50% of the cost for 50% of the interest - as ANGS don't have the money to drill the well they have no negotiating position - especially as people have tried to farm Lidsey for 20 years without success . But the upside is very limited and the y haven't addressed the water issue so I doubt anyone will take it
Ech .correct, and even producing 30% at the curren OIP is $210m. But as i keep saying the OIP will be more substantial than 9m with the CPR update when released.
Yes my point in a different frame.
So sell back down to 60-65% and take Lidsey option from there. We are of course paying for paperwork by our dilution. So funding this activity is more or less done.
The net proceeds of the Placing will be applied towards:
...
-- Planning and regulatory matters in respect of its current oil fields, including work to resume production at Lidsey during Q1 2022, subject to regulatory approvals; ...
Ech. Angus is looking at all options, but one option is to give say 20% to an operator to drill the well. After Doriemus pulled out due to not having the funds Angus have the 80%. So the 60% would therefor be free without any drilling costs.
5 months Ed???….really??……that means another placing is nailed on then doesn’t it!
Only your living in fantasy land!
BV can you explain the free carry bit?
Ech have you looked at the article, the drill went to the east rather than the west, that was due to the old info which also doesn't read the depth properly. This is why the OIP should be a lot greater than 9m barrels and a possible free carry giving a percentage away. Angus will be in discussions with all partners and preparing docs to obtain permissions.
So valuable that Director's buys are negligible - what are they missing / do they not believe?
Sorry: my post of 08:29 should read: before an 80% prudential discount (NOT a 20% discount).
Oil prices are off their 2020 lows so makes it viable to pump out...
Before a 20% prudential discount, they valued Lidsey at £75m in their presentation of June 2021. That looks to me as if their hopes for the field are more in line with the figures of 2016 than with 40 bopd.
It's taken 2 years to review Lidsey looking at previous RNSs and presentations...
So now do they sell part of the asset say 15-25% to a third party to pay for a relatively shallow sidetrack?
That's the question.
Permitting and approvals should be straightforward.... 5 months I reckon.
They may have said that it produced 40 barrels……but the OGA figures and the company accounts don’t seem to back that up. Maybee your thinking of that one day that both Brockham and Lidsey where actually producing on the same days?…… only the water cut was around a third.
"In 2016, the company had predicted gross oil production at Lidsey of 279 barrels per day"
tell me one prediction that they've ever got right Ocelot
I accept that, EchDelta. The question is what are their hopes for the field today?
Ocelot the company said it failed to meet expectations saying that and managing only 40bopd, main reason for drop in market cap never since.
I note all the barrage of selling with late prints were placement holders...
Drill or Drop's article on Lidsey included this line:
In 2016, the company had predicted gross oil production at Lidsey of 279 barrels per day.
Oil bounced up.
If I recall Lidsey produced 40 bopd
And at one point 191 bopd
EA and Planning Permissions took a few months.
Saltfleeby we await the permit decision.
Done the Analysis
Sold on ASK (Bought) 19,745,642 0.7134p
Bought on Bid (Sold) 14,299,018 0.69638p
More Bought than Sold 5,446,624