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Sad truth , it is fortunate JTP has Lucan. He puts Lucan on the requisition ( wonder whether LL was duped), receives a job without portfolio, has expense account, unpaid loan and secures a pay off to Leningas for supporting this quagmire (through an asset where DL deserved no payment nor LTH received any value). If all these dreamers are expecting good news to propel the shares, it won't be until Lucan proves he is not a lackey.
As Alan says the company's track record DOES matter - Govt departments have very long memories and people who cause them trouble eventually pay for it.............. they're just like the rest of us but have longer memories
how anyone can believe an Angus RNS after the last 12 months is totally beyond me
2"how many super ramped up posts did Alan2017 post on the Angus bulletin board since then, not to mention on #angs, oh and also on #ukog etc etc."
and tell us double faced who kept posting "1500 bbls a day minimum guaranteed IMHO from Brockham?"
Look in the mirror
DHC - strange as I used the flow rates quoted from a well test 5 miles down the road. How is that ramping? Sigh
George Lucan....who has wiped 80% off the value of Angus since end of January. How fortunate we are to have him.
Ocelot - that has been in the public domain for 2 years and discussed previously on this board.
But yes as you its very damming and rather embarrassing for Angus to be slapped on the knuckles by the OGA
It doesn't help the intended action against the company, when all had been put on their guard by a communication like that from the OGA of August 2017.
It's the companies track record...so yes it does matter.
2 years old, new management now. Not relevant imo.
Sorry, it goes back to August 2017, not the Spring of 2017.
Wow! That is really damning.
But it goes back to the Spring of 2017.
I think the ramper doesn't like it when folk post the correct information.
The relationship with the OGA is fractured since Tidswell couldn't tell his left from his right and drilled from the wrong well. It is unheard of for the OGA to call an oil company in to basically criticise Angus sloppy research and execution. Pages 5-7 on the following link show that.
https://www.whatdotheyknow.com/request/424952/response/1066246/attach/5/Scan2017%2009%2004%202925%20001.pdf?cookie_passthrough=1
My interpretation from the RNS details has always been an either/or scenario with regard to the 2.5m.
Either, it will initially be part-used for reconnection costs, etc once the feasibility study is complete, with any excess funds from this reverting back to the agreed (ring-fenced) abandonment pot. I would then expect that a portion of any income received would then be required to be set aside to be added back into this pot over the life of the project to ensure it will be fully funded.
Or, if the feasibility study says this is not viable, the funds are already there for its intended use.
In my mind, the detail of the first scenario is what needs to be agreed with the OGA, but something along those lines seems a sensible approach to me.
Just my thought and not based on any past knowledge of this type of activity. And as others have stated, the requirements may well be tailored based on the company's past performance and current financial situation.
The funds will remain protected for it's required final purpose and built up over the life of the project.
Any caveats may be around the time to build up the pot (e.g. abandonment funds must be fully available within 2/3 of the proposed lifetime with the final figure being reviewed on a periodic basis).
I do not expect any fund-raising to be needed for this stand alone project. All will be made clear in due course.
gla
yes, but again, where does it say they will need to lodge the full £2.5m ?? Its a simple question. Where does it state that ???
Yes I do understand. Where in you posts from official information does it say the associated cash reserving required will be £2.5m ?
... so it will be a question of discussion and negotiation between the OGA and Angus with the final decision lying with the OGA.
I fail to see how any poster on this board can anticipate now the outcome of that process.
gkb47, again people post crap. Where does it say they need to reserve £2.5 m? It does not. You are just makng that bit up. Please just stick to facts and not adding your own little extra bits in for the negative effect. It really is boring.
Mirasol, I am not wilfully missing the point. I am going off official company rns, not the opinion of some random poster on a bb.
When I read the official news if a deposit is required then I will accept it. Not from anywhere else.
Torreaguas - you are wilfully missing the point
It doesn't matter what Angus say - the decision on Abandonment liability rests with the OGA
They will decide how much is needed and how it will be provided and if it needs to be ring-fenced
Given the run around and bother Angus have caused to the OGA in the past don't expect much mercy...
Alan, why have you chosen to publish a blatant lie in your post? The company rns in the acquisition states...
The terms of the Agreement are that Saltfleetby Energy will pay to Angus Energy Weald Basin No. 3 Limited ("AWB", a wholly owned subsidiary of the Company, together the "Group") an initial contribution of GBP2.5 million which funds will then be applied by Angus either (a) to assume 100% of the costs to be incurred during the reconnection of the Field to the National Gas Grid or (b) to satisfy all abandonment costs at the Field (excluding existing subsurface pipework beyond the immediate sites) if reconnection at commercial rates is not available. At this stage the Directors are confident that reconnection at commercial rates is possible within the GBP2.5 million budget and advised timescale of completing work between May and August 2020.
I am sorry but you have just made me realise you will stoop to absolutely any low level and simply make things up to suit your agenda.
Saltfleetby, This is a 3 month study cost £75K
" A detailed feasibility study will now begin to identify the most suitable tie-in location to the existing NTS connection point at the Theddlethorpe terminal. Furthermore, this study will include detailing equipment requirements for gas processing and assessing pipeline routes into the NTS."
Until that is finnished ~~ 1st November, theyre sitting on their hands. and we know how good they are at that.
Focus should just be on Balcombe.
Saltfleetby, will only keep the lights on.
( looks a bit like going back to Brockham and Lidsey ) Now I feel sick thinking about That.
Groundhog day.
So where do you think the £3.1m raised in May has gone?
Should find out shortly (Quarterly figures due soon) or anybody attending the Q&A in a few days can please ask.
Torreaguas - you have chosen to have missed the point of the post.....you can't dip into the Saltfleetby Abandonment Kitty to reactivate the wells.....so Angus will have to find the money from somewhere else. Perhaps they are hoping for a feel good factor from the Balcombe test before another placing? One to ask Lucan at the meeting.....
Or they could instantly get a large percentage of the reactivation costs by getting Tidswell to pay back his £211,000 loan that is still outstanding.
I guess you can't use Thomas Cook to fly back from Alicante now......
A certain percentage of production revenue is taken.
Good, exactly as I thought, not the £2.5m received then.
I'm sorry for the guys who are trying to squeeze a quick 10-20% profit out of posting super positive posts with no basis.....but yes Angus will need to have an abandonment pot of cash before restarting.
This applies to all oil companies from the time they start producing from a field at the start of its production life. A certain percentage of the production revenue is taken and is placed in the Abandonment kitty and is ring fenced, so companies can't use it like a savings account. If the asset (field) is sold to another oil company the the original company cannot take the abandonment kitty as it belongs to the asset not the oil company.
This is done so the Government is not left with a huge abandonment bill if the oil company was to go bust for instance. This is the same principle as oil companies having to prove using the financial stress test that they can drill a well and deal with a well control situation.
As for the post "How do you know for a fact that the OGA will not accept ANGS without a deposit?" Two words....Thomas Cook...looong sigh.
Angus Energy plc (AIM: ANGS) is pleased to announce that the appointment of Mike Wells as (non-board) Director of UK Operations. Mike began his career with BP at Eakring and was involved in the development and appraisal of many wells in Lincolnshire and beyond including, co-incidentally, the original successful exploration wells into the Portland at Brockham.
Following time with Candecca Resources, Mike was employed by ROC Oil to oversee the Saltfleetby Gas Field (the "Field") and he remained with Wingas UK Storage Ltd on its acquisition of that Field. Mike has extensive experience in field management and engaging with all of our regulators. We are very lucky to have his immense experience in UK onshore to help us as we address reconnection of the Field and recommencement of operations. (RNS of 16/07).