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I expect it's because that "truth" relates to the past and investors are looking to the future.
Baits - one would expect to do sone due diligence rather than buy a share purely on sentiment alone, so please feel free to post the numbers with links to Angus accounts / RNSs. I will assume its just sentiment if you can't. And yes this is a totally different Angus from 2016 / early 2017 when they had institutional investors buying into them and riding on the Gatwick Gusher.
I see Emirates laid off another 800 pilots yesterday, even Aramco are getting rid of rigs and laying off guys. Cases are rising in various places around the world. 2020 doesn't look very healthy and 2021 is now getting closer.
Perhaps you should ask why Angus Directors and Staff haven't taken a pay cut unlike the likes of Shell / BP all the way down to UKOG whose Directors have taken a 20-50% pay cut (which yo ushoudl know about having been invested in UKOG). And why Angus is not reducing its outgoings by getting rid of their £400,000 rental costs.
Baits - your comment "...you need to spend money to acquire assets they are not free,and the money they have spent so far is a lot less than the worth of these assets." raises a lot of questions (pardon the pun).
Angus have raised £25 million since IPO and for that they achieved £200,000 of oil revenue from Lidsey in 2019 before costs, trucking of water, leases so we are looking at say £50,000. Is that a good return for your buck?
Perhaps this is why Knowe properties dipped into their pockets for £1.4 millions CLN (considering they have never bought an additional share since IPO). Getting funding for AIM companies was already tight in 2019 and now it seems even harder.
https://www.valuethemarkets.com/2020/03/16/aims-existential-crisis-will-more-firms-fail-as-funding-evaporates/
“Due to Covid-19 we face an unprecedented situation which makes a variable price and freely convertible instrument exceptionally difficult for the market to price. For the moment, we are very pleased to have secured £1.4 million of new core capital for the Company at a time when few can have confidence that equity capital markets will be open for fundraising for the foreseeable future.
http://www.angusenergy.co.uk/wp-content/uploads/2020/04/Issue-of-£1.4-million-Convertible-Loan-Note.pdf
Today's share price is based on what is happening today and the next few weeks not on what happened a year or two ago.Copy and pasting old news has no bearing on today's price if you bought your shares in the last few weeks.Now if you bought in a year or two ago I suppose it sticks in your throat if you are down on your investment.Me I took the hit and moved on, now back in to recoup some losses and old news means nothing to me as it does to you.Talk about sore losers.
Guys if you are trying to offend me forget it,water off a duck's back.I usually find when posters are losing the fight they start abusing their opponent.
Not sure what your post is trying to insinuate Rastuss of course I am interested in the Gas at Saltfleetby and the Oil at Balcombe for without them they have nothing.As you well know, you need to spend money to acquire assets they are not free,and the money they have spent so far is a lot less than the worth of these assets.
Why should anybody worry about what happened over a year ago,it is today and the next few weeks they should be concerned about.
or it's not naturally fractured the oil might not be mature enough, and its only water causing the flow rates ....like the last one.
ukog is not exactly gushing they are getting a sp[it of oil out of theit fault,
in my opinion
You two are a joke they spent £4 million getting 25% of Balcombe that will be worth many times more than the £25 million you say they have spent.Then they have the £18 million tax against any earnings.
So it is safe to conclude that less some cash for office stationary, the outstanding amount of the £3 million raised on 30th April 2019 has been spent on other things.
The question then is where will the money come from to undertake the Balcolmbe application / EWT / FDP and Lidsey seismics which? It seems the money in various posters eyes is for different projects? Yet there isn't to go round if Saltfleetby costs £2.79 million, Angus Salary is £1 million plus, lease obligations £180,000 and then Balcombe / Lidsey. I am interested in how folk can add the liabilities up and still find some spare cash.
"Reasons for the Placing and Open Offer
The funds raised are to be applied, after provision for general working capital, approximately equally to support ongoing works at the Company's Brockham asset, forthcoming works at the Company's Balcombe asset, a seismic overview of the Company's Lidsey asset and to fund the exploration of potential acquisition opportunities."
http://www.angusenergy.co.uk/wp-content/uploads/2019/05/Angus-Energy-Proposed-Placing.pdf
Before you post any more long boring posts Alan about placings and the like, can you tell everyone in here why the share price is rising or is that to difficult for you.
Ocelote - I note you are unable to provide a link and are using murphys law.
At 31/03/20, Angus's book net assets were £11.116m or 1.84p* per share.
At 30/09/19, it also had tax loss carry forwards in AEWB No.3 Limited worth £6.256m (or 1.04p* per share) which are not included in book net assets but are included in the Saltfleetby CPR forecasts.
* calculated on the basis of the exact number of shares in issue (604+m). Previously, I was extrapolating from advfn's market cap figure, which seems to be understated
All I am interested in Alan is the share price and that seems to be heading in the right direction.
£3 million raised on 30th April 2019 for what actually? Work at Brockham lasted several days before the EWT was cancelled and Balcombe / Lidsey work that hasn’t taken place. This placing took place over a year ago. So what happened to the money? "general working capital" perhaps?
"Reasons for the Placing and Open Offer
The funds raised are to be applied, after provision for general working capital, approximately equally to support ongoing works at the Company's Brockham asset, forthcoming works at the Company's Balcombe asset, a seismic overview of the Company's Lidsey asset and to fund the exploration of potential acquisition opportunities."
http://www.angusenergy.co.uk/wp-content/uploads/2019/05/Angus-Energy-Proposed-Placing.pdf
Ocelote - are yo quoting an Angus account, presentation or RNS for the Angus's book net assets were £11.116m or 2.13p* per share et al or is this just a figure plucked out of the ether? Can you please post a link.
Baits - I have no need to remove your one liners. I'm still waiting for you to justify your reasoning with facts provided by Angus i their various accounts, RNS.
I think you could double that 5p if Balcombe comes in.
just did another small top up. looking for 5p plus in January. that's my initial target.
At 31/03/20, Angus's book net assets were £11.116m or 2.13p* per share.
At 30/09/19, it also had tax loss carry forwards in AEWB No.3 Limited worth £6.256m (or 1.20p* per share) which are not included in book net assets but are included in the Saltfleetby CPR forecasts.
* these calculations vary a little, because I am extrapolating from the current market cap of £4.7m and not calculating on the basis of the exact number of shares in issue
Baits - Sadly the post where you stated “With so few shares out there a placing will not harm the company but make it stronger.604 million shares is very small for an Oil explorer and a Gas producer.So do not be afraid if there is a placing it can only help the company go forward” has been removed. It’s easy to forget with the many sagas Angus has gone through, just how much the company has raised and what has it achieved?
Angus Energy has carried out 11 placings and raised £25 million from IPO.
Investors always say an extra few months delay is fine….but look at Brockham and Balcombe both of whom have been delayed for 2 1/2 years / circa 2 years and no resolve.
Every placing has this buried in it “PROVIDE FURTHER WORKING CAPITAL FOR THE GROUP” I find this very telling.
And what has been achieved?
Brockham and Lidsey wells drilled for £3 million.
Paid £4 million to acquire 25% of Balcombe.
12.5% of Holmwood acquired for no cost - ongoing licence / legal costs only
Saltfleetby acquired for £1 and Angus received £2.5 million.
What ever happened to:
£5 million raised for Holmwood, yet they don’t even have a site yet? Where is that money now?
£3 million raised on 30th April 2019 for what actually? Work at Brockham, Balcombe and Lidsey that hasn’t taken place. Saltfleetby is a £1 acquisition with £2.5 million given to Angus by Saltfleetby Ltd to get to First Gas.
Angus Commitments:
£1 million to drill Holmwood well (not included on company accounts).
Pay 100% costs for the applications, permits plus 100% costs of EWT and FDP application for Balcombe (still ongoing).
£290,000 projected deficit at Saltfleetby to get to First Gas (in CPR)
£2million decommissioning costs at Saltfleetby (no abandonment reserve in company accounts).
£650,000 abandonment reserve account for Brockham and Lidsey
The following dates relate to the individual Angus RNS's
DATE AMOUNT RAISED (£ MILLION)
14 NOV 16 £3.5
6 FEB 17 £2.0
23 NOV 17 £3.0
9 FEB 18 £2.0
23 APR 18 £3.39
5 NOV 18 £2.0
9 JAN 19 £1.5
15 FEB 19 £2.2
30 APR 19 £3.01
25 OCT 19 £1.0
20 APR 20 £1.4
TOTAL £25 million