Member Info for Alan2017

Angus business plan is very weak. They themselves say they are relying on cash revenue from Lidsey and Balcombe, yet Lidsey made negative £44,000 in 2020 and Balcombe doesn't have planning permission after Lucan and Co managed to turn a pro friendly Council against them, resulting in no planning permission.

"All the while cashflows from existing hydrocarbon streams (e.g. Oil from Lidsey/Balcombe) will be one key source of finance in our own Transition journey"

https://www.angusenergy.co.uk/wp-content/uploads/2021/02/Feb-2021-Angus-Presentation-to-Shareholders.pdf

Angus is also relying on SF to produce from its exiting wells and to produce from new wells.

As shown in the original post, at least 15 failed wells is truly shocking and shows that the field is not drilling friendly.

Putting all your eggs in one basket exposes you to failure. This is a high risk project as Angus have no field providing them with revenue to even pay their huge fat cat salaries (thats £1 million before you add a further £1 million for SF operations).

Also there was a reason why Wingas turned SF into a gas storage facility....folk should remember that bit.

Need to produce first before they can pay off their Wonga Loan aka debt £12 million
And before they can afford to pay themselves ££20 million over 10 years in salaries

First gas won't happen until 2022...and thats if they manage to drill a successful well...if they have to side track then timelines as I always say go right.

As useful you always leave off the crucial bit "Wonga Loan"

aka debt
aka profit killer
aka share value killer

In fact its going to be £2 million a year in salaries in salaries as you've now got to pay for SF staff, contractors, rent, security, maintenance, insurance, licence fees.

So for 10 years thats £20 million in salary
Add £12 million Wonga loan

That makes it £32 million

Then you have all the added costs at their other sites which aren't producing.

So investors will be left with virtually nothing

Slide 8
https://www.angusenergy.co.uk/wp-content/uploads/2019/12/Saltfleetby-Gas-Field-Dec19.pdf

richmanpoorman - you can forget the prices you have quoted as Angus have hedged for a price of 43 pence / therm

You have forgot to deduct all the added costs such as:
the £12 million Wonga loan
£ 1 million plus salary per year
list goes on

death nail rather than death nap...but that does sum up the level of supervision since 2016 lol

gkb47 - that might be a death nap for Lidsey then with its £49 per barrel of produced water disposal costs.

Any links for the Paddy saga?

I also note the reliance on production revenue from Lidsey and Balcombe which again is bleak.

Lidsey made at least negative £44,000 last year
Balcombe drilled in 2013 does not have planning permission and is a relic to poor planning and lack of Drilling 101

"All the while cashflows from existing hydrocarbon streams (e.g. Oil from Lidsey/Balcombe) will be one key source of finance in our own Transition journey"

https://www.angusenergy.co.uk/wp-content/uploads/2021/02/Feb-2021-Angus-Presentation-to-Shareholders.pdf

I have reviewed the previous wells drilled by the previous company and I must say the number of forced abandonment of SF wells raised my eyebrows.

These were wells drilled in the noughties by multi-national oil companies with a long history of drilling and bringing wells onto production.

I have counted at least 15 wells that have been abandoned for: the open hole collapsing, excessive water, duster and basically there not being a reservoir in that part of the field.

For Angus to say that they will be "using techniques that will negate the impact of any differential sticking" is rather bold considering the previous guys did the same thing. All that drilling knowledge has been lost since the previous guy have left and so have their Drilling Supervisors.

Some fields aren't meant to be drilled due to their high faulting (such as SF), but also what is also very important to consider is that the field has been produced for many years and gas has been replaced by water which destabilises the rock and drilling a horizontal well then becomes almost impossible as the hole collapses.

I see wells at SF with 4 sidetracks to one well. Each of those wells is an expansive outlay which Angus hasn't budgeted for.

gkb47 - don't forget Angus don't have planning permission from SCC to transport produced water from Lidsey, Balcombe or any other site to Brockham.

Not the first time they have dropped the ball is it.

But Angus themselves have said they need more water than is produced at Brockham to actually produce from the Portland aka impasse = no production

https://drillordrop.com/2021/04/01/no-planning-consent-for-importing-waste-water-to-angus-energys-brockham-oil-site-council-confirms/

Gkb47 - I haven't seen the latest adventures regarding Paddy. What is the latest?

gkb47 - Yes I had a look on their website and even doing a search for Angus Energy comes up with zero...also the same number of of barrels produced by Angus.

So it seems a company based in rather fancy offices in Edinburgh and Mayfair feels hard done by. And this is meant to be the English Majors forte. The never-ending saga continues.

And George is trying to big up Lidsey for what reason?

So far in 2021 Angus is down £50,000 due to lease and scholarship requirements...as well as the electricity bill.

Lidsey Field produced a total of 149 bbl of water for the whole duration of 2020.
Lidsey Field produced gross 490bbl of oil for 2020.

On slide 8 of the Angus Presentation costs water disposal at £49/bbl.

Sadly Lidsey is unable to dispose of its water at Brockham, so has to truck the water up North.

http://www.angusenergy.co.uk/wp-content/uploads/2019/12/Saltfleetby-Gas-Field-Dec19.pdf

149bbls x £49/bbl = £7,301

Angus has 80% of Lidsey so:

£7,301 x 80% = £5,840

490bbls x $33 = circa £15,800 after costs, Brent discount exchange rates

Angus has 80% of Lidsey so:

£15,800 x 80% = £12,640

Lidsey made £12,640 in revenue at an average 2020 Brent price of $43 (that is before tax, expenses are deducted), so minus £5,840 leaves £6,800).

Angus have pre-agreed lease hold agreement for the Lidsey field of circa £40,000 per annum (2016 price) which leaves -£33,200 left in the cookie jar. BUT don’t forget the Scholarship fund that also takes a big chunk out of that, so now -£43,200

gkb47 - do you know how much oil and water was produced in 2020 offhand?

gkb47 - good spot.

Any clues to who is the significant unpaid lender?

Lidsey is still shut in for a year now? Is that correct?

I posted the below last year, but it is still relevant...and what revenue has been generated by Lidsey for 2020 and what is the profit after all the deductions of having to truck the produced water North to be burnt?

Anyone know how much oil was produced in 2020 at Lidsey? Considering they shut down due to not having spare parts ....deja vu all over again ...from Lidsey as well.

"Sadly Lidsey revenue in 2019 at an average of $63 gave Angus very little, so imagine what will 2020 show with Corvid prices and the fact they have shut in the Field for maintenance and to heat some homes.

Lidsey Field produced a total of 1,941 bbl of water for the whole duration of 2019.
Lidsey Field produced gross 5,346bbl of oil for 2019.

https://ogauthority.maps.arcgis.com/apps/webappviewer/index.html?id=984eeea3b1664049b12c02a28478bdaa

On slide 8 of the Angus Presentation costs water disposal at £49/bbl.

Sadly Lidsey is unable to dispose of its water at Brockham, so has to truck the water up North.

http://www.angusenergy.co.uk/wp-content/uploads/2019/12/Saltfleetby-Gas-Field-Dec19.pdf

1,941bbls x £49/bbl = £95,000

Angus has 80% of Lidsey so:

£95,000 x 80% = £76,000

Lidsey made £200,000 in revenue at an average 2019 Brent price of $63 (that is before tax, expenses are deducted), so minus £76,000 leaves £124,000).

Angus have pre-agreed lease hold agreement for the Lidsey field of circa £40,000 per annum (2016 price) which leaves £84,000 left in the cookie jar. BUT don’t forget the Scholarship fund that also takes a big chunk out of that plus Angus still have to pay tax (if applicable) , expenses on the original £200,000 of Oil revenue, so its virtually £0.

Page 51 - Oil Revenue (pre tax, expenses etc).
Page 52 - Lease requirements

http://www.angusenergy.co.uk/wp-content/uploads/2020/03/Angus-Energy-PLC-Annual-Report-2018-2019.pdf"

Well that would explain the incessant ramping thats been going on.

I see Lucky Strike has been reporting the same post 17 times in a matter of days:

Poster is posting the same post multiple times...in fact its spam now.

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Balancedviewer - did it mention who was due those shares?