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One of the questions I sent to Angus Investor Forum in May 2020....No response

Regarding your RNS 2nd Oct 2018 for Balcombe 7 day test.

How many barrels of oil were recovered for each individual test (to give you 853 / 1,587bopd, as well as 3,000bopd slugging) and what was the test time period for each to the nearest 15 minutes.

The reason for the question is witnesses didn't see any tankers leaving with hydrocarbons during the test period and the RNS rates have been averaged over a 24hr period.

A test for 1 hour with 35.5bbls of oil recovered gives you +/-853bopd, but that is not physical production.

Publishing these numbers will give your much weary investors some confidence, as up to now targets / times scales have been woefully inaccurate.

“The test utilised Nitrogen and coiled tubing to clean and prime the well which when removed allowed a natural flow at 853 bopd equivalent, not including 22.5% water. A second flow period was undertaken with the well flowing naturally at 1,587 bopd equivalent, not including 6.6% water.
……During the initial flow period, the well slugged at up to 3,000 barrels per day which had to be reduced as it exceeded separator operating capacity. Duration of the test runs were limited.”

http://www.angusenergy.co.uk/wp-content/uploads/2018/10/18.10.02-RNS_-Angus-Energy-Completes-7-Day-Well-Test-at-Balcombe.pdf

These aren't opinions. These are numbers taken from various official Angus documents and by adding up their liabilities shows what the real cost is. You can say one thing in an interview, the numbers tell you everything. And the Saltfleetby CPR / Annual Accounts 2018-2019 show that Angus won't be making a profit at Saltfleetby even with an average of 40pence/therm....and this is before Corvid / Gas price crash hit.

Angus fail the stress test and that is even without the Holmwood £1 million commitment to pay for a well.

Just the costs of getting to First Gas, salaries places an immense strain on the companies cash reserve.

Angus have predicted it will cost £2.79million to get to first gas, so deducting the £2.5 million leaves them £290,000 short.

Angus annual wage bill £1 million and rising.

A sidetrack is planned Q1, 2021 and it is costed at £2.36million (which is a perfect well and no issues encountered).

Angus share of the costs (51%) = £1.2million

As well as having to pay for all the Balcombe applications after screwing up the permit they already had in place.
Angus are also liable for all the EWT costs for Balcombe and pay for the FDP.

Being generous and saying 40pence/therm minus 2.5pence = 37.5pence.
Over 10 years that is circa £37.5 million.
Subtract £2 million for decommissioning = £35.5 million.
Angus share = £18.1 million over 10 years.

1 year equates to £1.81 million
Subtract £0.97million
Subtract £1million

Leaves you owing £160,000 a year.

And that doesn't even include the £1.29 million for the sidetrack or the £290,000 missing to get to first oil........

And that is with 40 pence/therm

The cookie pot is well and truly empty.....

And thats before the missing £1 million for Holmwood.

Angus will have to start taking any profit (from whichever year that is) at the start of the project ....ring fenced (just as they did at Lidsey and Brockham).

Angus raised £2million for Holmwood and £5 million for Balcombe.....and its all gone without actually doing the projects. At some point tomorrow has to come and you can't keep putting off your commitments....which means more share dilution.

Betterupthandown - Angus isn't a multi-national company with oil / gas fields dotted around the world with tens of thousands of barrels of oil generating millions of dollars for the company where they have the luxury of taking on Green Hats to come in and shadow guys (thats what they exactly do, shadow)....

But this is Angus which is a very tiny company which made a loss last year of £5million to £8 million and has a staff wage bill of over £1 million without including share options and due to Corvid makes Lidsey loss making, as it just scrapped a profit at a 2019 average price of $63.

So far Angus has managed to drill from the WRONG well...which is unheard of in the oil industry and delayed the EWT by TWO years.
Didn't order spares for critical parts delaying Lidsey test by 3 months.
Didn't order spare completion equipment for the Brockham EWT resulting in a delay of SIX months
Didn't inform WSCC that they would continue testing Balcombe in future thus losing their testing permit and hence why they are now jumping through hoops with WSCC trying to get a new permit, but the wind has changed making it much more difficult.
An ex intern now using the title GeoScientist is writing Abandonment programmes? Thats not the job of a GeoScientist...Google it ....That's the job of a Drilling Engineer. Two completely different jobs within the industry.
Another ex intern now titled Technical Director is in charge of the construction of the SF gas production facility. Again....Google GeoScientist...This has nothing to do with studying seismics / reservoir geology. In fact this has nothing to do with anyone from a drilling background.

So investors should be asking highly important questions regarding where is their hard earned money going?

£400,000 for an office round the corner from the Queen when they could actually just work from home considering the amount of work they actually do, saving £400,000
Even though the question was asked and noticeably not posted on the Forum ....why haven't Angus Directors / Staff taken a pay cut of 20-30% like other oil companies from SHELL / BP down (Even UKOG Directors have taken a 20-50% pay cut) which would save between £200,000-£300,000 a year.

And do they have the best qualified guys in each position.....well Angus record speaks for themselves and the answer is sadly no....hence why mistakes have been made on a repetitive basis and having 3 Green Hats certainly doesn't help. If you hand over your money you expect value for money what ever you're paying for....same applies with buying Angus shares.

Ocelot / James - "the original timetable has slipped a bit." is quite the understatement.....

I posted the following back on 26th September 2019 at 06:26 titled Balcombe RNS.....that is 10 months ago after complaining that it had been 12 months already.....

"“There has been a small delay to the timetable for submission of Planning Application for Balcombe.”

http://www.angusenergy.co.uk/wp-content/uploads/2019/09/Balcombe-Update-1.pdf

Well I don’t consider a year as a small delay….sigh

Angus Energy finished the 7 day Balcombe well test on 2nd October 2018 and it has taken them exactly 1 year to submit a notice of application. So they still have to get through the 13 weeks for the planning application which puts a decision on 1st January 2020…..well we know Government departs won’t work over the Christmas period, so that puts us closer to mid January. Hopefully nobody will post about rig crew being allowed to go home for Christmas…sigh

I find it amazing that Lucan actually uses the excuse “This is due to the especial care which we are taking on this Application in terms of procuring all conceivable environmental reports and engaging in preliminary community liaison. We are pleased nonetheless to have this step completed.”

What have they been doing for the past couple of months let alone year? The Balcombe 7 day well test equipment, site layout, paperwork won’t change except for a larger oil gas separator to hopefully negate the slugging which stopped them flowing at initial 3,000bopd (still don’t know the duration).

All the environment studies and paperwork submitted and accepted by the OGA / EA for the Brockham EWT will be the same paperwork that they will submit for the Balcombe EWT test……so what have they been doing all this time?

And 4 weeks to pump out 160bbls of completion fluid they should have know was there….what pump are they using? A bellow foot pump for an airbed…..incredibly slow."

http://www.angusenergy.co.uk/wp-content/uploads/2018/10/18.10.02-RNS_-Angus-Energy-Completes-7-Day-Well-Test-at-Balcombe.pdf

Continued Part 2

You will agree it doesn’t read well that every project Angus has been involved in bar Saltfleetby has had systematic mistakes which were avoidable.

Have those lessons been learned and what has been done to ensure that these will not happen again in future. A company like Shell can absorb the cost / time delays as they are producing and making a lot of money. Angus cannot afford that luxury and neither can its shareholders who have seen their investments take a hit with each mistake.

With regards to Holmwood:

Can you confirm that Angus does have a commitment as per the below RNS to “Pay the costs of the Acquisition and the ongoing costs attributable to its interest in PEDL143, including drilling the Holmwood-1 exploration well, expected to be approximately £1.0 million”?

Or will Angus need to raise more money once the well is ready to be drilled?

http://www.angusenergy.co.uk/wp-content/uploads/2017/02/RNS-Angus-Energy-Fundraising-and-Acquisition.pdf

With regards to Paul Vonk:

The board prior to Vonk resigning was just himself as an Executive Officer. If the decision was made before you joined then who made the decision to pay Paul Vonk 2 1/2 years salary plus extras? Was it Jonathan Tidswell, as he was the shareholder who requested the vote of no confidence? And if not, which person(s) within Angus Energy sanctioned the very generous payout?

With regards to your “hostile’ comment:

Could you please show me where I have been? I must say it was the other way around on the LSE board with traders unhappy with my questioning and particularly goading remarks, which is just water off a ducks back. I have quoted facts posted on the internet and commented on the lack of experience within the Angus Team. Which other oil companies would have GeoScientists writing Abandonment Programmes and project managing the reactivation of Saltfleetby? When I look at the team there is no meat. Three staff members have 2, 4 and 8 months experience as interns before joining Angus. To have circa £1 million salary bill with non experienced members at this time of the oil industry cycle I find very surprising.
I also note all of yesterday’s posts on LSE have coincidently been removed from viewing.

Question regarding Jonathan Tidswell:

Is Jonathan Tidswell still on the Angus payroll and if so, what is he actually doing?

The only asset that Angus has bought into is Saltfleetby which by your own words in your Investor Forum was “Paul Forrest who runs Forum Energy Services Limited is well known to Angus and, having bid successfully for the Saltfleetby Asset, brought Angus into the transaction on terms already disclosed.”

Asked on 28th February 2019

http://www.angusenergy.co.uk/media/investor-questions/

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