Member Info for Alan2017

Regarding the exorbitant increase for rent well the old days Angus just had a virtual office.

Angus now use the address Audley House, 13 Palace Street, SW1E 5HX which is nice if you need to borrow sugar from the Queen, but is it really good management to being paying such high prices for smack bang in the middle of London? George and the ex-interns could meet at a Starbucks.

I would imagine the Scottish address is just a virtual office or mailing address for the Scottish registered company.

Losing £400,000 in rent and a pay reduction of 20-30% equating to £200-£300,000 actually makes Angus a more viable company to survive Covid-19....your savings pay for 1 years salary (well thats before all the additional consultants are factored in...but at least its a start in the right direction).

gkb47 - Yes the £200,000 revenue at Lidsey does paint the whole story.

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

Yannis - nice to hear from you and I hope you're Ok.

You posted end of May saying you had lowered your average to 3p, so I am assuming you are hoping existing or new buyers will help to recoup your losses, which I'm sure there are many, but the current activity / timelines don't reflect that bullish optimism. Angus still have another circa 8 months on paper to get SF to First gas...thats a long time on AIM. I wish you all the best.

Ocelot - it helps if you read posts as now I have to report my previous post to correct you.

The !0% discount pay mention is the discount Angus have to apply to get anyone to actually buy the oil or Gas in SF case. Why I know you're thinking....because Angus is a very small fish in the oil lake and produces very little, so there is no incentive.

Just like at Lidsey they always apply a 10% discount ...Page 53

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

Michael - did LancashireLife ever get back to you why he is invested in Angus for Brockham as well and how many bopd he expects?

Ocelot - the !0% discount pay mention is the discount Angus have to apply to get anyone to actually buy the oil or Gas in SF case. Why I know you're thinking....because Angus is a very small fish in the oil lake and produces very little, so there is no incentive.

Just like at Lidsey they always apply a 10% discount ...Page 53

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

Rastuss - then surely that would have had to have been mentioned throughout the whole SF CPR and presentation which it hasn't unless someone can publish it.

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

Grimp44 - "Are you denying that you made any of those comments then Alan??" What comments are you on about? Sigh

Grimp44 - I did say take your time and I note you can't post the dates to back up your comment "...will he be disappearing for another year or so"........which is very telling for somebody who has just appeared on LSE as of 20th March 2020, but recalls all my posts since 2016.

I note folk cannot counter the facts I've posted using Angus Annual Accounts / RNS with links....

The issue with Balcombe is not the EA, but West Sussex County council who were always pro-oil and were very accommodating compared to SCC....but sadly that has changed due to Angus incompetence by relinquishing the test permit. Which Angus employee dropped the ball with that one? Thats what happens when you employ guys with no oilfield experience.

So WCC Planning Officer is basically saying that there is no need for oil production in West Sussex due to the new post Corona climate and that now means Angus have to spend more money and submitting more paperwork trying to change the Councils mind.

Bear in mind Angus have to pay for all the costs including all these appeals, the EWT itself and FDR submission....but where is the money communing from as this isn't cheap.

Balcombe was drilled in 2013.....there is no other well in the world that has taken this long to have an EWT carried out...its normally drill and then test.

Ocelot - The Angus Investor Forum page quite clearly states "No subjects are off-limits", perhaps its because George Lucan doesn't have a lot of experience of dealing with Oil and Gas share holders. How many oil and gas companies has he managed before....doesn't matter whether its a multi national or a company that isn't even producing.

Angus have to be careful that they are not see not be sicking and choosing questions to suit their own agenda.

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

Grimripp44 - Actually I did use the Investor Forum to ask questions and George Lucan chose to publish my name on this LSE board which is against Angus Data Privacy policy...hence why LSE removed his post.

And I also sent a detailed email with various questions / points which were never responded to.

I do find it strange that you only joined LSE on 20th March 2020...are you a banned poster come back to life or the multiple accounts? Just asking as it does feel strange and coming out with incorrect comments such as "...will he be disappearing for another year or so". Can you please show me where with dates. Please take your time.

Rastuss - I believe at least 4 questions are waiting for Angus review as they were posted since 11th June and we don't know how often they log into to the questions before deciding whether they will post them or not as the case has been.

While the topic of Jonathan Tidswell boardroom coup which ousted Paul Vonk and brought in his chosen candidate George Lucan as interim MD....

Who sanctioned Paul Vonks very very generous pay off of £300,000 which is equivalent of 2 1/2 years salary? Because who every sanctioned it wasn't a board member and then the question has to be asked...why were the shareholders not informed beforehand?

The board prior to Vonk resigning was just himself as an Executive Officer. If the decision was made before GL 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?

Who gets paid £300,000 equivalent to 2 1/2 years salary and on top of that £30,000 salary for the month ending in January? Paul Vonks contract only stated 1 years notice

Page 83
"Paul Vonk is employed as the Managing Director pursuant to the terms of a service agreement with the Company dated 7 November 2016. The agreement is terminable on twelve months’ notice from either side."

http://www.angusenergy.co.uk/wp-content/uploads/2017/02/Angus-Energy-NEX-Exchange-Bond-IM.pdf

Pages 27 and 52

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

Rastuss - the cut off is the 19th of each month and answers at the ed of the month. I wonder if the questions posted by Greenfish and others will appear or will it be selective as before.

Lancashire - actually the only thing I got wrong was from using the numbers provided by UKOG and Angus. You have to trust those companies to provide the actual figures. Thats why I asked a question on Angus Investor Forum which wasn't posted or answered regarding the Balcombe individual timings for each flow test rate, as each rate is averaged over 24 hours, regardless f the tap was only open for 15 minutes. Angus chose not to answer that question which I find telling.

All the oilfield timelines, equipment set up, observing problems at Brockham 5 days before Angus RNS and stating how the water problem would be fixed 2 months before Angus was all correct.

Just like in December 2019 I said there was no way they could be producing Gas in May....Q4 was the earliest without any issues....and again I was proved right.

LancashireLife - the question has to be asked is why Lucan is paying a guy who has done so much damage to the companies SP through being inept and dishonest by loaning his entire Angus shares to America 2030 in a closed period when he was Angus Chairman?

Jonathan Tidswell brought Lucan in to Angus as Interim MD and is still there 16 months later. And now they are working together at a second company? That just looks bad.

And what has Mr Tidswell done to earn his salary / share options? Nothing. So he has been paid 6 months gardening leave while his Captain America share scandal was being investigated and now 12 months as Business Director of ......

The only asset that Angus has bought into is Saltfleetby which according to the 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/

Jamesthesecond - when you say "Balcombe and Brockham are proven discoveries" That isn't the case. Balcombe hasn't been tested apart from a blink and you'll miss the tap being opened. Only a proper EWT for a certain time period will anyone know whats actually down there. Remember they still haven't even got all the completion fluid out of the well as nobody thought to read the Daily Drilling Reports.

And regarding Brockham ...well Angus were going to walk away from it and had discussions with a potential seller....

Regarding SF...we still don't know if Angus has actually finished the tendering process which was scheduled for end of May, but an Angus timetable is as reliable as British Rail.

Could you please go into some more detail regarding "...we should realise £50 million valuation in the 4th quarter." How do you get to that?

Trutti - well firstly Angus hasn’t wanted to answer the question if Jonathan Tidswell still works for Angus (remember Jonathan Tidswell brought George Lucan in during his coup after Paul Vonk was investigating him for his Captain America shares).

Why does Mr. Lucan not want to answer this? Sadly it seems he does according to Challenger Acquisitions where George Lucan also works with Captain America “….where he retains the position of Business Development Director.”

http://www.challengeracquisitions.com/corporate/leadership

To answer your question about drilling from the wrong well…it’s unheard of and just shows the lack of leadership.

Angus had a time frame of carrying out the Brockham EWT in Summer of 2017 after drilling it in January 2017. Angus business model designed around Lidsey new drill and Brockham side track. Sounds great…except Angus didn’t account for the Tidswell factor.

Brockham EWT would have been completed by now if it wasn’t for Tidswell. And because of that he placed financial stresses on Angus which intern resulted in placings having to be taken out. Imagine where we would be if things had progressed as they should have?!?! Loooong sigh

Tidswell screwed up by not doing due diligence on the wells when Angus took over. All it would have taken was a slickline run on each well which would have verified which well was which. Even sitting down and reading the paperwork would have pinpointed the correct well to drill from. Brockham only has 3 wells and 1 is an injector well. Rock, piers, scissors. Who knows perhaps he was busy playing polo, but Angus drilled from the wrong well. By breaking the rules Tidswell managed to alienate the OGA, EA and 2 county councils. It is virtually impossible to upset the OGA and EA….but Tidswell did it.

Outcome? 2 year delays for Brockham EWT.

Well Plan B was the other project at Lidsey, but when they encountered gas lock while trying to get Lidsey to flow. Did they have spare critical parts? Of course not. And who’s overall responsibly is it to make sure production will not be interrupted by not having spare parts on the shelf? Tidswell. That took 3 months and killed the SP in November 2017.

Then we get some great news about moveable oil in Kimmeridge from the Lidsey test and the SP should rise? Sadly it didn’t due to Captain America for some out of the box illogical decision to get greedy and loan his shares to make a quick buck in another share. Tidswell damaged the Angus brand with his sheer greed and stupidity. And in doing so crushed another SP revival.

And then fast forward to the Balcombe RNS that should have pushed the SP up, yet Angus spent 50% of the RNS talking about water. Sadly due to not reading the old well reports from 2013 (we’re not talking about 50 years ago) or taking a basic salinity test they didn’t realise that they hadn’t pumped all the drilling / completion fluid from the reservoir. Yet George Lucan, Andrew Hollis and a room full of ex interns c

Why would I want to work for Angus and have to take a big pay cut? lol And I also rule myself out for being over qualified hence why they have employed a bunch of ex interns. Oh and I know my left from my right....sadly for long term Angus investors....Tidswell doesn't....sigh.

Back to more important things....Angus doesn't have any revenue coming in this year and they sustained how much losses for the last financial year?