Member Info for Alan2017

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

And the reason I posted the link and timings to Lucans interview (I note you don't) was in fact to correct you again.

You responded to Michael Goodwills question "So we are saying Saltfleetby will be online between May and august this year? Brilliant news."

And you responded "The conference call wasn't that long ago, on 05/05: Q4 was the target period at that time." which again is wrong even though you have the information already to hand.

Please stick to the facts.

@30:29 - “Q4, latter half of H2 we would hope to have everything on site” Still need to hook everything up and commission it. That puts you into H1 of 2021. Angus don't work over Christmas lol February / March 2021, if there re no more delays and it also depends on which GeoScientist did the time line for construct a gas refinery.

http://www.angusenergy.co.uk/media/investor-conference-call-audio-recording-202005/

Ocelote - I don't have time to correct your posts, so i suggest you read them prior t pressing the "Post Message "button.

Please refer to my 12:35 post and show me where I wrote any of the below...as I didn't and that is very misleading.

"As Alan2017 pointed out in his post of 12:35, ocelot wrote of Q4, following the conference call of 05/05."

The Non-Executive Chairman Mr. Patrick Clanwilliam doesn't have any worthwhile experience in an Oil and Gas company.
The Interim Managing Director George Lucan has zero oilfield experience and is more comfortable running a fashion empire, as well as a ferris wheel.

Surely Cameron Buchanan has oilfield experience........sadly not.

Interim MD George Lucan described the Angus board asit “….comprises of one Executive Director and two Non-Executive Directors with a mix of significant industry and business experience within public companies.”

Page 17

http://www.angusenergy.co.uk/wp-content/uploads/2019/03/13C_Annual-Report-2017-2018website.pdf

But that doesn't fit in with Non-Exec Director who was acting Chairman (Cameron Buchanan) when Patrick Clanwilliam was brought it. “…significant industry and business experience within public companies”…really?!?!?! Mr Buchanan seems to have the Tidswell touch as well (opposite of Midas).

“Cameron Buchanan was a director of Harrisons of Edinburgh Limited when it entered into a creditors voluntary liquidation on 28 July 2000. The company was subsequently dissolved on 28 September 2002 with no shortfall to creditors.”

“Cameron Buchanan was a director of GHE Realisations Limited when it was put into compulsory liquidation on 26 January 1996. The company was subsequently dissolved on 7 June 1997 with a shortfall to creditors of £196,731.”

“Cameron Buchanan was a director of Rowland, Ratcliffe Limited when it appointed receiver on 15 June 1993. The company was dissolved on 8 May 1998. There was no shortfall to creditors.”

Page 187 - 188

http://www.angusenergy.co.uk/wp-content/uploads/2016/11/Angus-Energy-AIM-Admission-Document-7.11.2016.pdf

Ocelote - Please show me where I said the following.....As Alan2017 pointed out in his post of 12:35, ocelot wrote of Q4, following the conference call of 05/05.

Considering I never wrote that, then you have written another misleading comment...rather like your previous comment "the cash is in the bank, it is there in the balance sheet" is misleading as you cannot show the link / page number of "balance sheet" indicating this.

Lets see if you read the whole post, but I will repost it for clarification and this by the way is from Lucan...not Ocelot.

@30:29 - “Q4, latter half of H2 we would hope to have everything on site” Still need to hook everything up and commission it. That puts you into H1 of 2021. Angus don't work over Christmas lol February / March 2021, if there re no more delays and it also depends on which GeoScientist did the time line for construct a gas refinery.

http://www.angusenergy.co.uk/media/investor-conference-call-audio-recording-202005/

So far according to the Angus December 2019 timeline they have completed laying the pipeline and commissioned it as well as designed, bought and installed the production facility all by the end of June 2020......sigh.

Slide 10

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

Sadly Angus haven't been able to use their Tax loss pot on Lidsey and Brockham for a very good reason..they couldn't make a profit.

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

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 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. The Angus Loan Wheel

Sadly Ocelot only gives you one piece of the jigsaw puzzle and not the whole picture.

@30:29 - “Q4, latter half of H2 we would hope to have everything on site” Still need to hook everything up and commission it. That puts you into H1 of 2021. Angus don't work over Christmas lol February / March 2021, if there re no more delays and it also depends on which GeoScientist did the time line for construct a gas refinery.

http://www.angusenergy.co.uk/media/investor-conference-call-audio-recording-202005/

So far according to the Angus December 2019 timeline they have completed laying the pipeline and commissioned it as well as designed, bought and installed the production facility all by the end of June 2020......sigh.

Slide 10

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

*months

Takeyourbets - earliest for First Gas will be February / March 2021 at Saltfleetby. Equipment arrival before long hook up / commissioning process will be in Q4, but you then hit the Christmas period of inactivity on site and decision making in government agencies.

Sadly Angus had a well testing permit at Balcombe, but stuffed it up resulting in them having to reapply for the testing permit. West Sussex Council / Planning Department have been pro oil and were completely different to SCC. Now the winds have changed and I can see Angus struggling to get a permit in 2020.
Lidsey is not producing a lot and is actually losing money at this price due to having to truck water as they can't use the Brockham injector well.

So there is no financial reward in the next 4-6 weeks if that is what you're looking at.

Takeyourbet - what time frame are you classing "medium term"?

Highroller - 1.35 million shares sounds like a lot ...until you realise its not even £3,500 worth......

How many Shares does Angus now have since they went on their share printing splurge?

Bullish signal? Speaks volumes

18-Jun-20 09:48:59 0.85 100,845 Sell* 0.85 0.95 857.18 O
18-Jun-20 08:00:22 0.858 209,704 Sell* 0.85 0.95 1,799 O
17-Jun-20 15:50:13 0.858 118,000 Sell* 0.85 0.95 1,012 O
17-Jun-20 15:23:08 0.855 553,214 Sell* 0.85 0.95 4,730 O
17-Jun-20 13:54:13 0.87 56,788 Buy* 0.80 0.90 494.06 O
17-Jun-20 10:11:33 0.87 44,603 Buy* 0.80 0.90 388.05 O
17-Jun-20 08:12:42 0.80 180,502 Sell* 0.80 0.90 1,444 O
16-Jun-20 15:17:04 0.80 24,338 Sell* 0.80 1.00 194.70 O
16-Jun-20 14:17:38 0.80 5,215 Sell* 0.80 1.00 41.72 O
16-Jun-20 13:28:50 0.898 55,017 Sell* 0.80 1.00 494.05 O
16-Jun-20 12:59:14 0.80 33,629 Sell* 0.80 1.00 269.03 O
16-Jun-20 10:48:31 0.898 21,600 Sell* 0.80 1.00 193.97 O
16-Jun-20 10:29:50 0.801 168,982 Sell* 0.80 1.00 1,354 O
16-Jun-20 09:42:20 0.801 33,547 Sell* 0.80 1.00 268.71 O
15-Jun-20 16:01:14 0.801 180,000 Sell* 0.80 1.00 1,442 O
15-Jun-20 15:56:08 0.801 37,453 Sell* 0.80 1.00 300.00 O
15-Jun-20 09:59:36 0.801 5,000 Sell* 0.80 1.00 40.05 O
15-Jun-20 09:53:04 0.82 5,000 Sell* 0.80 1.00 41.00 O

Rastuss - first year was deferred as 3 million shares up to £60,000 worth.

But strangely in the Annual Accounts it states for 2019 he had a salary of £68,000 plus £10,000 worth of shares. Not bad for attending 8 meetings.

Clanwilliam has already been at Angus for over 12 months (march 2019), so have they started paying him or creating even more shares?

Rastuss - very sad for shareholders

Clanwiilam has been "paid £583,400 since 2012.”

The scary things is Clanwilliam gets paid more at Angus per annum than he did at NMC. Is he the best candidate to be Chairman of a company that needs experienced guys at the top? As well as having George Lucan as interim Managing Director with no previous oil and gas experience.

Rastuss - you are quite correct ;)

So Clanwilliam is no longer the Chairman of the Audit Committee for NMC (a FTSE 100 company) , yet he is sat on the Angus Audit board, as well as being Chairman of AIM Rules compliance committee (Pages 22-23)

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

I will be most interested to see if Angus Energy Board members and employees will take a pay cut with the salary being well over £1 million per annum without any share bonus scheme factored in.

All other companies are scaling back projects, employee numbers with employees taking a 20 - 30% pay cut and upper management taking a higher cut.

I would be interested if someone would post this on the Investor Forum before the end of 19th June cut off.

Time for Angus management to tighten their belts and save £200,000 - £300,000 a year.

Ocelot - how would George Lucan know this considering he has no previous experience in the oil industry.

"George Lucan will act as interim Managing Director pending the Company's continuing search for a permanent appointment with industry experience to develop the Company's business beyond its current core strategy. "

http://www.angusenergy.co.uk/wp-content/uploads/2019/01/Retraction-of-Requisition-of-GM-Board-Changes.pdf

Look at the timings George Lucan proved on slide 10...suppsoed to be producing Gas by now from Saltfleetby which had 0% chance of happening. Angus only just finished the tender provcess end of May 2020 for the equipment.

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

It is truly shocking to see how little experience Angus has from the very top down to the ex interns.

Ocelot - its a buyers marker if you're the size of a Shell or Total, but not for a company that is considered very small in the oil industry like Angus who isn't a repeat customer. Equipment won't have discount, oilfield services like Schlumberger will.

Due to the downturn in the oil industry...will Angus employees be taking a paycut of 20-30% ?

Rastuss - Page 5 states this unless you have a more up to date article.

https://nmc.ae/finance/shareholder-information/notice-of-2019-annual-general-meeting.pdf

Continued Part 3

So Clanwilliam while working as a Chairman of a LSE listed company didn't divulge he had ties to a major shareholder who wanted to take over the company (through a merger) and who forced Shareholders to take a deal that was 8% less than the previous evenings close let alone a 47% decrease compared to the Schlumberger offer.

In a market released statement said Clanwilliam was “unaffiliated” with “any of its participants or their affiliates” which in fact Clanwiliam had 2 ties (Soma Oil & Gas and Winter Sky Investments Limited).

“Subsequently the Board formed a special committee (the "Special Committee") comprised of the Earl of Clanwilliam (as chairman of the Special Committee), Dr. Alexander Shokhin and Dr. Igor Belikov, who are independent non-executive directors of the Company and who are unaffiliated with the offering company and any of its participants or their affiliates, to negotiate on behalf of the Board the terms of a potential merger with the assistance of separate advisers appointed by the Special Committee.”

http://www.eurasiadrilling.com/media-centre/news-releases/2015/10/8/announcement-of-merger/

The Minority Shareholders took Eurasia Drilling to court in the Caymens where they are registered and won the ruling that the value of the company as decided by Clanwilliam and Co was not a fair price and were awarded $15 a share

Again The Times online have a more in-depth article detailing the events.

https://www.thetimes.co.uk/article/the-earl-of-clanwilliam-the-oligarch-and-a-buyout-of-eurasia-drilling-that-riled-investors-5vtt6smfm

NMC Healthcare PLC (NMC.L )

Non-Executive Director and Chairman of the Audit committee at NMC Healthcare PLC which is now embroiled in a $6.6 Billion scandal.

“Patrick Clanwilliam is chairman of NMC's audit committee which is responsible for scrutinising the company's books, despite having 'no apparent accounting experience', Muddy Waters said.

The Old Etonian, 59, is an independent non-executive and has been paid £583,400 since 2012.”

https://www.thisismoney.co.uk/money/markets/article-7997099/British-directors-heart-scandal-engulfing-healthcare-firm-NMC.html

https://www.arabnews.com/node/1646811/business-economy

Meade Hall & Associates (previously Gardant Communications)

Set up by Clanwilliam (actual name is Patrick Meade) and it promoted its Client, the Bahraini Government with pro-news during the Arab Spring even appearing on Al-Jazeera to defend the Bahraini Government.

Clanwilliam stated that Bahrain is a "beacon of democracy" and that the anti-government protests involved "a hundred or maybe a thousand people there. this is the vociferous minority, the malcontents. who want to change the nation from the tolerant society at the moment," (as quoted in Private Eye issue 1284).

https://bahrainwatch.org/pr/gardant-communications.php

In an online article on page 38

https://corporateeurope.org/sites/default/files/201500303_spin