Member Info for Alan2017

Continued Part 2
Meade Hall & Associates (previously Gardant Communications) - promoted its Client, the Bahraini Government with pro-news during the Arab Spring even appearing on Al-Jazeera to defend the Bahraini Government.

Connections to Conservative Party - Strong ties with Tory hierarchy. Seconded to Home office in Thatcher years. Backed David Cameron leadership bid.

Non-Executive Director of Soma Oil & Gas.

During his time at the company they didn't drill any wells and only carried out some seismic work, so outgoing Angus Chairman Cameron Buchans’ comment “I am handing over the role to Paddy Clanwilliam who has had a wealth of experience over many years in the oil & gas drilling and production fields.” again is called into question.

During Clanwillimans tenure Soma Oil & Gas had to deal with a Serious Fraud Office investigation into their activities in Somalia after being reported by United Nations’ Somalia and Eritrea Monitoring Group.

https://beta.companieshouse.gov.uk/officers/iS_GX_HoXYpeyOFOxddZ6_tBmzM/appointments

SFO were damming in their report “Whilst there were reasonable grounds to suspect the commission of offences involving corruption,a detailed review of the available evidence led us to the conclusion that the alleged conduct, even if proven and taken at its highest, would not meet the evidential test required to mount a prosecution for an offence.”

https://www.sfo.gov.uk/2016/12/14/sfo-closes-soma-oil-gas-investigation/

The Independent has serval fascinating articles regarding Clanwilliam, Soma Oil & Gas and the civil war in Somalia.

https://www.independent.co.uk/news/business/news/un-serves-a-sour-dish-to-lord-howard-firm-s-sfo-inquiry-10444655.html

https://www.independent.co.uk/news/business/news/soma-oil-gas-lobbies-uk-for-help-in-somalia-despite-serious-fraud-office-inquiry-a6694621.html

Eurasia Drilling Company Limited

Clanwilliam was Chairman of the oil rig company Eurasia Drilling Company Limited who presided as Chairman of a Special Committee of “independent non-executive directors” which comprised of himself and 2 Russians when reviewing a potential merger for the company with “EDC Acquisition Company Limited (EACL), a company formed by one of the significant shareholders of the company solely for the purposes of the merger”

What Clanwilliam failed to mention was he was appointed on 17th December 2013 as a Non-Executive Director at Soma Oil & Gas the same day as Georgy Dzhaparidze (son of Alexander Dzhaparidze who happened to be “the significant shareholder” of EACL who took Eurasia Drilling Company Limited private and is currently their CEO).

https://beta.companieshouse.gov.uk/officers/CDclMoQqGFCnHDtMXJwNUZkFuJ4/appointments

Earl of Clanwilliam is also a director of Winter Sky Investments Limited which is owned by Alexander Dzhaparidze and whose son Georgy Dzhaparidze is a director. Winter Sky Investments Limited also owned 30% of Soma Oil & Gas in 2015 where Ea

There is an abundance of news articles on the internet regarding current Non-Executive Chairman Paddy Clanwilliam at previous companies which is certainly enlightening. I wonder if Angus Energy did proper due diligence considering the events at previous companies during Clanwilliams tenure?

One article is very damming and can be found in The Times online.

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

Earl of Clanwilliam also known as Patrick Meade and Paddy Gillford joined Angus Energy in March 2019 as Non-Exec Chairman.

According to the Former Conservative MSP Cameron Buchan in 6th March 2019 Angus RNS, who has no previous experience in the oil industry stated:

”Having taken over the Chairmanship at short notice, I am very pleased and delighted that I am handing over the role to Paddy Clanwilliam who has had a wealth of experience over many years in the oil & gas drilling and production fields.”

Intern Clanwilliam stated:

“Patrick Clanwilliam the Company's new non-executive Chairman writes:“……I was especially attracted to Angus by the quality of its technical and operational team…..
I hope to use my Oil and Gas experience to add value to this vision”

http://www.angusenergy.co.uk/wp-content/uploads/2019/03/Angus-Energy-Board-Changes.pdf

Now when you actually look at Angus Energy Non-Executive Chairman Paddy Clanwilliam oilfield experience, well its more than Cameron Buchan whose background is in the textile industry. But Clanwilliams experience is virtually nil.

Who recommended Earl of Clanwilliam? Cameron Buchan with his Tory ties or perhaps George Lucan, a fellow Etonian with an Anglo Irish peerage?

Summary of Oilfield Experience et al:

Eurasia Drilling Company Limited Chairman of Russian oil rig company. Has nothing to do with decision making in “oil & gas drilling and production fields.” as Cameron Buchan suggested. He didn't divulge he had ties to a major shareholder who wanted to take over the company (through a merger) and while sat on a Special Committee to asses the deal 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.


Soma Oil & Gas - Non-Exec Director. Didn’t drill any wells and only carried out some seismic work in Somalia. So no “…wealth of experience over many years in the oil & gas drilling and production fields.” garnered here either. Serious Fraud Office investigated company after complaint made by UN watchdog regarding corruption.

NMC Healthcare PLC (NMC.L ) - Non-Exec Director and Chairman of Audit Committee at FTSE 100 company. Now embroiled in a $6.6 BILLION hole in accounts scandal at a FTSE 100 company. Has since resigned from his Directorship, but has put himself up for re-election.

Highroller- actual Angus doesn't have enough money just from reading their Annual Accounts

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 or the £180,000 per annum lease costs

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

Saltfleetby won't happen until earliest February / March 2021....so be careful what you wish for with the other projects.

I have lost count at how many times people have posted over the years saying a 1-2 month delay is nothing...yet it took 2 years from drilling Brockham to testing it due to Tidswell not being able to tell his left from his right and drilled from the wrong well....the same guy who is being paid to be Angus Energy Business Development Director...yet has succeeded in producing nothing viable.

Regarding "less cash outflow re Balcombe"..well Angus would not have built in a cost for having to make further applications and appeals....and they are still not where they were originally. 2 steps forwards and 20 steps back.
Balcombe was drilled in 2013....there is not one oil company in the world who would wait 7-8 years to carry out an EWT on a well just drilled.

Ocelot - But you have stated "The cash is in the bank, it is there in the balance sheet."...can you please provide a link and page number where this corroborates the "North of £4 million" as you keep referring to.

Also can you provide the link and time to where Lucan made that"North of £4 million" comment .

Real Analyst - I will be intrigued if they post your question, as Angus haven't posted at least 3 of mine sent at the beginning of June. They seem to be picking and choosing which questions to post. I note they have posted a much more watered down and vague question regarding Holmwood.

Have any other posters haven't had their questions put to the Angus Investor Forum posted?

I note Angus chose not to post and / or answer the question i asked regarding the actual duration for each Balcombe flow test, as each bopd is rounded up to 24 hours regardless of whether it flowed for 15 minutes (Multiply volume by 96 to get 24 hour rate) or 24 hours continuous.

Ocelot - can you please provide a link and page number where it says in the Financial report "North of £4 million" as you keep referring to, as your other comment "The cash is in the bank, it is there in the balance sheet.".

Ocelot - It is not a case of "....determines your selection of texts and your interpretation of them."
Its a very simple stress test you apply to a companies financial health through reading their CPR, Annual accounts. Income and Outgoings which I have posted the costs: page numbers / links. You have done some due diligence yourself or have you just heard George say we have "North of £4million." and not taken into account any outgoings?

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

Ocelot - Again I would take the time to read posts before replying.

Ocelot - Your comment "Alan2017 doesn't and his negative posts flow from his point of view." is wrong.

The facts and figures I post are not my point of view, but actually published project costs, salaries and signed up to JV agreements with other companies as published by Angus themselves in their RNS / Annual accounts and presentations.

Even with a simple calculator you can go through the numbers and see Angus don't have enough to cover the costs of all their commitments with your comment agreeing to this.

"Possible equity issue at some stage, yes, but the prospect of Saltfleetby cash flow could open up to them new sources of finance, too."

Highroller - your comment regarding UKOG "Over there, you will have tonnes of shares, exorbitant salaries for BOD..." is actually quite apt for Angus BOD as well.

Angus has an annual salary of £1 million to pay for the salaries without the inclusion of another future employee dealing with planning (smart move getting somebody in 2/3's of the way into one project and with the other project being refused planning permission....but that is another Shakespearean tragedy for Mr Lucan.).

Where is the oil and gas experience in Angus to justify a salary bill now soon to be plus £1 million? It is actually quite shocking to see that the only person who has any oilfield experience is Andrew Hollis, who was the man who chose to drill the ill-fated Lidsey well and who didn't know to read up on the Daily Drilling Reports, Daily Mud Reports and Daily Mudlogging Reports to determine hw much drilling and completion fluid went into the Balcombe reservoir and the old adage what goes in must come out wouldn't have caused the SP to be stifled when the Balcombe Water Well RNS was released...when in fact they just never pumped enough completion fluid out. That is truly Day 1 of Well Testing Class.

Ocelot - for you comment to be true "Suspect that the length of this period of consolidation suggests that the ultimate recovery in the share price could be very sharp."

Angus would have to be making money, yet even at 40pence/therm they are losing money. So how can the SP rise? Its like the Titanic of projects.

Ocelot - Your comment "Alan2017 doesn't and his negative posts flow from his point of view." is wrong.

The facts and figures I post are to my point of view, but actually published project costs, salaries and signed up to JV agreements with other companies as published by Angus themselves in their RNS / Annual accounts and presentations.

Even with a simple calculator you can go through the numbers and see Angus don't have enough to cover the costs of all their commitments with your comment agreeing to this.

"Possible equity issue at some stage, yes, but the prospect of Saltfleetby cash flow could open up to them new sources of finance, too."

Highroller - how do you know he hasn't asked questions on the Angus Forum. Sadly Angus doesn't seem to post every question submitted to their Forum. I know 4 of my questions have not been posted and the question has to be asked why?

Is the Forum just being used to promote the questions Angus wants you to hear? After all, how many Managing Directors besides interim Managing Director George Lucan even bother reading these boards?

Ocelot - Your comment "Expect that Saltfleetby should be up and running by then and think it may open up alternative sources of finance to them." So you are talking about another raise / placing then, which makes sense due to Angus commitments.

And we actually don't even know how much Balcombe applications / appeals is costing Angus, plus Angus have to pay the full EWT costs and FDR application......

S not even crumbs in the cookie pot.

Ocelot - I just did. You just need to read posts.

Ocelot - your comment "PS: and, of course, he may have been behind Saltfleetby." is wrong. The Business development aka Captain America von Tidswell didn't have anything to do with Saltfleetby as confirmed by Angus themselves. Again Ocelot folk have provided all the answers in posts on this board again and again. PS. Captain America is now doing the exact same thing at Challenger Acquisitions after George Lucan brought him in. They must be very close as Jonathan Tidswell brought George Lucan in to Angus to act as interim MD while they looked for an experienced Oil and Gas MD.....that search seems to be very quiet at the moment?

My question to Angus Forum which was not posted or answered:

Is Jonathan Tidswell still on the Angus payroll and if so, what is he actually doing? Please note Jonathan Tidswell brought George Lucan into Angus with no prior experience of running an Oil Company and was only meant to be a temporary position.

“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

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/

Ocelot - You do appreciate that Angus have to pay bills? If Paul Forrest of Forum gives Angus £2.5 million to either get to First Gas or to pay for the decommissioning costs of £2 million....well you can't spend it on both. Hence why Angus has chosen to go down the First Gas route with the £2.5 million....

"North of £4m" includes the £2.5 million provided by Saltfleetby which is being used to get to First Gas.

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

Angus annual wage bill £1 million.

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.

Ocelot - Your comment "No reason to deduct £2.5m." is wrong.

Angus have been given £2.5 million to either get to First Gas or to be used for decommissioning costs. Angus have chosen to use the money to get to First Gas. Unless you can prove otherwise with RNS / Presentation coupled with page references / links which I have kindly done with all my posts.

And as I have already posted many times and the latest being 9th June 2020:

http://www.angusenergy.co.uk/wp-content/uploads/2020/03/Reserves-Resources-Valuation-Report-Angus-Energy-Saltfleetby-Assets-Effective-Date-28th-February-2020-Report-Date-4th-March-2020.pdf

On Page 10:

“It is emphasised that legislation, taxation and commodity-price forecasts can be subject to significant change even in the short term and that any of these could have a significant effect on the NPVs presented in this valuation report.”

On Page 46:

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

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

Angus also have circa £1million salary costs.

James - Your post is sadly incorrect for long term holders of Angus "Its closed period. No member of BOD can buy any shares until the interims are out."

Jonathan Tidswell loaned his entire shares to America 2030 in a closed period. Thus crashing the SP.
Jonathan Tidswell called a Shareholder meeting to oust Paul Vonk who intern quit after being giving 2 1/2 years salary. Thus crashing the SP.
Jonathan Tidswell installed George Lucan as Interim Manager until a MD with Oi land Gas experience was found....I guess they are still looking.
Jonathan Tidswell continues to work at Angus as a Business Development Director (as confirmed by Challenger Acquisitions RNS) yet hasn't added anything to the Angus portfolio.

George Lucan as Non-Exec Director at Challenger Acquisitions has brought in Jonathan Tidswell as a Non Exec Director along with the Major Investor being Known Properties.

What a cosy group of friends.....

http://www.challengeracquisitions.com/sites/default/files/documents/CHAL%20Board%20Changes%2027.05.2020.pdf

Mirasol - I was using HH well test figures published in official RNS which sadly doesn't seem to be replicated since at HH or Brockham. I quite clearly stated this, so why you can't understand is is very strange......

Please highlight a post of mine...otherwise its just another one of your incorrect posts.