Member Info for Alan2017

Ocelot - Your comment "With "North of £4m" in cash resources at the last count, that seems a bit unlikely." doesn't tell the whole story as in:

"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.

Rastuss - Elephants never forget ;)

Lancashirelife - Regarding your comment about ".....raising questions about Holmwood which Angus haven’t even mentioned as a drill prospect."

Its right there on Angus Website. They just changed the name to A24 as its been so long in the pipeline. You just have to read the published information provided by Angus.

http://www.angusenergy.co.uk/what-we-do/a24-prospect/

Budflanagan - thank you for the link. That relates just to the location that for 9 years the Operator was trying to get permission to drill a well in an environmentally sensitive area. Worst thing is Angus bought in to this knowing that they had been constantly refused for 7 years. And guess what ...they were refused. Shocking due diligence to buy into that project.

Angus raised £2 million in 2017 to acquire a 12.5% in Hollywood.

Angus are still obliged as per their own RNS confirmation to the Market when Angus bought 12.5% of the Hollywood interest which states “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

Where has that money gone as the well has not been drilled yet? Hss it been spent on something else and does that mean Angus is short by £1 million? And if so, will they have to do another fund raising? These are pertinent questions and I am very surprised that Angus have not addressed them.

Mirasol - Everything I said operationally was correct at Brockham. I used the figures supplied by UKOG for the well tests which has disappointed even UKOG investors.
What I will say about Brockham is how did Angus under George Lucan stewardship expect to unload the well (displace the fluid and flow oil) by pumping Nitrogen from surface down the well. You have to run Coiled Tubing (which Angus didn't) and pump the Nitrogen through the coiled tubing and then displace the fluid from the bottom of the well up to surface. All Angus achieved was pumping the majority of the fluid into the formation sealing up the fractures / perforations. You pump from the surface down when you have a Well Control situation and want to kill the well. That is Well Testing 101.......yet thats what they did.

I also said Angus didn't order back up equipment and when failures occurred it hurt the SP.
I also pointed out that the well test wasn't going to plan 5 days before Angus finally released an RNS in Feb 2019.
I also said in December 2019 that there was no chance of Saltfleetby having First gas in June 2020...the earliest was Q4, 2020 which surprise surprise I have been proven correct and I have now revised that figure to February/March 2021
I could go on....but I've nullified your argument already.

Lancashirelife - When you said "I also understand the Angus guys actually have no idea who Alan is" ...of course that is true as they don't have oilfield experience, so how would they have met me.

Mirasol - "He's taking a hell of a risk continuing to **** people off on here " I have quoted Angus Financial reports / RNS with page numbers and links attached. Also looking into the companies expertise as posted by themselves on the internet is not rocket science....except for an intern perhaps.

Ocelot - thank you for the kind words regarding my research...which just involves actually reading the Financial statements / RNS issued by Angus.

I note nobody has tried to refute the figures I have quoted from Angus themselves which I find very telling.

Rastuss - that is very true...£68,000 a year plus £10,000 in shares.

And George Lucan has said he is brining in at least one more person for the Staff payroll to look after planning and applications. One would have thought he would have brought him in before the project application process started. Not 2/3's of the way in, hence the delays.

So one would say another £150,000 added for those 2 plus additional consultants.

The opposite of The Cup Runneth Over.

I also note George Lucan / Angus failed to post the question on the Investor Forum regarding Jonathan Tidswells continued involvement in Angus. Which is a surprise as they are now working together at another company listed on LSE. Along with Knowe Properties. The question posted was:

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/

Highlighting the inexperience in Angus from MD down.

Page 10 shows how out of touch Angus were for actually getting a project past the finishing post. I said back in December 2019 that the earliest would be Q4 and that was without any delays wit planning and tendering which they have surprise surprise seen. And thats without a Corona delay. Having a wage bill of £1 million employing people who have no experience at managing a project like this is highly questionable.

The earliest Saltfleetby will be producing gas is February / March

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

Ocelot - "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

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.

In fact Jonathan Tidswell was forced to resign after not informing the board about his share dealings during a closed period.

5 separate occasions he conversed with America 2030 during the closed period and only got found out when they started selling his shares.

The strange thing is we still haven't found out why he was doing this in the first place, considering some folk call him successful.

He also staged a shareholder revolt (just him) which further crashed the SP. He actually turned Angus into a circus and they even ended up being front page of The Times....for the wrong reasons.

Sad to say his track record is very poor.

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

Pactrol - Angus have received £2.5 million to either use as decommissioning costs or to use the money to get to First Gas. Angus have chosen First Gas which means they will have to pay the full decommissioning costs out of their own pocket which Angus have said will cost 32 million.

That is why the £2 million has been deducted from the below figures.

Mirasol - that is incorrect. Angus have not pulled out of Holmwood and are still obliged as per their own RNS confirmation to the Market when Angus bought 12.5% of the Hollywood interest which states “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

Its right there in black and white. So Angus has an obligation to pay up to £1 million pounds to fund the well.

Where has that money gone as the well has not been drilled yet? Hss it been spent on something else and does that mean Angus is short by £1 million? And if so, will they have to do another fund raising? These are pertinent questions and I am very surprised that Angus have not addressed them.

And again - the numbers are out of date with regards the to forward curves which doesn't factor in Corona.

At 40pence/therm Angus owes money.

Ocelot - the RNS is actually a Fund Raising / Placing confirmation to the Market when Angus bought 12.5% of the Hollywood interest which states “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

Its right there in black and white. So Angus has an obligation to pay up to £1 million pounds to fund the well.

Where has that money gone as the well has not been drilled yet? Hss it been spent on something else and does that mean Angus is short by £1 million? And if so, will they have to do another fund raising? These are pertinent questions and I am very surprised that Angus have not addressed them.

Ocelot - yet you are posting the projected pence/therm that is nowhere near the CPR valuation. That is very misleading.

Also the the chart does not take into account the Corona impact on the global economy. As I said before the world economy may take up to 2-3 years to recover which is 20-30% of Saltfleetby total production.

Also the prices quoted on the chart does not include the Transportation, System Owner entry and Off-take charges which reduces it by another 2.5 pence.

You have to subtract £2 million immediately for Angus decommissioning (!00%)

Fixed Opex inc Equipment Lease Costs @ £1.39million per annum
G&A (Field, and Head Office allocation) @ £0.52million per annum

Applying the 51% gives Angus £0.97million per annum.

Angus Energy staff costs are £1 million.

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

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

Ocelot - and no mention of the £1 million Angus has a signed commitment to. Where is that money in the books?

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

Ocelot - Angus are using an average of 50pence/therm for their CPR Calculations.....the curve doesn't reach 50pence, so you've proven that the current CPR valuation is already out of date.

I'm not sure how anyone can build up Jonathan Tidswell (the guy seemed to keep changing his name every year....I wonder why?). There is the Midas touch and then there is the Tidswell touch. The Angus price rise was due to ramping and not from Tidswell.

Yes he managed to drill the original HH, but then sell it before the price rocketed.
He drilled a well at Brockham and managed to drill from the wrong well alienating the OGA, EA, HSE and local authorities adding 2 years onto a project stagnating the SP.
Being the drilling guru Tidswell didn't think it was prudent to order critical spare parts and added an extra 4 months onto the Lidsey well thus crashing the price.

Jonathan Tidswells character has already been tainted by his share dealings with America 2030 (a third-party equity linked lender) when he loaned his shares as Executive Chairman of Angus Energy during a closed period which had commenced on 30th May 2018.

This resulted in Jonathan Tidswell resigning from the Angus Energy board and the investigation subsequently deemed to “the Company's share dealing code was not complied with and accordingly for clarification not be reinstated to the Board”. You can read the actual RNS with the link at the bottom (Pages 2, 4-5). It speaks volumes.

In fact Tidswell has managed to crash the Angus share price on no less than 3 occasions and this is his supposed forte. What experience does he have except manage to get large loans paid to him via the company and then written off before the company goes PLC. One should also note that he is also supposed to be looking for new assets for Angus Energy, so how can he justify the time spent searching for.....well what is he looking for?

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