Member Info for Alan2017

I gave an honest post last year on 23rd October 2019 to give investors a heads up on where we stood and that post is copied below here.

Angus gave far too optimistic timelines even if all the planning came as per schedule.

Lucan in his limited experience has updated us.

Angus Energy Investor Conference Call May 2020
http://www.angusenergy.co.uk/media/investor-conference-call-audio-recording-202005/

@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

This puts Saltfleetby earliest February and more realistically March 2021. Timelines always go right.

RE: Please stop the negativity posted on 23 October 2019 08:36

Charlie - you are looking at Q3 2020 following an Angus timetable which doesn't account for the paperwork trail / meetings / public consultation regarding physically reconnecting to the National Grid which will always take longer than planned....and then you have to have the specialist pipe / contractors before actually laying the new pipe. Lucan had said May-August 2020 back in June....so yes last Quarter of 2020 is a much better date to plan for as an investor.

Balcombe will earliest be February possibly as late as April 2020 as Angus have been proven to be reactive instead of being proactive when it comes to ordering equipment / rig contracts. I don't see any issues with the planning meeting in January as its WSCC and they have always been fair.

As long as investors have achievable dates then they can make their own minds up instead of listening to the 10-20% rampers who have suddenly disappeared from the board. It makes no sense to invest in Angus at the moment (even if they bizarrely have the same SP as UKOG).

With regards to Holmwood Angus needs to tell us what is the current status regarding finances, as they don't even seem to know.

Does Angus 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

Patrick ("Paddy") Clanwilliam - Non Executive Chairman

He is presently non-executive director of FTSE100 listed NMC Healthcare PLC (NMC.L).

NMC currently being investigated for fraud and has $6.6Billion in unaccounted for debt.

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

George Lucan - Managing Director (BA in English Literature)

“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

Andrew Hollis - Chief Geologist who has been promoted to Technical Director who chose Lidsey well for drilling. Ended up with very disappointing production rates along with the other projects.

http://www.angusenergy.co.uk/wp-content/uploads/2018/07/Angus-Energy-Kimmeridge-Assesment-Indicates-High-Quality-Crude-at-Lidsey.pdf

Cameron Buchanan - expert with the wooden industry.

What is the up date with finding a MD with Oil Industry Experience as promised? George Lucan was brought in by Jonathan Tidswell.

“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

Why does George Lucan not not that Angus have a commitment to Holmwood of up to £1 million drilled costs for the well plus costs.

With regards to Holmwood:

Can you confirm that Angus does have a commitment as per the 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

Ocelot - it was my 2nd post and various posters have responded.

Ocelot - You all ready know I have posted on the Investor Forum as I already posted this earlier

"I do wish Angus would update their Investor Question page as I've sent 3 questions on 2 separate occasions (2nd May and 6th May) and still nothing."

I wonder how many other investors have asked questions on the Forum this month?

So guys where in the accounts does it say this is the money allocated for Holmswood. Angus undertook a placing for Holmwood and have to honour the agreement which is up to £1 million.

You didn't mention the £300,000 that was paid out to Vonk after "resigning"

Angus has all of financial commitments that you're not taking into account....that is a concern.

Angus are committed for ongoing costs and up to £1 million at Holmwood which they took a placing for. Have they already spent that money?

Angus have to pay the entire EWT and FDP at Balcombe......do they still have the cash for that?

Angus are opening circa £1 million on salaries / benefits for 1 year.

Money for Lidsey seismic? £300,000 was allocated for this.....where is that money?

Ongoing costs for Satlfleetby...timelines always go to the right.

Thats a lot of cash burn.

Does Angus still have enough money to carry out the Balcombe EWT and all the FDP as per the 9th Feb 2018 RNS all will you need to raise more money and if so, what will it be for the FDP or the EWT as well?

http://www.angusenergy.co.uk/wp-content/uploads/2018/02/Angus-Energy-Completes-£2M-Private-Placement.pdf

How much of the £2 million raised in 6th February 2017 RNS to acquire a 12.5% interest in Holmwood is still in the bank?

How much was paid immediately for “…certain historic costs incurred by the Operator”?

Does Angus still have the £1 million that is required under the signed obligations “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

Several posters have said Angus have enough cash to meet all their requirements without posting the exact figure.....but factoring in Saltfleetby, Balcombe EWT and FDP, financial commitment at Holmwood and any other work such as seismic at Lidsey / Brockam work.....thats a lot of money.

James - can you please post a link to where you saw £4million and a page number please

Lancashire - how much cash does Angus have?

Why are Angus only quoting 300bopd for Balcombe? Where have they come up with that number? Thats not what they have officially quoted in AIM RNS quoting 853 / 1,587bopd and slugging of up to 3,000bopd from their 7 day well test.

That is a big difference that needs to be addressed.

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

Crocqman - I am assuming the 'question' is regarding Paul Vonk.

Why did Angus give an ex-employee 2 1/2 years salary for resigning plus another £30,000 salary for the month of January?

You don't find that strange considering in the accounts its classed as Termination package yet Angus told the markets Vonk resigned?!?!

Brian - isn't Tidswell Operations Director looking for new assets and being paid for by Angus ....and what has he done for that pay?

Croqman - well I am having to answer several questions put to me. And I note you don't have an opinion of a company giving an ex-employee 2 1/2 years salary for resigning plus another £30,000 salary for the month of January?

You don't find that strange considering in the accounts its classed as Termination package yet Angus told the markets Vonk resigned?!?!

Mirasol - £300,000 paid out to Vonk for resigning? Equivalent of 2 1/2 years salary plus £30,000 extra. Why would any board sanction this?

Mirasol - who warned folk on 30th January 2019 that the well testing pipework was dismantled and that meant bad news....5 days before Angus related the 4th February 2019 RNS.

As I questioned at the time...Angus never used Coiled tubing to displace the fluid from the bottom of the coiled tubing pipe to surface....instead they did the opposite...pump N2 down the tubing from surface forcing the fluid into the formation and basically killed the well. Now you have to answer the question why? That is called bull heading....you do the same thing when trying to kill the well during a well control emergency.

What they did was basically shoot themselves in both feet.