Member Info for Alan2017

Lancashire - if the 3 persons I already mentioned have only oilfield experience as interns before joining Angus. Zero oilfield experience. They would have spent most of their time to office inductions...

Freddie Holt

2 stints as a Summer Intern for a combined total of 4 months (which everyone always rounds up) does not give someone the necessary skills.

Joined Angus in October 2017 as a Geoscientist for 2 years 2 months in which time the only thing Angus has done is the 7 Day Well Test at Balcombe and the failed Brockham EWT, so what exactly was Freddie doing for those 2 plus years?

And now Freddie is a Technical Manager with zero background experience for his position and is now overseeing Saltfleetby. As for stating he has “…experience in project management, leadership, & project evaluation recently focused in the Energy Industry” This is fluffing of a CV on an exceptional scale.

https://www.linkedin.com/in/freddie-holt-491682131/

“Highly numerical & analytical young professional currently working as Technical Manager at Angus Energy Plc. Proven communication & interpersonal skills with experience in project management, leadership, & project evaluation recently focused in the Energy Industry”

https://online.wharton.upenn.edu/business-and-financial-modeling/

Is this the reason Angus screwed up with losing the Balcombe permit?

William Jewell

3 stints as an intern giving a combined experience of 8 months on a CV (again rounded up like we all do). You can’t be a Drilling and Completions Engineer at BP for 1 month when in fact he just “Shadowed a drilling and completions engineer.”

William has been at Angus since October 2019 where no drilling or logging has taken place,

https://www.linkedin.com/in/william-jewell-862414173/

Why is a Geoscientist writing Abandonment Programmes? Thats a Drilling Engineers’ job.

“Technical administrative tasks such as writing field abandonment reports”

Artemis Kolomvakis

2 stints as an Intern giving a combined 5 months experience (again rounded up like we all do). You don't just join Chevron as a Reservoir Engineer. With his experience he would have been called a Junior Reservoir Engineer.

Artemis has been at Angus since January 2020 where no drilling or logging has taken place.

https://www.linkedin.com/in/akolomvakis/?originalSubdomain=uk

Ex-interns with zero oilfield experience include:

Freddie Holt
William Jewell
Artemis Kolomvakis

Day 1 of George Lucan tenure.....hardly the past is it?

£300,000 pay equating to 2 1/2 years salary and that doesn't concern you about whose running the show?

Only 4 questions asked and 3 were from Rupert (Major Investor) is a poor showing most folk would agree on.

Ocelot - it is under the tenure of the current Captain steering the ship, so of course it is relevant.

Paid 2 1/2 years salary?!!! £300,000 plus another £30,000. How very generous and that begs the question...why?

Brian - I used published UKOG HH well test data for the calculations and now it seems they are getting different results as reflected in their SP which is sad for their investors.

GKB47 - actually I don't believe so now. You have the saying Midas Touch....well now you have the Angus Touch lol

For a company to produce an RNS and spend 50% of it talking about water which stifled any SP rise from the good news and then it turns out they never bothered reading the Daily Oil Company Drilling Report, Daily Rig Company Report, Daily Mud Engineers Report, Daily Mudlogging Report where they would all have mentioned the Daily and Cumulative Fluid losses for the reservoir section and then to come back months later and say....no wait its not water..we just never pumped all the completion fluid lost while drilling the reservoir section and completing it......that is Drilling 101. That sums up Angus unfortunately. You have a GeoScientist now as a Technical Manager running the Saltfleetby project. You have another Geoscientist writing Abandonment Programmes?!?! No wonder the planning applications have been screwed up when Anus employ people that have not worked for an Oil company before. 3 out of 4 staff in key positions. That for me is a field of red flags.

Balcombe was drilled in 2013. You drill the well and then test it....you don't wait 7 going into 8 years to test it. Unheard of. For that, I think its a dud and the least you would have to do is redial it.

Ocelot - it was you yourself you mentioned several days ago that no-one had asked any questions on the Angus forum....so I was responding to that.

It is relevant as its one of the few ways of judging how Angus is being run. Why does Angus employ so many people with zero oilfield experience? You can tally up the number of mistakes regarding planning applications, ordering critical parts with the number of ex-interns.

Are you suggesting Paul Vonk awarded it to himself lol George Lucan was in charge, so yes it is relevant.

"As noted above, Paul Vonk has resigned as Managing Director from the Board with immediate effect. The Company has today appointed George Lucan as Executive Director and interim Managing Director."

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

2 1/2 years salary for resigning or being fired is rather steep don't you think?

Was the markets informed properly of Paul Vonks Departure? Because Angus under George Lucan contradict themselves as already highlighted. Lets see their response.

Why was Paul Vonks' contract paid off to the sum of £300,000 (equivalent to 2 1/2 years salary), as well as being paid £30,000 in salary when he “resigned” on 29th January 2019 (when he earned £10,000 a month)?

Angus RNS dated 29th January 2019 stated “Managing Director Paul Vonk has resigned with immediate effect”

Jonathan Tidswell is quoted in an online article in the The London Economic on 15th March 2019 as saying “….matter was quickly settled following former CEO Paul Vonk’s resignation”

George Lucan stated in Annual Report and Accounts and Notice of Annual General Meeting 6th March 2019 that “On 29th January 2019, Paul Vonk resigned as Managing Director.”

The Annual Report 2018-2019 states on Page 30 that “Paul Vonk - resigned on 29 January 2019”

Yet all the above is contradicted by the financial revelations within the Annual Report 2018-2019 on page 27 which details the termination payments and on page 52 which states “…and the termination of Paul Vonk’s contract, at a cost of £300,000.”

The information released to the AIM stock market is highly misleading. If Paul Vonk had resigned with immediate effect then he automatically gives up any right to a financial redundancy package. Instead Vonk has been given a 2 1/2 year pay off which begs the question why?

Crocman - I said back in December 2019 that the earliest that anything could happen at Saltfleeby was Q4 2020 and not June 2020 as quoted by Angus. So no there hasn't been anything to write about.

Before folk go on a rampathon regarding Saltfleetby.....Listen to what Lucan says:

@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

I like to add a bit of realism....they gave timetables that couldn't be met and are probably thankful they can use Corona to push back timings.....and thats before factoring in inexperienced Interns at Angus doing jobs they aren't qualified to do and yes that includes Freddie.

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

One of the questions I sent Angus was:

Regarding your RNS 2nd Oct 2018 for Balcombe 7 day test.

How many barrels of oil were recovered for each individual test (to give you 853 / 1,587bopd, as well as 3,000bopd slugging) and what was the test time period for each to the nearest 15 minutes.

The reason for the question is witnesses didn't see any tankers leaving with hydrocarbons during the test period and the RNS rates have been averaged over a 24hr period.

A test for 1 hour with 35.5bbls of oil recovered gives you +/-853bopd, but that is not physical production.

Publishing these numbers will give your much weary investors some confidence, as up to now targets / times scales have been woefully inaccurate.

“The test utilised Nitrogen and coiled tubing to clean and prime the well which when removed allowed a natural flow at 853 bopd equivalent, not including 22.5% water. A second flow period was undertaken with the well flowing naturally at 1,587 bopd equivalent, not including 6.6% water.
……During the initial flow period, the well slugged at up to 3,000 barrels per day which had to be reduced as it exceeded separator operating capacity. Duration of the test runs were limited.”

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

Thanks to Corona i've had the time to listen to George Lucan and must say .....oh dear.

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

@05:30 - “Shifting to Gas assets” Is that because you don't have oil in the Weald?

@13:00 - “National Grid working round the clock” I highly doubt they have guys working 24hrs a day burning the midnight candle. And does that mean Angus is paying them overtime?!!!! Very misleading comment.

@24:20 - Angus employing Health and Safety Standards Officer. How much is he / she costing?

@25:06 - “We’ll get in the absolute Pro’s who have worked on every other field you can mention in the last 10 years”

@28:02 - “Trust us at Angus we are good at getting the best lowest cost solution” Yes by not ordering critical spare parts and adding 4 and 6 month delays to Lidsey and Brockham.

Blaming Corona for delays is a lame excuse. Of course Vendors have all the information to hand on laptops / phones. How would you normally do business?

@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

@32:02 - “Chalk and cheese versus some of the densely populated areas in the South” Derogatory comment aimed out the 2 Councils wont go down well.

@34:08 - “Nice to work in an area where they just don't want charity shops in the high street” This is a highly inflammatory comment to be making when you have had a planning application rejected by the previously oil friendly West Sussex Council. If Angus hadn’t have screwed up the permit process, then you would not need to be submitting a new application as confirmed by yourself.

@36:50 - “There are potentially deals out there and there are still sources of finance for deals” Don't you think you should learn to walk before running? The deals for Holmwood, buying more of Lidsey and Brockham have been very poor decisions and shareholders have suffered share dilution for multiple placings.

@38:10 - “Balcombe is valuable at 300bopd” Why are you quoting these specific flow rate which is different to the flow rates quoted in your Balcombe RNS?

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

@38:44 - “Opportunities at Lidsey” Seriously why do you keep wanting to revive a dead duck?

@38:55 “Unhelpful planning decision” Again you’re poor due diligence has caused these delays. Balcombe 7 Day Well Test was completed 2nd October 2018.

Balcombe is turning into another Brockham fiasco where you are alienating the once friendly council against you and you will have further delays.

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.

Well for Angus sake I hope the planning Officer hasn't listened to the Angus Energy Investor Conference Call May 2020

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

If the link above is blocked, then you will find it on Angus Website under Media and then Presentations.

George Lucan managed to use his Degree in English Literature (non finance) to offend a Council you need to keep on your side.
@34:08 - “Nice to work in an area where they just don't want charity shops in the high street”

This is a highly inflammatory comment to be making when you have had a planning application rejected by the previously oil friendly West Sussex Council. If Angus hadn’t have screwed up the permit process, then you would not need to be submitting a new application as confirmed by Lucan. Sadly Angus has a record of screwing up planning applications. Doesn't help if you employ a bunch of interns with zero oilfield experience. Sigh

Before folk get excited with the RNS.....just reread this paragraph several times and appreciate that gas will not flow before Q4 of next year at the earliest. They still have to purchase equipment (which actually means pay up front and get it manufactured as this isn't your off the shelf pieces of equipment. Then you have all the regulators to satisfy.....

I see most of the cheerleaders went quite...maybe Tidswell had several accounts running to raise the price so he can pay off his loan by the end of the year.....loooong sigh

"There are still quite a few hoops to get through, most particularly OGA approval of our Field Development Plan (which will also remove the Abandonment Notice on the Field put in place as a holding measure following the change in ownership), EA, HSE and NLCC approval of changes to the site, assent of partners on this split Licence to the Licence transfer itself, and the everyday technical challenges themselves but, for the moment, the Company is forging ahead."

Crocqman - that's the one ..thanks

"How long it takes

The period from clock start to issue offer depends on the type of offer to be made.
An initial connection offer (ICO) will be made within two months;
A full connection offer (FCO) requiring a conceptual design study will be made within six months.
A full connection offer (FCO) requiring a feasibility study will provide the feasibility study report within three months, and the offer six months following acceptance of the report by the customer."

https://www.nationalgridgas.com/connections/applying-connection

Charlie - there is more chance of it drifting towards 1p than 1.5p this year purely on current activity, production and no news worthy events happening in 2019...that is sadly just being realistic.

Gkb47 - Wingas won't have done it as they wanted to use the field as an underground gas storage...hence why they suspended all the wells.

Angus will be doing it and if I remember correctly will cost them £70,000 to do it (I remember reading it somewhere).

But its a slow process as I said 6 months plus...before breaking ground with a shovel.

Now with regards to connecting to the NTS transmission line...the due diligence takes time before the actually digging can progress. This is taken from the link at the bottom of the message.

"How long it takes

The period from clock start to issue offer depends on the type of offer to be made.
An initial connection offer (ICO) will be made within two months;
A full connection offer (FCO) requiring a conceptual design study will be made within six months.
A full connection offer (FCO) requiring a feasibility study will provide the feasibility study report within three months, and the offer six months following acceptance of the report by the customer."

https://www.nationalgridgas.com/connections/applying-connection