Member Info for Alan2017

Crocqman - your comment "So, it seems that Alan did not take up the chance to submit any of his questions/concerns specifically for the meeting (or attend) despite it being well documented on here that messages by email were not being responded to." is null and void as I quite clearly stated on here over weeks that I didn't even receive an acknowledgement let alone answers to the 3 questions I put to George Lucan.

I sent my questions in 3 separate emails addressed to George Lucan to the Angus Email account....asking them to acknowledge receipt....which they did not.
I also forwarded the questions in 2 emails to the Nomad asking them to forward the questions to George Lucan and acknowledge receipt....which they did not.
I also copied my 3 questions on a Twitter post addressed to Angus Energy #.....again no response.

So is that really how Angus Energy are going to communicate better with their PIs?!?! Sigh.....

Icarus - I feel your pain. The feel good factor of Lidsey / Brockham drills as well as UKOG BB generated a lot of interest and then it went horribly wrong.
Some folk seem to think there are more divisions of PIs waiting to invest, but then if they do their due diligence then they will most likely look elsewhere. Sadly past mistakes, reputations and delivering on promises will go against Angus.
Cuadrilla drilled Balcombe in 2013....and most likely the EWT will be carried out in 2020...that is a very long gap to have to carry out a well test / production.

You have 3 options:
Don't touch your shares and hope for the best.
Move to Spain and trade Angus
Invest in other shares that have more long term prospects.

All the best.

Icarus - I've never given a share price valuation from the very beginning. I just give my oilfield knowledge regarding planning, application, rig up and execution with regards to drilling / completions.

In terms of where to put your nest egg...it doesn't make sense with the current timelines to invest in Angus unless you want to be a LTH. If you are happy to leave the money for 12 months then that is a different matter, but even then you still have to contend with its Angus. Sadly everything up to now Angus has failed to deliver. Angus has failed with Lidsey, failed with Brockham, failed with Holmswood.

So it has a negative reputation which they will struggle to get rid of. They will need great news at both Balcombe and Saltfleetby to do this. If what Andrew Hollis said about being happy with 300bopd at Balcombe then that is only 75bopd for Angus. Balcombe decision in Janaury and then Angus will then look to get the EWT equipment in which will add a further 1-3 month delay waiting on equipment.

Saltfleetby has potential, but you have a 12-18 month minefield getting it back up and running.

Whats the lead time for this specialist equipment? This isn’t off the shelf equipment, but specifically ordered and constructed for the Client.

The lead time for pipe is normally 6 months from the mill. Large multi-national companies can get orders expedited due to being a valuable customer. Angus will be bottom of the pile as they will be a one time customer.

http://www.angusenergy.co.uk/wp-content/uploads/2019/06/ANGS-RNS-19.06.19-Saltfleetby.pdf

“Subsequently the Company may seek to workover or side track wells.”

Angus will have to do workover operations from day 1 after the wells have been shut in for several years. So where is that money coming from or will they do another placing dangling another golden carrot? And we have seen how long Angus has had to wait in the past to hire a workover rig….more delays.

LOW COST DRILLS (subject to further funding)
Workover of existing wells: £1 million?Two new sidetracks from existing site: £3-4 million

http://www.angusenergy.co.uk/wp-content/uploads/2019/05/AE-Investor-Presentation-April-2019.pdf

Lucan speaks about reducing operating costs, yet they still say it will be £1 million a year?

And what about Public consultation? Saltfleetby Parish Council were not happy to find out Wingas had (or still has?) a fracking licence. Further delays from a local council objecting or slow walking it like we faced at Brockham?!?! We saw how long UJO have waited for Wressle.

Timelines always get pushed to the right and folk should be aware of that. I give a balanced point of view and at the moment we are a long way from

Icarus -Strange comment to make. I've given more legitimate timelines for both Balcombe and Saltfleetby, which my previous timelines were proven to be right.

Now those timelines won't help the rampers who want to make a quick 10-20% profit now.

Charlie - you need OGA, EA and HSE approval along with the local authority.

Angus won't have any equipment on order (as they have shown with their track record) until they get the thumbs up which will be the earliest in January...then you will have to wait for the equipment to be available...which could push this back to February - April 2020. As long as you know that then you can appreciate why the share price is not recovering.

I'm sorry, but GL doesn't have a clue about running Angus and is merely a puppet for Tidswell who instigated the coup to get rid of Vonk and decimated the SP.

I can’t actually take this guy seriously as he can’t even pronounce the name of a famous multi national company correctly….looong sigh

1min 35 secs…..its pronounced Con-O-Co….not Con-OOOOO-Co ….long sigh

https://www.youtube.com/watch?v=8CffIyVIGoI

The following video basically sums up his judgement

https://www.brrmedia.co.uk/broadcasts-embed/5cda7feccfde5e11cc824d5b/event/&partner=whatinvestment

At 7min 13sec

”the talent of its staff is second to none” ……long sigh

“Hot on regulation” yet sidetracked from the wrong well which is unheard of in the oil industry…

“They are getting deals for shareholders” He must mean for Tidswell.

Tidswell ...sorry Torreaguas - your comment "at 14bopd and 80% to Angus. and at $50 per barrel it brings in approx £160,000 per yr. I am absolutely certain it costs nowhere near that to run."

If Capex is $25 per barrel produced then that equates to circa £115,000.....but that does not account for the additional transportation costs as the produced Lidsey water cannot be disposed of at Brockham, so that will hit the profits.

So that basically pays for Tidswells salary....sigh

Crikey the ramper certainly has been busy pushing to get people to buy Angus shares.

What presentation are you referring to as there is none on the official Angus website. I see they didn't answer my questions about the investor forum, why Tidswell hasn't paid back the loan and what qualifications he has to be in his current position.

"The Company has applied to the OGA for an extension to the Licence at Brockham with a view to developing the Portland Reservoir"

This is the same Portland that they said back in 2016 would only produce 98bopd in its first year before decline rates took effect. Doesn't sound like a company maker? Sigh

http://www.angusenergy.co.uk/wp-content/uploads/2019/10/Investor-Presentation-–-Matters-Arising.pdf

Ocelot - "January 2020 is no longer very far away" ....that is true for a decision, but Angus have shown that they will not start enquiring about equipment until they have the green light, so then you will have a further wait for the well testing equipment.

Bigbear - where are you quoting 'virgin' pressure from? Thanks

I don't consider £17 grands worth an investment for someone like JTP who has made a fortune from salaries and awarding himself free shares.

It is in the boards interest to dip their toe in the market in the hope that PI's will suddenly jump on the band wagon after seeing them invest a small sum (for them) and push the SP up giving themselves a generous profit.

Nothing will happen until January 2020 and then you still need to have the equipment available which we have seen Angus cannot plan ahead.

Saltfleetbury is a minimum of September 2020 for reconnection of they put the paperwork in today and the 1km pipe line / reconnection went as text book....which it never does and time lines always move right.

Some would say this is being negative, I call it a reality check. And then we are faced with how much money in the bank to pay the salaries......seeing some don't care if an ex Director still hasn't paid his £211,000 and increasing loan back. Sigh

Torreaguas - judging by Angus taking 1 year to remember how to copy and paste...perhaps it will take them even longer to reply to my emails.

And just to update that I haven't received even a response from either Angus or the Nomad.....so much for investor dialogue

“There has been a small delay to the timetable for submission of Planning Application for Balcombe.”

http://www.angusenergy.co.uk/wp-content/uploads/2019/09/Balcombe-Update-1.pdf

Well I don’t consider a year as a small delay….sigh

Angus Energy finished the 7 day Balcombe well test on 2nd October 2018 and it has taken them exactly 1 year to submit a notice of application. So they still have to get through the 13 weeks for the planning application which puts a decision on 1st January 2020…..well we know Government departs won’t work over the Christmas period, so that puts us closer to mid January. Hopefully nobody will post about rig crew being allowed to go home for Christmas…sigh

I find it amazing that Lucan actually uses the excuse “This is due to the especial care which we are taking on this Application in terms of procuring all conceivable environmental reports and engaging in preliminary community liaison. We are pleased nonetheless to have this step completed.”

What have they been doing for the past couple of months let alone year? The Balcombe 7 day well test equipment, site layout, paperwork won’t change except for a larger oil gas separator to hopefully negate the slugging which stopped them flowing at initial 3,000bopd (still don’t know the duration).

All the environment studies and paperwork submitted and accepted by the OGA / EA for the Brockham EWT will be the same paperwork that they will submit for the Balcombe EWT test……so what have they been doing all this time?

And 4 weeks to pump out 160bbls of completion fluid they should have know was there….what pump are they using? A bellow foot pump for an airbed…..incredibly slow.

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

DHC - strange as I used the flow rates quoted from a well test 5 miles down the road. How is that ramping? Sigh

George Lucan....who has wiped 80% off the value of Angus since end of January. How fortunate we are to have him.

Ocelot - that has been in the public domain for 2 years and discussed previously on this board.

But yes as you its very damming and rather embarrassing for Angus to be slapped on the knuckles by the OGA

It's the companies track record...so yes it does matter.

I think the ramper doesn't like it when folk post the correct information.

The relationship with the OGA is fractured since Tidswell couldn't tell his left from his right and drilled from the wrong well. It is unheard of for the OGA to call an oil company in to basically criticise Angus sloppy research and execution. Pages 5-7 on the following link show that.

https://www.whatdotheyknow.com/request/424952/response/1066246/attach/5/Scan2017%2009%2004%202925%20001.pdf?cookie_passthrough=1

Torreaguas - you have chosen to have missed the point of the post.....you can't dip into the Saltfleetby Abandonment Kitty to reactivate the wells.....so Angus will have to find the money from somewhere else. Perhaps they are hoping for a feel good factor from the Balcombe test before another placing? One to ask Lucan at the meeting.....

Or they could instantly get a large percentage of the reactivation costs by getting Tidswell to pay back his £211,000 loan that is still outstanding.

I guess you can't use Thomas Cook to fly back from Alicante now......

I'm sorry for the guys who are trying to squeeze a quick 10-20% profit out of posting super positive posts with no basis.....but yes Angus will need to have an abandonment pot of cash before restarting.

This applies to all oil companies from the time they start producing from a field at the start of its production life. A certain percentage of the production revenue is taken and is placed in the Abandonment kitty and is ring fenced, so companies can't use it like a savings account. If the asset (field) is sold to another oil company the the original company cannot take the abandonment kitty as it belongs to the asset not the oil company.

This is done so the Government is not left with a huge abandonment bill if the oil company was to go bust for instance. This is the same principle as oil companies having to prove using the financial stress test that they can drill a well and deal with a well control situation.

As for the post "How do you know for a fact that the OGA will not accept ANGS without a deposit?" Two words....Thomas Cook...looong sigh.