Member Info for Alan2017

rogan - exactly what I said....should actually account for installation and commissioning...sooooo

.with the delays to financing / ordering process facilities which will take 6 months to arrive....this places first gas in Q1 2022 with financing in place as of today.

Doesn't UKOG have to do a placing for their Turkish stake? Cream starts rising to the top and then ....7am wake up call for investors.

The Humber is slightly different to Alaska....with the delays to financing / ordering process facilities which will take 6 months to arrive....this places first gas in Q4 2021 with financing in pace as of today.

Phew... was thinking Angus were stretching themselves with £20 million, but now its just £12 million

Oh wait ...plus £28 million placings doesn't sound too good now does it?!?!

Amazing as they have basically shot the race horse by not ordering spares and shutting down their only producing cash generating oil field.

And nobody can get the paperwork right....has anyone asked if the gate keeper can do it?

I thought that was a post from FlagStaff or Angus until I saw the posters name...most odd how he posts every single update.....

That question should really read....is Lidseys' future existence as a producer (of oil and water) dependent on getting Brockham Water Injector permission? No Brockham injector means no Lidsey production.

Oh and they should have asked about the spare downhole pump parts which Angus have again messed up...considering Lidsey is shut in due to £1 million plus worth of expertise not being able to order essential spares.

Perhaps Angus are the Devon Loch of the industry seeing they fall flat on their face when approaching the finishing line in every project they have been involved him.

Mirasol - consideran you've just copied and pasted from baits post (who is no longer invested in Angus)...I'll just repost what I replied to him

Yes I posted that using Angus supplied investor information....but then again everything they have supplied has been wrong.

I'm surprised you didn't post one of my old posts predicting in 2019 the there would be delays....I'll save you the time and do it for you

What I posted on 19th May 2020 and 23rd October 2019 still stands and is its actually correct.

"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. "

Mirasol - you asked around? So you either asked his University or Lucan who also has no previous oilfield experience?

Did you ask Balcombe or Brockham Parish Council, the EA or HSE? Would they say he's competent?

How would he seem competent from some investor calls?

Considering Angus have made a royal hash of Balcombe and Brockham ...then that doesn't reflect very well doesn't it on him....and this is post Vonk before this excuse is used.

He was fully involved in SF in the investor calls....so yes that means Technical Manager encompassing SF.

The old SF team are valve turners...not involved in the design and procurement of process facility equipment....so yes again he was involved.

Again it is important as who has replaced him as it he left without seeing the project through.

Balcombe - issues
Brockham - issues
SF - issues

Well how can a Geophysicist on the drilling side (even though he has seen no drilling with Angus and was an intern before joining) can then suddenly be a Technical Manager on constructing a Process Facility which has zero percent anything to do with what he studied at university.

He has been the SF cheerleader along with Lucan for the past several years....so leaving now because it's not oil makes no sense.

Galli - sorry I didn't see your post with all the ramping about first gas etc.

I still think its pertinent as the exact same thing happened last time things didn't go to plan and Peter Eadsforth who was an unqualified Asset Manager left Angus midway through the Brockham well test and we know how that went.

Who have Angus brought in to replace Freddie who had no experience of his own, and he too was doing a job completely unrelated to his university degree? Another Ex-intern to take over? Yet the wage bill is over £1 million?

https://www.getsurrey.co.uk/special-features/angus-energy-begin-flow-tests-15424862

Well is that a sign that things aren't going to plan? Angus Energy Technical Manager (Fred Holt) has left as of January 2021 according to his LinkedIn page. Very strange leaving just before SF is supposed to be ramping up? And he's moved into a a completely different sector.

https://www.apollo.io/people/Freddie/Holt/5b2524a1a6da98e7c73d16c9

Oh dear oh dear.... I guess they can't blame Vonk for this fiasco either? A truly Shakespearean Comic Tragedy.

This would be called Mate in a game of Chess.

Gkb47 - funny you should mention the RNS begging up the flow rate from Lidsey after it resumed. When you analyse the numbers...they don't add up.

AE Lidsey Oilfield Monthly Production Numbers As Per OGA

Month / Year Oil Production Mass (tonnes) Barrels per day Barrels per Month
January 2018 50.9 12.2 373
February 2018 23.82 5.7 174
March 2018 39.67 9.51 291
April 2018 58.93 16.7 432
May 2018 50.48 14.3 370

AE RNS dated 29th March 2018 states Lidsey Oil Field had “Flow rates from the Lidsey Oil field are currently 191bopd”

Yet these production rates are not shown in the official OGA production records.

Aprils’ production figures commenced three days after the AE RNS on 29th March 2018.

Circa 432 barrels of oil were produced for the month of April 2018, which equates to

432bbls divided by 190 barrels of oil a day (AE RNS figure) = 2.27 days to achieve.

April has 30 days in the month, so a daily production rate of 190 barrels of oil should equate to 5,700 barrels of oil for April. But that is not reflected in the OGA official records.

The question has to be asked why AE quoted incorrect rates? And why was the market not updated when the quoted rates were not achievable, if at all? Investors rely on the accuracy of the quoted production figures to determine the viability and potential of the company.

https://data-ogauthority.opendata.arcgis.com/pages/production

Baits - then just filter me ....that simple. You can read just posts saying this is going to the moon.

Baits - erm the £1 deal of the century wasn't Vonk...but you would know that if you had done any research including reading the posts on this board.

Brockham water inject is Lucan
Balcombe well test is Lucan

And they aren't a "Cowboy Exploration Shop" any more ...also from Lucan.

And you still cant answer why Lucan and co are 12 months begone schedule....Strange as seeing all their eggs are in one basket ... Would have thought it would be of interest to you?

Baits - your comment made me chuckle I" have learned to count my chickens before I jump to conclusions" yet you don't read the financial releases or analyse missed timelines by over 12 months?

Folk on here judge Angus by what they have achieved, not what they hope to achieve. Up till now Angus have failed at every step pf the way be it Brockham, Balcombe, Lidsey, Holmwood and sadly SF ...the £1 deal of the century which now requires more than £12 million of placing. How do you exilian all that?

Rather than just shout down various posters, why don't you respond with actual facts. I note you are still unable to respond to any of my questions / points.

The £400,000 office costs was an easy one to prove.

Don't ignore the opportunity to explain how Angus screwed up the process facility / financing by over a year. Interested to hear your thoughts? I'm sure we are all very interested to hear what you have to say, as I'm sure you have researched the share you have invested in.

Note the dates for procuring and installing the processing facilities ? January to June 2020....Now how on earth did Angus expect to be producing in May 2020 when they obviously didn't have the finances? Can you explain that?

Missed schedules:

Processing Facilities Design Procurement

Start Date: 3rd Week of January 2020
Completion Date: First week of April 2020
2.5 months

Facilities Installation & Commissioning

Start Date: 3rd week of March 2020
Completion Date: Mid June 2020
2.75 months

PRODUCTION TARGET
Target start up for MAY - AUGUST 2020

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

Balancedviewer - you will notice Baits doesn't respond to facts or questions put to him....July 2020 is a prime example.

I doubt he will explain why Angus could not stick to there 2019 timetable or why they would state May 2020 for First gas without the fiancés in order.

HITS - sadly Baits doesn't read RNS or company accounts posted on the internet. July 2020 was spent by multiple posters trying to show Baits how Angus spent £400,000 on office space.

Baits - I already answered your point several times, so your comment "You can not show me anything that says they pay 400000 grand a year on RENT.If you are going to post things like that prove it."....is actually redundant.

Posted 3rd July 2020 @08:06

Baits - your comment “Who said Angus pay 400,000 a year on office space.I think you are way off with your post and I think you know that don't you.
https://www.rightmove.co.uk/commercial-property-to-let/property-70263146.html “ is again wrong. It is best to stick to facts which I do using Angus Annual reports / RNS.

If you had read the report then you would know. Click on the PDF link for “Accounts for a small company made up to 30 September 2019”

Page 20

Why has rent gone up from £115,000 (2018) to £410,000 (2019)? Is this the reason Knowe properties has never sold a share since Angus went PLC as they make more money through rent?

What is the £402,000 of Bad debt?

Counsultancy fees of £400,000….well what do you expect when your staff are ex interns with no oilfield experience. 1 for the price of 2 sadly.

https://beta.companieshouse.gov.uk/company/SC055329/filing-history

Angus now use the address Audley House, 13 Palace Street, SW1E 5HX which is nice if you need to borrow sugar from the Queen, but is it really good management to being paying such high prices for smack bang in the middle of London? George and the ex-interns could meet at a Starbucks.

I would imagine the Scottish address is just a virtual office or mailing address for the Scottish registered company.

Losing £400,000 in rent and a pay reduction of 20-30% equating to £200-£300,000 actually makes Angus a more viable company to survive Covid-19....your savings pay for 1 years salary (well thats before all the additional consultants are factored in...but at least its a start in the right direction).