Member Info for Alan2017

E_AL - they should never have tweeted regarding a rig until one was contractually signed with an expected start date. I've never seen an oil company go public before the contract is signed. All it does is notify your competitors that there is a rig available in April. You then get in a daily rental cost bidding war which the rig company wants and you might lose the rig.

Also the rig is under contract now with another oil company. Any delays or an unexpected sidetrack like UKOG BB will impact on our timeline.

It's lovely to see Angus wanting to be more PR productive, but they also need to be PR savvy.

Baits - erm yes.....but no actual contract signed.

Still need to negotiate a daily rental cost and sign a contract before they can say we have hired a rig.

Baits - yes they have found one. Still need to negotiate a daily rental cost and sign a contract before they can say we have hired a rig.

Baits - not all rigs are suitable for a specific operation / project, just as some high end rigs that can do the job are economically too expensive.

So you go through a rig selection to see which ones can do the job, are within your budget and most importantly available.

HR - so Angus Tweet has confirmed what I wrote and you kindly just reposted to confirm I am correct:

"The Company shall immediately start rig selection.." Which means they haven't signed a contract with a rig company and rigs generally are in use hence the requirement to wait until it is available. Sadly you can't click your fingers and a rig arrives.

I don't know why they just couldn't wait until the contract was signed. Most likely its the same rig that they have used before, but why chance it and then look like idiots if something falls through?

And yes they could have updated us in the same tweet regarding how close we are to getting all the required permissions in place.

You don't need to have a new face or an old face to see the potential for the SP rise once operations recommence, as I have always said.

HR - long sigh. Rig is available sometime in April which fits in with my time frame (surprise surprise), but Angus also need to submit a plan to the OGA / EA and have it approved first before commencing work. And you can't rush officialdom, so I hope that whoever is submitting the paperwork has reread it a million times.

Another piece of the jigsaw puzzle coming together..if there are no delays with the current Oil Company utilising the rig. Fortunately for us its not UKOG lol

I remember somebody saying they didn't need a rig lol

Toblerone - the permissions required are for the subsurface work / installation, so its just the OGA / EA to get permissions from. Everything on surface will be as it was for the intended start of the EWT back in December 2018.

So I expect the middle of the year.

Scallywag - that’s correct. They will need to do a 2 part dual application process where they will identify the water zone and then insert the setting depths for the isolation plug into the application which will then intern be accepted by OGA / EA. BP had suspended the well and were preparing to move the rig. Still have to go through the same process for a barrier.

Scallywag - I’ve already covered this in previous posts and Angus confirmed it in their RNS. Angus are installing isolation barriers in the form of a bridge plug (isolation plug) and most likely some cement on top. Well control barriers are critical and especially after Macondo. Anything Angus does subsurface has to be Ok’d First by the OGA / EA and especially any equipment that will be left permanently in the well. That all takes time...once the remedial work programme has been submitted by Angus

Captain Stanley - sadly Healthy Returns doesn't know anything about the oil business. Rig companies like any other business have a business model to follow and their aim is to have continuous employment. When they are under contract then the oil company pays them a daily rental cost which covers all the salaries, maintenance and certain high wear equipment. If they are not under contract then the rig company has to pay the salaries out of their own pockets and more importantly the equipment is not being used which has a detrimental effect on equipment such as generators, pumps etc.

Look what happened when UKOG BB well delayed the rig being sent to Lidsey....of course Healthy Returns won't remember that.

That is why I said 1-3 months with it being closer to the 3 month delay. Sorry if you won't get your 50% increase this week, but if you don't need the money now then you will see a bigger return in several months. Why such the impatience HealthyReturns?!?!

Healthyreturns - looooong sigh

Well considering the RNS dated 6th March on Page 2 states:

"The Company shall immediately start rig selection.." Which means they haven't signed a contract with a rig company and rigs generally are in use hence the requirement to wait until it is available. Sadly you can't click your fingers and a rig arrives. So your "...which is plenty of time to have initiated enquiries regarding the sourcing of a rig" is factually incorrect.

Same applies with OGA / EA permission. You need to present a detailed plan...before they will even review it. All this takes time.

I deal with facts. When folk decide to post impossible targets on this board...then I will correct them, even if it means it stops the same posters from making a quick buck. I note its folk who don't normally post on Angus or have an investment strategy.

I've been saying the same thing since mid January when Angus were finally honest enough to say what the problem was. I guess you never read back that far.

Pboo - Well Fiji does sound magical. I see a lot of bland buildings, call to pray seems to be stuck on a loop....and no I'm not at your luxury Egyptian resort lol

Healthy Returns - you can't speed up regulatory permissions and you cant speed up a rig if you have to wait on it (already with another oil company)...no matter how much you want it.

Regarding folk selling up. Yes of course some will have sold other than leave their money to basically do nothing for 3-4 months, whereas others will have taken the bullet and decided to wait it out knowing the SP will rerate. Why sell and lose 33% plus.

Pboo - everything I said months before was confirmed when Angus released their RNS stating the equipment required and the timeframe. Just have to look at my posts and see.

I give facts using my extensive oilfield knowledge. it's pointless posting on here everyday saying the SP is going to rise, when there are important factors (available rig / OGA and EA permissions) that need to be met first.

It is better to have realistic timelines to aim for otherwise PIs will quite naturally get impatient.....in fact they will all end up like Real Analyst.

Well I've just checked up on the internet...

https://www.accuweather.com/en/fj/nadi/131683/weather-forecast/131683

Looks like a much better option than a 5 star 9cough cough) Egyptian resort.

Pboo - loooong sigh. No I haven't sold my Angus shares. I'm quite happy to sit on them until the work restarts at Brockham and then as I have said before carrying out the Balcombe EWT at the end of this year.

When the issue first arose. I said what the solution was and how it was an easy fix...so is that deramping?!! lol
I also said that the lead time for waiting on the delivery would be months?!! Is that deramping?!!! lol
Both opinions through my extensive oilfield knowledge as opposed to you having zero oilfield knowledge have proven to be correct.

So yes the SP will not rise on a couple of shipping baskets arriving. Thats the equivalent of having delivered large bags of Jewson gravel dumped on your front lawn. Looks great, but until the landscape gardener is available with his mini JCB digger...all that will grow are weeds. The same applies at Brockham. The rig and necessary permission have to be available first before we will see a rerate in the SP as I have always said. I hope this draws the curtains on this conversation lol

Pboo - why is speaking the truth deramping?!?! I’m sorry if it affects your short term investment in Angus to get your £80 profit. But the harsh reality is that the only thing that will push the SP higher is a rig and a signed piece of paper.

RRR - the SP won’t rise until the rig is confirmed and permissions are in place. Until then the SP will be flat. I would like to get an update and confirmation at the AGM.

Scallywag - if it gets to 99p .....then I'll buy you a big box of Cadbury Flakes lol

Hamiwa - What you say is wrong. They have not identified the water zone....don't take it from me...but from the latest Angus Energy RNS. Why after multiple posts do you keep insisting that they have logged it when they haven't?!!!

Clearly states the item they have been waiting for for months ....and then says we still need to log the well to identify the water zone.

26th February RNS stated:

"Brockham: Angus Energy is pleased to announce that the long lead equipment to isolate the water zones at Brockham has been sourced and is ready for shipping from the USA.............Options for logging the well to identify the water zone are being considered to give the best results.”

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=ANGS&ArticleCode=5c9k9lrt&ArticleHeadline=Operations_and_Lidsey_Field_Interest_Update

Scallywag - to be fair to Angus if the water zone is right at the very bottom of the well then the Ultrawave Tool sensors would not have logged this section due to the sensor offset (distance from the drill bit back to where the tool is positioned in the drilling assembly....may be 30-80ft behind.

Only samples they take are the rock cuttings.