Member Info for Alan2017

Baits - you mean If I had listened to Angus. Don't ignore the opportunity to explain how Angus screwed up the process facility / financing by over a year. Interested to hear your thoughts?

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?

Other 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

Baits - or you could have posted my 10th July 2020 response to you when you weren't concerned about another raise ...and thats before the £12-£20 million finance .....your statement hasn't aged very well. Total placing is £28million plus the finance on top

Baits - Sadly the post where you stated “With so few shares out there a placing will not harm the company but make it stronger.” 604 million shares is very small for an Oil explorer and a Gas producer.So do not be afraid if there is a placing it can only help the company go forward” has been removed. It’s easy to forget with the many sagas Angus has gone through, just how much the company has raised and what has it achieved?

Angus Energy has carried out 11 placings and raised £25 million from IPO.

Investors always say an extra few months delay is fine….but look at Brockham and Balcombe both of whom have been delayed for 2 1/2 years / circa 2 years and no resolve.

Every placing has this buried in it “PROVIDE FURTHER WORKING CAPITAL FOR THE GROUP” I find this very telling.

And what has been achieved?

Brockham and Lidsey wells drilled for £3 million.
Paid £4 million to acquire 25% of Balcombe.
12.5% of Holmwood acquired for no cost - ongoing licence / legal costs only
Saltfleetby acquired for £1 and Angus received £2.5 million.

What ever happened to:

£5 million raised for Holmwood, yet they don’t even have a site yet? Where is that money now?
£3 million raised on 30th April 2019 for what actually? Work at Brockham, Balcombe and Lidsey that hasn’t taken place. Saltfleetby is a £1 acquisition with £2.5 million given to Angus by Saltfleetby Ltd to get to First Gas.

Angus Commitments:

£1 million to drill Holmwood well (not included on company accounts).
Pay 100% costs for the applications, permits plus 100% costs of EWT and FDP application for Balcombe (still ongoing).
£290,000 projected deficit at Saltfleetby to get to First Gas (in CPR)
£2million decommissioning costs at Saltfleetby (no abandonment reserve in company accounts).
£650,000 abandonment reserve account for Brockham and Lidsey

The following dates relate to the individual Angus RNS's

DATE AMOUNT RAISED (£ MILLION)
14 NOV 16 £3.5
6 FEB 17 £2.0
23 NOV 17 £3.0
9 FEB 18 £2.0
23 APR 18 £3.39
5 NOV 18 £2.0
9 JAN 19 £1.5
15 FEB 19 £2.2
30 APR 19 £3.01
25 OCT 19 £1.0
20 APR 20 £1.4

TOTAL £25 million

Baits - you could have posted my 20th July 2020 post ....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?

I do wonder with 80 years of oilfield experience that Angus would have published a timetable with unachievable timings. As I said in December 2019 there was no way they would be producing gas in June 2020 and now the posters who were questioning my February / March 2020 for First Gas have now come around....as well as it seems with respect to Angus not having enough money to get to the finishing line which was self evident after you tallied up their financial commitments.

I note Lucan evades the finance question. Where has all the money gone and who is going to loan money to Angus except Knowe. We already saw in 2019 AIM companies struggling to raise capital and Angus is sadly at the bottom after borrowing so much. They can't pay off their debt without the loan company exchanging debt for shares or Knowe properties coming to the rescue.

Slide #10

NTS Detailed Design, Equipment Procurement, Construction

Start Date: Mid November 2019
Completion Date: Mid April 2020
5 months

Yet Angus RNS paints a different picture

“…the National Grid has agreed to carry out the works required for the DESIGN and CONSTRUCTION of National Grid Facilities at Theddlethorpe. Long lead items have been ordered and construction remains in line with our project schedule.”

http://www.angusenergy.co.uk/wp-content/uploads/2020/07/Opertaions-update.pdf

Other missed schedules:

Pipeline Detailed Design + Construction/Laying

Start Date: Start October 2019
Completion Date: Start May 2020
7 months

Well we can remove the majority of the Design phase timings, yet still have to go through HSE approval which hLucan said by September…..
Pipeline Pigging & Commissioning

Start Date; Start of May 2020
Completion Date: Start of July 2020
2 months

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

Baits - must have bought back in after the RNS...another smash and grab with more losses again?

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. "

Head in sand - some people don't even have to own shares to make money from the company ...and I'm not talking about the Angus BOD.....paid rampers springs to mind

I don't think this has been posted here before...but the Balcombe Parish Council repost to Angus Well Test application makes savage reading...an interesting reading I'm sure for everyone including Brockham opponents as the same pro-reasons are given by Angus and shot down by experts.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjW-vyzhdXvAhXXxzgGHSHOCkwQFjAFegQIBxAD&url=https%3A%2F%2Fwestsussex.planning-register.co.uk%2FDocument%2FDownload%3Fmodule%3DPLA%26recordNumber%3D1698%26planId%3D56057%26imageId%3D23%26isPlan%3DFalse%26fileName%3DBalcombe%2520Parish%2520Council.pdf&usg=AOvVaw2e0seW1Gocx0cwmQHjM5P7

I'm sure the creditors will get their pound of flesh ....pardon the pun as Lucan said the £1 acquisition of SF was a steal.....Mmmmmmm

Creditors will be the winners and Angus have pre-sold the majority of any profits they hope to attain from SF. Thats if the finance is in place, they manage to get the equipment procured and installed prior to commissioning and then will the site operators be fully trained up after watching their Youtube videos?

balancedviewer - you cant expect the staff to know how to operate the equipment when they don't even have the money to order it....perhaps Youtube can help them during this dead time.

Perhaps they could all go down to Brockham and take the weekly wellhead pressures.....always used to be a daily occurrence. So no digital recorders recording the actual pressures....EA has to rely on a weekly figure taken by the site operator who then types it in a spreadsheet which is reviewed every 3 months......Mmmmmmmmmm

gkb47 - i think the closest he has got to oil is a large cappuccino at a Wild Bean outlet

Balanced viewer - add Holmwood and potentially Balcombe

gkb47 - you forgot Interns in your breakdown of who actually benefits

Balancedviewer - Angus have shown in their submitted documents that they never had the reservoir pressure to produce from the Portland ..yet that was the primary reason for drilling BR-X4 well.....strange that they never mentioned that in their IPO document.

Angus basically want to use Brockham to dump their produced water from Lidsey...only reason. Lidsey production ...when they actually managed to produce from it...was affected by the amount of water being produced and the fact it has to be trucked up North costing £49 per barrel of water to dispose of.

The injector well decision will ultimately decide the fate of Brockham and Lidsey

I cant see the Brockham locals being very happy having a truck load of water being sent from Lidsey

The Boris Johnson of the Oil Industry...follow me chaps...to oblivion and beyond.

@22min 32sec - GL: “They have [compliance officers] been rebuilding our entire compliance infrastructure, and we need that. We were set up some extent as a wonderful COWBOY EXPLORATION SHOP, had great fun.”

“Now we’re actually managing high pressure gas, its a different game. There is a lot more planning, a lot more regulation and you need management infrastructure.”

“YOU CAN’T BE SO ANGLO AMERICAN IN TERMS OF PLAYING OIL & GAS.”

And we must end up with Lucan stirring speech to rival Churchills’ We shall fight them on the beaches.

@15min 43secs - GL: IT’S NOT OIL TOURISM
ITS NOT OIL PICK UP YOUR LAUNDRY
ITS NOT OIL VISIT YOUR GRANDMOTHER
ITS OIL EXPLORATION

https://www.youtube.com/watch?v=EjFrIeyS1OM&feature=youtu.be

Balancedviewer - must have ruffed a few feathers indeed....almost like they have LSE Angus page streaming live on a plasma TV in a war room lol

balancedviewer - I have observed the same...and his veiled threats...not nice at all. Seems some folk don't like the truth being posted on here

It gets even worse in the paperwork.......so obvious what their intentions are...to use Brockham as a waste disposal site .....I don't think the locals will be happy with this

"Water injection should enable production to be re-started. Angus Energy propose to mix Brockham production water with water from another source(s) as there is insufficient water available from Brockham to increase the pressure sufficient for production to be restarted."

gkb47 - I would be looking at the OGA, EA and HSE first for how the heck are they still in business.....after all Lucan called Angus a "Cowboy Exploration Shop"

Angus want to dispose of 150 barrels of produced water a day using the Brockham injector well

And I have to say after reviewing Angus submitted paperwork that the number of mistakes is quite shocking. The Greens / locals will have a field day tearing it apart.

Balancedviewer - you will notice when you read all the documentation that they do not specifically mention disposing of Lidsey produced water ....but it is buried in their paperwork...not good George

Examples include:

“Addition of a groundwater activity comprising the re-injection of produced waters generated from Brockham, Angus Energy’s Lidsey Wellsite and potentially from other oil producing sites via BRX3.”