Member Info for Alan2017

Yanis / Balanced - its amazing the emails you get to read when you put in a FOI with WSCC.....Angus Planning Officer was also the same planning officer who was part of the Brockham debacle several years before ...yet they kept him on?

balancedviewer - thats actually incorrect. Angus only ever had a 7 day well test permit which they carried out and then that permit was closed.

They always had to apply for another permit to carry out the EWT. Why Lucan continues to push this version of the story is very interesting indeed.....interns come to mind

Ocelot - this is in reference to OFFSHORE wells in North Sea....this has nothing to do with Angus Energy who must have the Oilfields lowest Carbon Footprint due to zero production

One example is Holmwood ....which also affected Angus

gkb47 - well the 2nd well by 2021 was put directly to Vonk in a Balcombe Flow Test Community Liaison Group meeting....link of the minutes attached in earlier post and not referenced from DoD.

The exploration well was drilled in 2013 (licence award date unclear) ...so the clock is ticking down as the UK Govt doesn't want oil companies sat on blocks if they are not producing from them. Balcombe is still an exploration block hence why I see the end of 2021 as the finishing line.

Another great question to put to Angus

gkb47 - if a company doesn't honour the terms of the licence / planning agreement then the block is rescinded.

In other words...2 wells have to be drilled by end of 2021 otherwise they lose the block.

What Vonk states in 2018 is that they may not drill a 2nd well due to poor flow rates (not productive) and that intern means the same result = walk away from Balcombe.

gkb47 - taken from my 18th August 2020 post

Does anyone have links to the Balcombe planning permission, because its been stated that the “planning permission only runs until 2021”.

And they also need to drill an additional well by 2021.

I am taking that to be end of 2021, rather than the start of 2021

This is an important question to ask Angus Investor Forum as surely this places a question mark over the entire project? What does the planning permission say? By January 2021 or December 2021?

https://drillordrop.com/2018/01/09/reaction-to-approval-of-flow-testing-at-cuadrillas-balcombe-oil-well/

Matt Lambert, Cuadrilla director said on 9th January 2018

“We are delighted that West Sussex County Council’s Planning Committee has unanimously approved our planning application to flow test and monitor the existing exploration well at our site at Lower Stumble, Balcombe.”

“We are aware the planning permission only runs until 2021 and that once we start the work it must be completed within two years, including plugging the well with cement and fully restoring the site.”

Well the 7 days flow test started on 24th September 2018…..almost 2 years ago?

Does Angus have abandonment costs allocated for Balcombe like they do for Brockham / Lidsey? They had to do a placing to raise those costs.

Balcombe Flow Test Community Liaison Group meeting
05 September 2018

https://balcombeparishcouncil.files.wordpress.com/2018/09/minutes-angus-clg-1-balcombe-05-sept-2018.pdf

Local “It says you have to drill a second well by 2021, have you made any decisions yet on where that will be? Will it be here?

Paul Vonk “Depends on the flow rate because then we have to go back to our partners and see if it’s commercially viable. We may want to drill here or we may not, we don’t know at this particular time.”

Why hasn’t Angus Energy told their investors that there is a requirement to drill another well at Balcombe by 2021?

Angus are liable for 25% of those costs?

Angus raised £5 million for Balcombe and handed over £4million to Cuadrilla straight away.

The biggest red flag is the well was drilled in 2013 and they still haven't flowed.....unheard of in the oil industry. Skin damage will be a big factor in being able or unable to produce. Oil companies drilling la well, then flow it straight away.

Where is the physical proof oil flowed at Balcombe except for a Tesco bottle with water in it

Mirasol - interesting what you say. We have never seen an official report stating the 100bbls except for an Investors question on Angus website.

Angus should publish the actual report of the Balcombe 7 day well test with total volume produced over so many hours.
H2Oil / Halliburton would have produced a report.

This is a very important question to put to Angus as well as the fact Angus have to drill another well at Balcombe by the end of 2021 to keep the licence.

Mirasol - You’re obviously not convinced by Balcombe, as you stated this on the UKOG page to none other than Ocelot

RE: Kimmeridge
20 Feb 2021 12:45

“Lot of questions about that Balcombe test Ocelot - it was so convincing that that the owners farmed it out………….”

Mirasol - I note you have chosen to ignore the subject of this thread ...that Angus only produced 100bbls during the Balcombe flow test for 4 hours over 3 days, yet their market released RNS painted a completely different picture.

Investors including myself can only go off what the company releases to market. How can an investor make a sound judgement without being presented with the full facts...like why they suspended operations over Christmas during Brockham EWT. I hope you had fun going back to page 68 of my posts to find that lol.

100bbls only at Balcombe doesn't bode well does it?

What I find shocking is the Balcombe flow rates reported to the market and investors were different to what Lucan stated. When you piece together the information it paints a completely different picture.

100bbl’s in total produced over 4 hours = 25 barrels per hour or 600boepd. Nowhere near what was stated in the RNS’s

Paul Vonk Interview With Share Talk on 4th October 2018

https://www.share-talk.com/paul-vonk-managing-director-at-angus-energy-lonangs-interview/?utm_source=twitter&utm_medium=social&utm_campaign=SocialWarfare#gs.crdwxt

@ 2min 06sec

“And the results of that have been extremely encouraging and its proving up our assessment. And we had one week, we did two big test runs. We produced first run, we produced 850 barrels of natural flow and the second run nearly 1,600 barrels of hydrocarbons.”

Yet 16 days later (on 18th October 2018) at the Balcombe CLG meeting with local residents

Paul Vonk stated “Emissions were negligible because oil only flowed for 3-4 hours over 3 days”

BPC Councillor: “which bit of the well did you flow test and how many barrels did you get?”

Chris Clay (AE): “we did the whole horizontal section and probably got 200 barrels [of oil].

https://balcombeparishcouncil.files.wordpress.com/2018/10/bpc-notes-clg-3-angus-energy-18-oct-18.pdf

A further update was given by George Lucan replying to a question posted on the AE Investor Forum on 3rd October 2019

http://www.angusenergy.co.uk/media/investor-questions/

Question: “Have you not encountered water at Balcombe and if so how is this different from Brockham?” [Investor Presentation 30 Sept 2019]

“Furthermore we produced a considerable amount of oil during the previous test, some 100 barrels.”

How is a company allowed to publish an RNS and the NOMAD has to be included in this examination, that misleads investors into thinking the Balcombe well test produced thousands of barrels of oil and is a commercial viable oil field? The total volume produced was 100bbls. This is not what PV told investors when he stated:

“…we did two big test runs. We produced first run, we produced 850 barrels of natural flow and the second run nearly 1,600 barrels of hydrocarbons.”

The Non-Executive Director at the time Chris de Goey and should also be questioned in to what information he reviewed before he “approved the information contained in this announcement.”

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

maddog - I'm sure the irony will pass you. I'm not entire sure how folk could trade a share like Angus.

The question relating to Angus being too risky by a Broker was posted by someone on the Angus Q&A.....

I would hate to see how you react after each placing or reading the BOD gave themselves huge pay rises in a Covid year....

Maddog - funny how thats not the Broker in question....its even stated i the originally post.

I found this to be another telling question on the Angus Q&A page and their answer to be even more revealing.

Q: "Does Angus have a Plan B in case the SFB loan financing does not close as anticipated?"

A: "We started looking for debt finance or leasing solutions in March 2020 – not the most auspicious time – and whilst equity markets picked up in the summer, debt folk tend to be much more circumspect. "

Angus only looked for debt finance / leasing solutions in March 2020, yet their Investor Presentation dated December 2020 said they would have first Gas in May 2020 (Slide 10). I find that truly shocking that there is no mention of gaining finance anywhere in the Investor Presentation....and a more important question is why Angus neglected to state this critical piece of information to their investors. Did they simply just not know what they were doing? As they will be over 12 months plus late with regards to their First Gas.

https://www.angusenergy.co.uk/media/investor-questions/

Slide 10

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

I found this question posted to Angus Q&A page to be quite telling

"Hi, I have been an Angus investor for the past 3 years or so, and tried to buy some shares in my ISA last Friday afternoon 29th Jan. I am using the IG trading platform and the order was rejected. Same story all this week. Asked the IG help desk and they said that I was not allowed to buy Angus shares because they were too risky. That was not good enough for me, so I asked the IG CEO on LinkedIn, IG on Trustpilot and IG client help on twitter, but none of them have yet answered as to why I cannot buy your shares. I assume you were not aware of this, but if you were or can find out, can I ask you why?"

https://www.angusenergy.co.uk/media/investor-questions/

It makes very depressing reading reviewing Angus managements' achievements especially the timetables given to their weary investors:

Brockam - EWT's delayed by over 2 years...then took another 6 months as they didn't have the spare parts
Lidsey - 2017 = didn't ahve spare parts which shut down proaction ....guess what ...deja vu 2020/2021 = shut down due to no spare parts
Holmwood - bought into an acreage that had a Secretary of State appeal against it after 9 years of court appeals ...why would you buy into it and then 2 weeks later ....an EIA was required ....£4 million lost through placings, yet where did the money go
Balcombe - never had permission to carry out another EWT after the 7 day well test....£5 million potentially lost. Angus is also obliged to drill another well by end of 2021....have they notified investors of this?
Saltfleetby - first production May 2020 highlighted the poor understanding at management level ....never achievable

Feel free to add other missed time lines

Balancedviewer - you are quite correct.

Why would one of the largest banks in the world decide to suddenly sell when according to certain posters on here the SP will rerate multiple times. That is a very large red flag.

It just goes to show even banks change their investment strategy

Balancedviewer - for some reason Angus will not post my questions on their website ....which I find strange.

Balancedviewer - I would also ask an even more important question....Why has Lidsey production been stopped due to downhole pump problems when

28th March 2018 RNS stated:

“The completion of the Company’s programme at Lidsey, to optimise pressure differentials and maximize production flow rates, was marginally delayed by factors commonly associated with oil and gas production - including a lack of new and additive equipment in the United Kingdom. Given this scarcity, the Company has taken all necessary precautions to ensure redundancy in the newly installed pump and extraction system.”

Well that didn't happen as Lidsey is shut down for the same reason. And shouldn't they at least share 1 spare between Brockham and Lidsey? Zero redundancy for the entire company sums up the entire expertise of the personnel = Zero.

You do a capital risk assessment of what critical parts will shut down production and you make sure you have spares on the shelf. Same thing applied with the bridge plug for Brockham when they didn't have one as a contingency and then they couldn't source a back up if something went wrong (which Lucan could not see this being an issue).

http://www.angusenergy.co.uk/wp-content/uploads/2018/03/Angus-Energy-Resumes-Conventional-Production.pdf