Member Info for Alan2017

Rastuss - then the question has to be asked why tell investors that they would start construction of the pipeline 4 weeks from the RNS being issued? We aren't talking about an Ebay delivery.

You would have to give the construction companies forewarning, so to then to go from "imminent" pipeline construction to suddenly discovering the money isn't even there.......something doesn't add up does it?

So have Angus missed another milestone?

10th August 2020 RNS stated that the "Construction: HDDrilling and trenching " would start "7th September 2020" with the construction "Imminent".

So that breaking ground milestone was over 3 weeks ago and now they have to do a whip round? How can they state the pipeline construction would start 4 weeks from the RNS date......and then nothing? Who is running the show or have the ex-interns been left manning the tiller?

http://www.angusenergy.co.uk/wp-content/uploads/2020/08/RNS-10.8.20-Pipeline-Timetable-v2.pdf

Page 46 states what Angus were factoring in as costs to get to First Gas......that is one major oversight on somebodys behalf. An ex-intern perhaps who is now a Technical expert, without any processing / production experience?

P47 is rather revealing as the auditor states

"The Process Plant costs were supplied by AEWB based on confidential negotiations that it is holding with a supplier of second-hand process and metering skids; and a hookup and commissioning contractor. OIL is not able to verify the accuracy of AEWB’s range of costs for the Process Plant. However, OIL has reviewed the firm quotes from CNG and nationalgrid."

They then show their own costs after leasing with National Grid.....seems odd Angus could not get the same numbers?

Says it all really doesn't it.

http://www.angusenergy.co.uk/wp-content/uploads/2020/03/Reserves-Resources-Valuation-Report-Angus-Energy-Saltfleetby-Assets-Effective-Date-28th-February-2020-Report-Date-4th-March-2020.pdf

So Saltfleetby wasn't acquired for £1 was it? more like £14.5 million plus £1

Debt collectors always get paid first dent they? Whats the interest rates? And whats left in the kitty at the end of the day once the £1 million plus salary and all the other commitments are paid off? The salary alone is £12 million over 10 years....

That leaves......

Plus you have office costs.
Angus have a commitment to drill another well at Balcombe by 2021.
Lidsey / Brockham leases cost £140,000 a year
Plus a commitment to pay up to £1 million for the Holmwood well.....

So Angus raised £25 million in 11 placings before today...and now they wish to add a further £12 million making that a grand total of £37 million.....and they have generated £260,000 in the 2 previous financials years.......

The CPR stated £2.79 million to get to First Gas including the construction of the process facility...Angus were given £2.5 million .....so somebody can't do their sums

Angus Energy Investor Conference Call May 2020

@25:06 - “We’ll get in the absolute Pro’s who have worked on every other field you can mention in the last 10 years”

@28:02 - “Trust us at Angus we are good at getting the best lowest cost solution”

Lets see how Wordsworth spins this one

Before investors start celebrating with a supposed increase of 100bbls from BR-X4Z Portland, are they aware of the information retained in the FDP Angus submitted to the OGA on 14th February 2018?

“The recent Brockham X4Z sidetrack was not in an ideal location to enable continued production from the Portland and also produce from the Kimmeridge in the same well bore. To that extent the location was a compromise. However, at the close of commercial production from the Kimmeridge it is assumed that production will be attempted from the Portland in this well.”

I think Ocelot should ask Angus for an update on their Investor Forum, as this was not communicated at IPO or any stage latter...unless somebody can provide a link to an RNS or Annual account?

https://www.whatdotheyknow.com/request/523935/response/1277768/attach/4/brockfdpadd%20Redacted.pdf?cookie_passthrough=1

And Angus only produced 100bbls of oil in total doing the 2018 Balcombe well test

Lucan confirmed on Angus Investor Forum that they only produced a total of 100bbls of oil. Thats only 1/2 a tanker.

Have you not encountered water at Balcombe and if so how is this different from Brockham? [Investor Presentation 30 Sept 2019] Asked on 3 October 2019

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

“During the initial testing of Balcombe we produced considerable amounts of water but after analysis we are now sure that all of this was either water we had injected during operations, spent acid from treatment, or lost drilling fluids from the original drilling i.e. not the formation water such as was encountered at Brockham.

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

Peter - I have been waiting for these posts with dates / times / threads and most importantly page numbers . I always like to post facts backed up with links, so I am interested to see how you can post the links from 2017 with page numbers.

Peter - thats a long 30 minutes

Not sure why folk would be getting excited over Balcombe?

Lucan confirmed on Angus Investor Forum that they only produced a total of 100bbls of oil. Thats only 1/2 a tanker.

Have you not encountered water at Balcombe and if so how is this different from Brockham? [Investor Presentation 30 Sept 2019] Asked on 3 October 2019

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

“During the initial testing of Balcombe we produced considerable amounts of water but after analysis we are now sure that all of this was either water we had injected during operations, spent acid from treatment, or lost drilling fluids from the original drilling i.e. not the formation water such as was encountered at Brockham.

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

Odins - its in their RNS plus you still have facility hook ups to keep you entertained as well

"Commissioning Planned
Start Date 10/11/2020
End Date Early 2021"

http://www.angusenergy.co.uk/wp-content/uploads/2020/08/RNS-10.8.20-Pipeline-Timetable-v2.pdf

Odins - just to clarify your comment "SFB should be coupled up and producing revenue by Christmas."....this won't happen as Angus have themselves said the pipeline still needs to be commissioned which takes them into early 2021....an then you have other pieces of the jigsaw puzzle that still need to be hooked up and tested.

Mirasol - well I know my posts are still here for 2019, so could you please post where I was "ramping away last year on Brockham last year." Page number and timestamp makes it easier for everyone.

Takeyourbets - sadly there is no link to this post which I find odd? I have asked Admin to look into this bug, as its strange that somebody who only joined in March 2020 can seemingly scroll back further than other posters can.

I'll let you know if they respond.

Sageman - Angus accepted the £2.5million to use to get to First Gas...not for the decommissioning. And the CPR says it will cost Angus £2.79 million ....so Angus have to find another £279,000 from somewhere.

And I clearly stated I was referring to Angus pricing the decommissioning at £1.75 million....which they have now corrected themselves as of yesterday.

The December 2019 timeline was unachievable and most surprising that they would box themselves in which unrealistic schedules. It obviously helps to have done this before hence why we see the long delay. I don't see the oil industry shutting down? Business as usual with emails, phones calls and endless planning permits. They were due to produce First Gas in May 2020, so what had Angus achieved by February 2020? Pipeline design completed, trench dug, pipe laid, commissioned, faciites being completed? None of that took place, so Corona isn't to blame

Peter - you posted the exact same spot yesterday, which I answered straight away correcting you. So I am surprised you would want to repost it again?

Peter - oh dear...can you please post these ramping posts I made +30p? I don't remember Angus being above 30pence since you became a member on 2nd March 2020? Wasn't that 2017? Does this mean you are a reincarnated poster? But I'll let you post these ramps of mine....If you can't then obviously you will apologise.

And I didn't have to look too hard to find where I have been correct.....

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. "

Sageman - nothing to do with me I'm afraid ....

But you should refer to Page 7 which highlights Angus preparing "an internal abandonment report " by Angus personnel....which was then reviewed by "an Independent Well Examiner" (Same one that agreed with JTP to drill from the wrong well?)

"The report supports the Group’s third-party quote for decommissioning of all 8 wells on the Field of £1.75 million was appropriate."

"On 19 August 2019, the Group disclosed that it had prepared an internal abandonment report which has been reviewed by an Independent Well Examiner. The report supports the Group’s third-party quote for decommissioning of all 8 wells on the Field of £1.75 million was appropriate. This amount, taken together with a site remediation estimate of £0.75 million, brings the total potential abandonment liability to the £2.5 million estimated at the time of acquisition."

http://www.angusenergy.co.uk/wp-content/uploads/2020/03/Combined-AGM-and-Accounts-RNS-5-March-final-003.pdf

So as I said before

I find it odd folk are saying the management are doing a fantastic job with supposed £400,000 savings. Yet they are the same management who tendered out the decommissioning project and rubber stamped the previous announced costs.

So what does that really say? They don't know when costs quoted to them are too high due to lack of experience?
Or they haven't accounted for certain costs that will increase the overall projects costs.

Either way it certainly shows that there is a lack of leadership experience to know the real cost of a nut or bolt. You look at the other similar sized companies and they all have seasoned Oil and Gas guys in the Chairman / MD positions with decades of experience.

James - you have again omitted the commissioning times for the pipeline which takes them into 2021.....and then you have the remaining items to pass as well.

Peter - I don't see these +30pence ramps I am supposed to have said ....so if you can't post them, that means they don't exit.

I see you posted a lot of posts by gkb47....but I am not that poster.

I merely asked two questions regarding a major shareholder % and did the current Chairman take a company private.

Please just stick to facts as I do as it makes the board much more fluid and accountable ....such as did the Angus Chairman Paddy Clanwilliam take a company private Peter? And didn't the share holders take the company to court and win? These are all facts that can be found reading The Times or by doing a Google search.....or you can do a members search for Alan2017 and you will find the various stories posted historically.

I'm assuming his healthcare was cancelled...but that is another company