Member Info for B2HS2L

RXdav - Just checking you now about the investigation being concluded in

RNS - Wed, 6th Mar 2019 15:15, especially timeline in appendix 1.

Barder said no deals likely until end of phase 3 (December), unless I missed something?

Djm, - IF we have pluged the bottom of the well, - are we still in touch with the lower Kimmeridge formation.
Thats probably another question for the 11.07.19 Conference call.
Can UKOG provide evidence that the two zones are one, - any UKOG investors?

Unless there is an RNS stating that the "preparatory work is complete, and we will now proceed to stage 2", (WITHOUT a stop for partner consultation), then I don't expect another RNS about operations until "oil to surface".

Lucan is not interested in speculation, or ramping operational expectation, and I believe that is the reason why tweets from Tidswell have stopped.
His tweets used to generaly factual, but became the basis for speculation,
- just a site photo of anything seems to set it off.

Thinking caps on guys for the investor conference call.

Here's my first -
What happened to the shareholder forum discussed shortly after George Lucan's appointment?
If in place, we wouldn't have had to wait 5 months for an opportunity to ask questions.

I think the DOR stake may be for sale, but to whom and when is an entirely different matter.
If there has been shenanigans with DOR not stumping up their 10% of Brockham part 1 or 2 costs, - we did spend longer between part 1 & 2 at Brockham, and the reasons given may have not been the whole truth, - then expect fireworks aimed in all directions.

Captain,
In Lucan's 3rd May interview, he discusses the purchase of the gas field, and that he expected
the news of the signing would 'double our value overnight'.

Alan has recently confirmed no change in outlook, which was 1000 bopd from Brockham, and if its any higher then that's a bonus.

Page 7:

Fixed OPEX including staff, contractors, rent, maintenance, security, insurance and licence fees
£1,000,000/annum, - thats £83,333 / month.

Exposure to 51% of this should concentrate a few minds in terms of
getting the project expedited on time and to budget!

https://*********************/media/angus-energy-company-overview-16-05-2019

This is Lucan's third interview on May 16th. (sp = 4p)

At 5:30, he discusses the purchase of the gas field, and that he expected
the news of the signing would 'double our value overnight'.

So the market doesn't agree with Lucan's expectation.
As has been said, we should not lose focus on Brockham and Balcombe.

From todays RNS:
"Minor additional work in the form of a new 10 inch flowline diversion (<1000m) is required. Preliminary discussions with the NTS have taken place - and the Company hopes to find mutually beneficial agreement in near future."

This is a risk that didn't need to be taken, and an agreement with NTS
should have been negotiated BEFORE paying £1.
Now Saltfleetby reconnection is in the gift of the NTS, not a sound negotiating position.

RA, - I thought Lucan mentioned the MCAP was supposed to double (sp from 4p to 8p) when the deal was signed. Was that your understanding?

The point of a partnering agreement is to lay down (among other things) the penalties incurred by:
1 Refusing to pay for a share of the costs of a project.
2 Not making funds available at the agreed time.

It may have been these points that partners were discussing about a potential DOR default, and thus the lengthy delay between Part 1 & 2.
This would mean partners other than DOR will have to stump up the missing 10% to proceed.

If ANGS has contributed more than agreed to continue Brockham part2, I would have thought that warranted an RNS, but perhaps not.

DOR got £467,377 for the recent sale of Lidsey licence interests to ANGS.
DOR may have indicated that they could progress Brockham with the funds, but didn't.

DL may have been asked to resign because DOR could not or did not pay the 10% share of costs in time, and it may have cost him his job.

That's another way of looking at it, but why no RNS from ANGS or ALBA?

neon, - It's possible they are siting a gas to wire generator.

Since Lucan joined, where there have been operational complications, there have been appropriate explanations.

1 re-perforating BEFORE fitting the bridge plug. - Last minute change.
2 Starting work on part 1 three days early.
3 Placing the fact that there was to be a change to the part 1 and part 2 schedule, by recourse to partners before agreement to proceed in an RNS.

From the above, if there is going to be no activity at Brockham next week, we will know.

The fact that Tidswell no longer tweets is fine by me.
He only wanted to talk about / show pictures of, the subjects he picks.
He has never answered any questions or discussed operations via twitter.

Its been a while since we had an update from weald oilers, - Pboo et al.
It would be nice to know that someone had checked Brockham and reported their findings,
- even if it is 'nothing happening'. That would be reassuring.

It would be rather embarrassing to find a significant amount of progress on site with no reports.
ANGS have started early before, - 3 days early, when the equipment was available sooner than expected.

Any danger tomorrow guys - please?

With no gas field, the oil cash flow would be the start of our dividends when Balcombe is sorted.

May 29th RNS:
"We now look forward to progressing operations at the Company's existing portfolio as previously outlined to Shareholders and completing the acquisition of the Gas Field asset, documentation of which continues to progress satisfactorily."

The wise option would be to sign nothing until Brockham flows and the likely rate of sustainable oil flow is established.
Then we will know if we can afford a gas field, (which will eventually need funds from oil profits I'm sure).

If we have competitors for Saltfleetby, - then I hope someone pays the £1 asking price before we are ready to sign.

Dear LSE Beta testers,
- when I strongly disagree with a post, (like 'hurry this train is leaving', or 'gonna to be a deep blue day today' etc),
we could really do with a 'Blow it out your ar$e' button. - Any danger?

I don't think the Balcombe prospect is priced in to current price either, so sp has further to move beyond Brockham.
But lets hope we can get Brockham up and running with least drama for now.

The share price seems very fragile today.
I bought yesterday and sold before close because of the rate at which sp had dropped since early afternoon. (small profit).
Bought again this morning, and have just sold (small loss).

Result is glued to this screen but a beautiful day outside (Devon).

Staying out unless big sp change.

Maybe an attachment of earnings is the way forward.
Page 21 of Annual Report 2017 - 18:

"The loan is repayable on demand and unsecured, although restrictions have been placed on
equity or share option dealing by the director during the tenure of the loan. The board
acknowledges its obligation of ensuring its repayment."

What happens now he is not a director. - share options don't apply.