Member Info for B2HS2L

Me oh my, Angus shares have traction,
Feel its time to take some action,
Phoned the broker - agreed transaction,
Other investors share attraction,
Awaiting rise for mutual satisfaction.

What do you mean - 'don't you have a roof to fix'?

OGA requirement. - No flare stack, just emergency flare.

Page 25 of the April 2019 Presentation:

Funds required to develop work program and undertake Business Development DD:

£3.5m includes £1.2m GWC

Brockham
Logging, Isolation & Recompletion Program £0.6m

Balcombe
Approval submission, well clean up & EWT £0.6m

Lidsey
Acquisition of seismic £0.5m

Business Development
Cost of Due Diligence on Gas Field and A.N.O. £0.6m

3 Million raised April 30th

Open Offer failure = £0.5M short.

I don't want to hear Lucan saying we are fully funded again.

OGA Wells Insight Report 2018:

https://www.ogauthority.co.uk/media/5107/oga_wells_insight_report_2018.pdf

Lots of background info, confirming OGA interest in squeezing more gas/oil from nearly spent wells.

Part 5 'Plugging and abandonment' of interest.

Page 53 of this report contains a detailed view of the Southern North Sea offshore gas infrastructure
that was connected to Thedlethorpe gas terminal (being decomissioned).

There also appears to be a pipeline to the Humber oil refinery, so if oil were recoverable profitably at Saltfleetby, there may be the possibility (cost permitting) of connection to this pipeline.

Whilst everyone else is on the roof...

Sam, if they worked so fabulously well last time around, - time to try it again..
+++++++++

£2M available from vendor when deal signed according to Lucan interview 3 last week.
Have drawn a blank as to who the Abadonment Operator might be, - the vendor will only sell to an AO.

Yes Scally, - particularly the Tidswell holding.
He cannot buy or sell without notifying at his present share ownership level.

Que Grumbling about derampers on here...

I guess Clanwilliam doesn't share our point of view, - from 06 March RNS:

Patrick Clanwilliam the Company's new non-executive Chairman writes:
"I am delighted to join the Board of Angus Energy as non-executive Chairman.
I was especially attracted to Angus by the quality of its technical and operational team
and in particular its vision for the future.
I hope to use my Oil and Gas experience to add value to this vision which, I fully expect,
will one day reach beyond its excellent foundations in the Weald Basin."

will one day reach beyond its excellent foundations in the Weald Basin, - not with my money paddy.

Result of Open Offer to be announced 29 May 2019.
Admission of the Open Offer Shares to trading on AIM 8.00 a.m. on 30 May 2019.
Maximum 2% dilution.

Regardless of OO take-up, we should get a Brockham update within the RNS tomorrow, - possible reason for sp rise this morning.

Deramping.

There are those that believe in the gas field, and those like me that don’t.
But it does not make me a deramper.
I invested in a company with two hot prospect Weald wells, with oil due to surface this year.
When the sp dropped I did not sell, and am now like many, under water.
News of an exploit into gas arrived long after this happened.

I’m a short-termist, and want what I originally invested in, - two working wells in 2019.
I don’t want the sp to be suffering from a possible gas project cost hangover when the second well flows.
Get the wells up and running, but I hope for the sake of the fiscal reputation GL has in the city, that the gas project does not happen.
So I'm pro brockham and Balcombe, and anti gas.
Does that make me posters like me half baked derampers?

Yanis,

Any of the following risks could stop the gas field project, and make the board focus on Weald Oil:

1 "Completion of the acquisition of 51% of the licence is conditional on the prior acquisition
of the field and licence by a third party abandonment operator". Gazprom and Wintershall
will only sell to an abandonment operator (AO).
The AO, or Gazprom and Wintershall may decide not to continue with the project for their own reasons.

2 The AO is also doing due diligence. - If Angus does not come out of due diligence well enough,
then the project might fold.
Drilling from the wrong well at Brockham, no contingency at critical times, boardroom instability,
financial health - you know the rest, - may all be factors that in the end the AO, or
Gazprom and Wintershall might fail Angus on.

3 Agreement of the national transmission system to feed into the grid. -
The grid may not be willing to proceed unless sufficient gas is going to be made
available to the grid in future years, - to make it worth their while so to speak.
Can ANGS make that amount available, - or will it cost ANGS more to keep drilling new wells
to meet the cut-off requirement.

As a condition of the gas field agreement, I expect ANGS has already been
required to pledge they will appoint a gas professional to the board to oversee
the project if it becomes reality. It would not be logical otherwise.

Tidswell has alluded to possibly >1 future project in his March 15th interview.

“The company is set to become a technical partner on several big and exciting ventures,
we will unveil those details shortly."

Remember we only know about gas because a journalist broke the story, forcing the board
to confirm next day, and possibly bringing forward the timing of raising funds.
But it is spookily evident that when the story broke, the pieces of the jigsaw had been slotted into place and the fund raising picture was complete,
There may be other projects Clanwilliam has yet to reveal if this one fails.
We can only hope a journalist flushes those stories out as well.

Saltfleetby is NOT a done deal, - as long as they are still talking, one of the parties is not ready to sign.

Buck up Angus board, - The contribution to profits in Q1 2020 from the gas field is pure *ollox and you know it.

Is it possible that UKOG got to hear about what Angus were intending in phase 2 at Brockham,
and chipped in with 'I wouldn't do that if I were you, - a better bet would be...'.

After all UKOG have an interest in someone else making a success of accessing the Weald Kimeridge.
I think this is an unscheduled stop whilst consultation takes place.

Lucan mentioned £2M available from the vendor.
That's in first.
Pay £1 and gain access to £2M .
Very interested in hearing about this amongst all the data available after the deal is done, but I'd rather it wasn't.

Like many on this BB, my investment was all about Brockham.

I can't get involved in a long drawn out costly process. -
I can only see the gas field as a project that is too large for Angus to swallow comfortably.

Two items mentioned in the April 2019 presentation are beyond the power of the board to finalise.

1 Page 15 - completion of the acquisition of 51% of the licence is conditional on the prior acquisition
of the field and licence by a third party abandonment operator.

2 Page 21 - Agreement of the national transmission system to feed into the grid.

I'm hoping one or the other makes the BoD turn it's attention back to oil, and the profits that will flow IN THE NEAR TERM if we get this right.

Do you think Liberum approached FUM - and that FUM were otherwise happy with Singer. Or were Singer in FUM's bad books?

You started with:
"Sniff of positive news and it will stage up into 5's in a heartbeat. Its coming. Brockham & a production ready gas asset."

Having read the presentation and the RNS you are now up to speed on the gas field.

ie The wells need £1M and the grid connection needs £1.5M - £1.7M before we have a production ready gas asset.

Glad you got to page 17, - this is the first time you've read this document isn't it?

* Page 19 compression and dewpoint control are estimated to cost £1million to install

* Page 19 New 10 inch flowline (1200m) to divert around current
facilities and feed directly into National Grid (£500-700k)

* Page 20 Workover of existing wells: £1 million

Paying £1 gives access to 51% of the above costs.

Please

tradedesk:

http://www.angusenergy.co.uk/wp-content/uploads/2019/05/AE-Investor-Presentation-April-2019.pdf

Read it and you will learn we are not negotiating for 51% of a PRODUCTION READY gas asset. Certainly not for £1.

Question to all:

Has anyone used the 'info@angusenergy.co.uk' contact email address to ask Angus a question recently,
and received a reply?

If your question was answered, could you provide the date, and who responded.

I ask this question because it will highlight whether the company has stopped responding to queries, and we will all know that use of the contact address is a waste of time.