Member Info for B2HS2L

Chaps,

We started with 195m of perforations with water ingress somewhere between.
Alan thought the water was coming from the bottom of the well, which would have reqqquired a plugging operation.
If the water was from some other location, it would have required bridging.
I have estimated that bridge or plug, 10m was all I expected to lose from the 195m perforated length.
Now the RNS confirms that the length stated has been reperforated, and the total length not mentioned.

Unless ANGS pulled all the perforations out and started again, - which is not in any tweet or RNS, we still have 195m of perforation with 10m max bocked off to stop water ingress.

From previous posts, I have estimated that the 195m length was reduced by no more than 10M.
As I see it, there is still 195m of perforation, but with the length from 988 - 1044m reperforated in order to establish the best possible communication with the fracture system present in the Kimmeridge Clay Formation.

youngba,
I think this means that the original perforation length is not unusable, but the reperforated length is definitely the best communication they could provide.

from the RNS "The BRX4Z sidetrack has now been successfully re-perforated from 988 - 1044m MD, in order to establish the best possible communication with the fracture system present in the Kimmeridge Clay Formation."

gkb47, -
Tiny low cost oil company with no debt, led by a financier looking for a new CEO.
With Clanwilliam looking for something Tidswell appeared to have delivered at HH, I am not surprised Clanwilliam became interested.

youngba:
Angus Energy Plc (AIM:ANGS), a leading UK conventional oil and gas production and development company, announces that the Brockham X4Z well has been perforated from 960 metres to 1155 metres (an interval of 195 metres) measured depth.

From Lucans perspective, Clanwilliam was a man with a plan, and well connected Lucan could find the finance for his project.
If Brockham and Balcombe turn out to flow well, then possibly history will repeat itself, - ANGS sells out Balcombe and Brockham to interested parties, and the funds raised go to project gas.

On the same date, Chris de Goey resigns, Carlos Fernandes and Andrew Hollis are confirmed as new board members. The companies review of JT-P's share dealing activities is concluded, and result is that Angus rules
have been broken, and he is thus unfit to serve on the board. He continues in his production manager role.

With 10/10ths hindsight I could see that Clanwilliam and Lucan might have planned the intro of gas into the mix.
This might be because Clanwilliam, as a workover* specialist, has seen value in the gas field others do not.
(Is no other gas company interested in this prospect, - if not why not?).
Clanwilliam might have seen the below as preparatory to his agreeing the Non-executive Chairman role:
a) Finalising a set of board members who may or may not have been appraised of gas plans.
(Note De Goey's resignation, - he either wasn't interested or as RNS states - "leaving us to pursue a full time managerial role in the oil and gas field.").

b) Concluding JT-P's share dealing review. - This was well overdue, but assures the status of a founding father and large share holder as not suitable - and barred from - board membership.

c) Clanwilliam is "especially attracted to Angus by the quality of its technical and operational team and in particular its VISSION for the future".
I take this to mean that he was impressed with results at HH.

* Workover
A workover is any operation done on, within, or through the wellbore after the initial completion.
Although proper drilling, cementing, and completion practices minimize the need, virtually every well will need
several workovers during its lifetime to satisfactorily fulfill its purpose.

++++++++++

From 'London Economic' 15.03.2019
"Jonathan Tidswell-Pretorius, founder and operations director at Angus Energy, has told the London Economic that “aggressive” development plans are underway in what looks set to be an exciting year for the energy company."
Do we assume that the recent gas revelations are what Tidswell is referring to?
I would not be surprised if there was more.
The only reason we know about gas now is because of the RARE ALERT story, - it was too premature with due diligence incomplete to announce before. Their hand was forced.

So between March 7th (day after Clanwilliam arrives), and the 15th of March (date of Tidswell's London Economic story), Clanwilliam has sold his plans for gaining access to a set of 'clapped out' gas wells to the board, shifting ANGS's focus away from oil. Or did this happen before he was installed, - there is only 8 days for him to be so persuasive. I believe Clanwilliam (a workover expert who is well connected to companies with the right skills) needs ANGS to get involved in his plan for the gas field.

If this is correct, then I think the board knew about his gas plans before he was appointed, and this explains his appointment. From Lucans perspective, Clanwilliam was a man with a plan, and well connected Lucan could

ANGUS VISION

Trying to get answers about the revelation that ANGS are to be in the gas industry, so have pennned the following. - See if you catch my drift.

Page 17 of the IPO INVESTOR PRESENTATION NOVEMBER 2016 (link follows) provides a graphic for the investment case for investors.
http://www.angusenergy.co.uk/wp-content/uploads/2016/11/Angus-Energy-IPO-Investor-Presentation.pdf

It discusses re-establishing production at Lidsey and Brockham, and Production enhancement opportunities within existing assets to build strong cash flow.

I was looking for a mission statement or equivalent, because the recent gas announcement is so far from Angus's present activities, but these are is the nearest items I could get to a mission statement.

So I think if Angus's VISSION were identified, it might be:

To acquire an interest in wells, improve them and sell out. - ala Horse Hill.
Thats not what it says in the investment case above.

Tidswell - London Economic - 15.03.2019 -
“Angus then sold out of the Horse Hill well, which was a shame because it is a great asset. I still regret this.
However, it was necessary at the time because we were able to raise money to list on AIM and to concentrate on Lidsey and Brockham as a publicly traded company."

RNS 26.02.2019
"George Lucan, interim Managing Director, writes: "Today we set out our road map for 2019 including
a potential long-term production test at Balcombe, immediate remedial works at Brockham,
and consolidating and improving our interests at Lidsey.
Whilst we continue to develop these assets, we are also actively looking at new opportunities in the Weald and beyond."

Nothing here about Gas opportunities, just a mention of possible future interest beyond the Weald.

RNS 06.03.2019

Non-executive Chairman - Patrick ("Paddy") Clanwilliam arrives:

"Paddy's previous responsibilities include the Chair of Eurasia Drilling Company Limited (EDCL.LI) the largest drilling and work-over* company in Eurasia. He is also a former non-executive director of SOMA Oil & Gas, a private exploration play in deepwater offshore Somalia and OJSC Polyus Gold (OPYGY) the largest Russian gold mining company by market share. Paddy has over thirty years of experience in corporate communications and resource extraction in the MENA and FSU regions."

"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 ."

They are trying to plug a 200psi water leak according to Tidswell's tweet.
I'm sure the evidence would know if they hadn't been successful.
Here's to Tidswell, - his success means our success, and we can see what Brockham can deliver.

Spotted this during cyber travels, dated 15th April 2019.

https://uk.finance.yahoo.com/news/kind-shareholder-owns-most-angus-115308799.html

That would be the same Brockham duster Tidswell posted pictures of oil and water samples from on Twitter?

It's not have we got oil - its how much.

If there was a great deal of value in yesterdays offer, why did subscription stop at £3M and not reach £5M?
The company were looking for between £3 & 5 M, so presumably they would have said yes to more punters.
JMO

The acquisition I thought of included warming a seat on the board for a gas specialist to do Clanwilliams bidding and provide some required expertise.

If that happens, lets hope its after Brockham flows.
It would only upset Tidswell because he cannot become a board member,
and we know how easily distracted he can be.

Charlie
"imperative that someone at ANGS gets out in the media and explains where things are going,
although clearly they can’t do that until the asset acquisition is binding."

For me Angus were not ready to announce anything today.
However, last nights revelation meant an RNS statement was required.

They were not ready to say anything until due diligence was complete, and £1 had changed hands.
However their hand was forced, and they decided to come clean.

I'm only looking to Clanwilliam to lead things on from here, everyone else has no expertise - none.

This is a big distraction at a time when the BoD should be concentrating on facilitating successful operations at Brockham, to acquire an income.
The way the BoD are acting, you would think they are assuming all will be well at both locations, so its OK to
focus elsewhere.

As Clanwilliam is the only one with gas experience, I am assuming the new interest in gas is his influence.
I was thinking his input was a long time in coming, but I wasn't expecting this.

Well an RNS stated that they wanted images from site and interviews, but that hasn't materialised as yet.
Neither has a Shareholder forum, all of which would have the effect of supporting the sp.
As they are fond of saying - it ain't rocket science.
They would be quick and cheap to achieve, - but ANGS haven't provided them.
Come on BoD, these were your ideas.

Captain - RNS last Thursday extract :

"The decision was taken earlier this week by operatives on site to perforate the well before isolating the water, in order to allow greater certainty that we have identified the water zone before plugging.
It has not caused any delays and no additional approvals were required for this minor change in operational activity".

I take that to read :

to allow greater certainty of the location and nature of the water source, - and that there is only the one source.

JMO.

Thanks for your response Alan.

"if the water zone is right at the very bottom of the well"
- then we might lose 10 m max of perforated length (5%), by bunging the bottom of the well.

If the water ingress is not at the bottom, and we need to bridge the water not bung:

JT-P tweet - Feb 4th:

"Although the oil reservoir pressure is very good the water zone which may be as little as a few meters is 200 psi higher!"

Sounds like he guessed < 10m, - but further log results imminent.

IMO either way, sounds like max perforation we might lose is 5% because the perforated length = 200m.

I'd have settled for a loss of that magnitude due to a repair, when ANGS admitted there was water ingress
in Jan / Feb.

I want them to take the time it takes to get this right first time.

A larger funding issue might exist if they don't get it right first time.

Alan, from the twitter photo's from Tidswell (March 19th), - are we expecting to bridge water ingress, or seal off the bottom of the well losing a certain length of perforation.

Is there sufficient information on the image to know that please?

Number 6, I'm expecting an emergency flare stack, as I believe we need to reinstate gas to wire the converter(s).

++++++++++++++

Alan, from the twitter photo's from Tidswell, - are we expecting to bridge water ingress, or seal off the bottom of the well losing a certain length of perforation.

Is there sufficient information on the image to know that please?