Member Info for B2HS2L

Angus production licence for Lidsey as well kenni.
This fact currently of little interest to ANGS shareholders, but has a big significance for the ANGS BoD.
Shareholders waiting for BoD to explain themselves, before they expend further funds on a white elephant.

Quite so Scally, that might have happened. However, here is 10th Jan RNS extract:

The Company has entered into a £3 Million loan facility ("Facility") with YA II PN Ltd and Riverfort Global Capital. Proceeds of the financing will be primarily deployed for the future development of the Balcombe Field Discovery.

My thoughts at the time were that the other partners wanted to get the Balcombe show back on the road, when we were essentially pot-less.

Lets hope we are wrong, and Brockham oil in abundance will save the day.

Scally - Balcombe and Brockham funded according to this RNS 15th Feb extract:

"Angus Energy is pleased to announce that the Company has placed, subject to admission to trading on AIM, 55,000,000 new Ordinary Shares in the Company with existing, new and institutional shareholders (the "Placing Shares") at a price of 4 pence per share to raise gross proceeds of £2,200,000 (the "Placing").

The Placing monies will be used by the Company to pay down £1,500,000 of the YA II PN Ltd and Riverfort Global Opportunities PCC Limited loan facility referred to in the Company's announcements of 14 February 2019 and 9 January 2019, for the work programmes at Balcombe and Brockham as detailed in recent announcements and for general working capital purposes."

Agreed Yanis,
"Resolving it will be simple". - I'll go with Resolving it should be simple, - but damaging a seal must be real easy to do over a 656 foot perforation. That's what Tidswell and the team are paid to get right.

Yanis, - I'll precis the reasons for the content of my last post thus:

Before shutting down Brockham in February there were efforts to log the water source.
Varios RNS's from ANGS, and Doriemus refer to the possibility of >1 water ingress.

JT-P tweet 04.02.2019 - "Working on water isolation solution all day. Old low cost and very good operations team back together under Lucan. Watch this space.."

I posted the following on 12th Feb:
+++++++
Many thanks for drawing attention to this Doriemus RNS Sam.

Two quotes stand out.

1 "The Operator is now preparing an engineering programme to isolate this water zone which will, subject to agreement from all regulators and partners, include the return of a workover rig."

2 "There is obviously more work that needs to be undertaken with this well testing programme to isolate the water zones and we look forward to further proposals from Angus in respect of tackling the water influx, which they report as having inhibited oil flow"

So is there one or more than one water zone?

More than one water zone implies a higher risk of not fixing the water influx first time.

I have emailed ANGS requesting the number of water zones identified.

Will advise any response.

Ends
++++++++++
No response was received.

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On 26th Feb I posted:

Brockham:

A Doriemus RNS previously alerted readers to water zones (plural) at Brockham, and here we are again with 'Angus Energy is pleased to announce that the long lead equipment to isolate the water zones at Brockham has been sourced and is ready for shipping from the USA'. (Quoted from ANGS RNS issued that day).
++++++++++

If previous work to identify water ingress had been successful, then why place the following in Part 1 of the recent Brockham Work Programme:

Isolation of Water:
"Full logging program over perforated section to identify water zone. The isolation of the water zone
using hydraulically set plug."

++++++++++

From the above I deduce that ANGS is not 100% certain they are dealing with one or more than one water ingress.

There has been a lot of deliberation on this subject, and it is surprising to me to see that at the last minute, water isolation was to be performed after reperforation, when the presented plan states otherwise.
However the change does make sense to me.

Alan has mentioned in the past that we would be unlucky to encounter >1 water ingress.

Tonights RNS released to calm troubled waters I think.
It wasn't the likes of irate bb contributors that did the trick, I think it was a 7% drop in share price, and did not want more selling tomorrow.
Is George thinking Lenigas will have some of his 8Mil shares for sale soon that won't help the situation? - Who knows.
Congratulations George on at least trying to manage a self inflicted bad situation. Please keep the site images coming.
What happened to the investor Forum, - any time scales?

Captain, - they have never been certain about the source of water, and they have certainly tried hard enough to log the water.

I believe todays sp droop is due:

1 to a failure to announce a revised plan reversing the operations in stage 1.
2 Realisation that we are still re-perforating (why we are doing this has not been satisfactorily explained) when we assumed that stopping water ingress had already been achieved.

The improvement in comms has met its first nemesis, - must try harder.

I see this set back as temporary and have not sold.
It will not be long before sentiment returns, when more photos of installation of bridging pieces are made available.
(And they will be made available won't they Mr Tidswell? All in the cause of supporting the sp).

Wasit, Bladesharp, Baits:
Perforating / reperforating.
Alan2017 posts for 14 March are a target rich environment discussing the technicalities of Broadford Bridge, and well perforation. If you were to ask him I think he would point you there.
I hope this helps.

To avoid further "issues" I would like to see the JT-P account discontinued, and all comms and pictures go through #ANGS. George Lucan is responsible for this twitter account, and he has higher standards of information delivery, even though he is partly responsible for not advising the change of plan.

Glad we have a confirmation that the plan has changed, thank you George, Patrick and Jonathan.
Notice the damage limitation of not providing the tweet until after trading hours.
Lets hope Paddy Clanwilliam is overseeing operations more closely.

SHOW - ME - THE - MONEYYYYY!!!

Ha ha yes Renegade, a lot of people assume Lenigarse will be selling his shares some time soon.
It would not surprise me if he was able to cover his Oz commitments from liquidating other investments though.
If he is keen to stay invested in the weald, perhaps ANGS shares will be the holy cow for him.
Here's hoping we all break surface soon.

Staying out of the market until the 8 Mil dilution takes place on 26th April is a factor, anf
here is no panic to buy as we are not close to isolating water according to this mornings tweet :(
Should see some movement on Friday night or Monday 29th though :)

Dealing only with RNS or #ANGS sources.

From 04.02.2019 tweet:

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

++++++

Is the oil reservoir pressure what is causing positive surface pressure? - Anyone with an update please.

Taking this mornings tweet at face value:

1 "In line with our ann. on 3 April, the first stage of re-perforating at Brockham has been completed with positive surface pressure observed."

They seem happy with this state of affairs.
Is this oil, oil/water, or water surface pressure?
If it were the latter, they would not be tweeting it, or sound happy.

2 If it is oil/water, and they have fitted the bridging piece from USA, - then there is >1 water source. HOWEVER, they have NOT said that they have fitted the bridging piece yet.

3 They intended to log the well early as per Brockham Work Programme, but now it would appear that reperforation has preceeded attempts to isolate the water ingress.

IMO it makes sense to log the well after reperforation.

++++++

Scally - with respect Lenigas should not be quoted, he is not a reliable source.
The comment makes it sound like he knows what he is talking about.

From Brockham Work Programme:

STAGE 1
Isolation of water, re-perforation and
recompletion of Brockham X4Z

STAGE 2
Installation of production equipment
and commissioning of BrockhamX4Z
for flow testing / optimisation.

todays tweet:

In line with our ann. on 3 April, the first stage of re-perforating at Brockham has been completed with positive surface pressure observed.
We are now moving onto stage two of perforating.
Once this is complete the well will be relogged and the water isolation process will begin.

!
So we haven't achieved a completed stage 1 yet, despite poor use of terminology.

Note from page 10 of the work programme:

It should be noted that: while every attempt will be made to ensure that we are as transparent as possible with the
information that we provide to shareholders via social media, there will be certain times during operations that
real-time updates will not be possible due to AIM regulations and the potential market sensitivity of this information.
During these periods, no assumptions should be made as to the potential positive or negative impact of these news
blackouts and the “information gaps” will be filled retrospectively after market-sensitive news has been released via the appropriate channels.

I'd rather have something from GiftedGenie, but I fear the weather might not be good enough to get good images.
Tidswell might only post what he wants investors to see, and not post images he does not want distributed.
Reassuring news is required shortly though.

Captain - Still I guess so long as you learn from your mistakes there's only so many that you can make?

Perhaps the only mistake requiring rectification would be the assignment of the production manager post to Tidswell?

All previous mistakes have been symptoms, not the problem.

Lets wait to see if or by how much Brockham flows.

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I think The BoD find the potential of the Lidsey sight attractive, the Production License, and the content of the following 25.04.2018 RNS:

"Angus Energy plc, a conventional oil and gas production and development company, is pleased to note yesterday's unanimous decision of the West Sussex County Council's ("WSCC") Planning Committee to approve Angus Energy's retention application for the Lidsey Oil Field.

This final approval allows Angus Energy to continue its current operations at Lidsey until 2028."

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

Investors will not find Lidsey attractive until we know what the "potential exploration lead to the west of existing Lidsey producing structure", mentioned in the 26th Feb 2019 RNS is.

Right - Tired of trying to make sense of the Lidsey investment and plans with only some of the info the board posseses.

Re Lidsey:

Excerpt from 26 February 2019 RNS - Operations Update.

Agreement to purchase an additional interest in Lidsey Field.

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."

From this statement I think it could well have been ANGS who approached DL to purchase his Lidsey interests.
Also, the "new opportunities" statement is consistent with JT-P comments in March on the www.thelondoneconomic.com website, as follows:

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

With Lidsey having a production license, I speculate that Lidsey could be the base for said venture, and the reason for increased ANGS interest in developing the site.

I don't know how much Lenigas needs for his Australian ventures.

If he were to get a 100% profit on the 8,324,024 shares he will receive on the 24th April, he would bag £934,787, (sp = 11.23 pence)
If he hung on for 200% profit he would bag £1,402,181, (sp = 16.84 pence)

Are these numbers worth waiting for for Lenigas in terms of his Australian commitments?

+++++++

He has sold his Lidsey interests and received Angus shares in payment. - a sound business decision if you don't think Lidsey prospects amount to much.
Angus want a bigger share of Lidsey (for reasons best known to themselves).
With Lenigas so well connected at Angus, it is reasonable to assume he knows why Angus maintain this interest.
Could it be that Angus made Lenigas the offer of ANGS shares for his Lidsey interests?
Could they have been concerned about who might have purchased DL's interests if he sold to an outside party?

Many more questions than answers, but it would help if someone could advise what DL's financial obligations are in Oz.

Right Nuff Said

Paul Vonk, Angus Energy’s Managing Director, said “We will continue to gather more data as we assess
the commercial viability of the Kimmeridge across the Weald basin. This includes the highly anticipated
basin wide study due in the next month."

Is this the link to the study he was waiting for?:
http://www.searchanddiscovery.com/documents/2018/11100palci/ndx_palci.pdf

The publication date is right, but there isn't much concerning commercial viability in it.