Member Info for B2HS2L

Alan, - Do you expect a specialist to install the bridging plug if supplied by a company with no plans to use it, and not by a manufacturer please?

I assume if purchased from a manufacturer a specialist will install it.

At present a £3 Mil facility is available from YA, but I don't see a financier of Lucan's acumen having anything further to do with them. (24-month commitment period).

From the 10th Jan RNS:

"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."

"The Facility will provide the funding to support near-term planning and testing as well as a successive Field Development Plan (FDP) submission."

IMO the the first £1.5 Mil has been spent (on Balcombe), leaving the 700K (less expenses in getting rid of YA) available for Brockham / Balcombe.

From the 4th Feb RNS -

During operations several key completion components failed for a variety of reasons beyond the Company's control. This also led to delays over the December and early January periods. These long-lead items have not been re-installed but rather engineering work-arounds have been implemented, including a resort to lifting by injection of N2.

So ANGS have paid for:
1 equipment that was unserviceable at the end of well test. (and now has to be repaired / replaced).
2 Paying for staff on Xmas/New Yr holiday
3 Paying workforce for days when Nitrogen was being used to clear the well.
4 The (rented) rig was in place at Brockham before and during the Xmas break.

2 * 1.5M tranches organised, - if you don't need that much, why over borrow?

The rapidity with which it was drawn down was relevant to me.

JMO.

Recall that the first 1.5Mil of the YA loan was already drawn down before the loan was announced.

2.2Mil raised subsequently to pay off YA, (with associated costs), and add to cash reserves.

Agree with bfc1's comment, because I do not feel happy that the water leak(s) have been logged properly.

If there is >1 leak, there is only one bridging piece.

Hope I'm wrong though.

'Excellent assets'
I hope GL doesn't want to spend time and money on Lidsey when we basically have no income.
Brockham first, - no other priority.

Thanks for your notes Kensington.

To have this many posts on the first full days trading after an AGM, and the small number of posts over the weekend,
I feel as though I did not miss much by not attending the AGM.
Nothing could have been said that caused excitement enough for those present to want to top-up, else the sp would be higher this morning.

Its a great shame that George Lucan could not have kicked off the investor forum by starting it with a breakdown of investor questions, a good opportunity missed.

Come on George, - Lets be having the forum you mentioned.
There's a lot of questions need answers.

Unfortunately you are correct Lockedin.
I think Tidswell acted to out Vonk in January when he realised that further dilution would mean he would hold < 5% of the shares in issue, and would not be able to act at all.
Adam Habib was a straw to grab at last minute IMO.
George Lucan was his best shot at becoming a board member again.

Tidswell may try to pull strings to influence the direction of Angus, but I see this as secondary.
The main threat is his activities as the production manager.

Alan has previously indicated that the Bridging / Packing gear comes with a specialist to install it for Brockham.
Good news if your name is Tidswell-Pretorius.

However, the sudden announcement that suitable gear had been sourced in USA might indicate that the equipment was sourced from a company who purchased it in good faith but has not used it.
So in this circumstance, does it come with someone to install it?

- Is anyone willing to ask this at the AGM at all?

Lockedin, - Re Tidswell (ie external to BoD) pulling the strings.
I think it is part of the NOMAD's remit to ensure this does not occur to excess.

How likely is it that Lidsey 1 and Lidsey 2 are now producing 199 (ish) barrels of oil and water.

ie water content has steadily increased over time, - only bopd being reported?

HR - Suggest you research
1 How Lucan came to be involved with ANGS
2 Possibility that Tidswell spent the second half of 2018 on gardening leave.

A topic was removed this morning which included a post of mine.

Within that post I put forward that if ANGS were looking to contract a rig for April, then it was likely they expected the permissions to be in place around that time, else ANGS are putting the cart before the horse.

I'm not sure fast tracking - something you've mentioned before - is a process familiar with some governing bodies.

The 'new team' contains one old face - Tidswell.

Please do some more research on our Production Manager before your expectations of a 'brave new world' leads you to make conclusions that will possibly turn out wrong.

Laughing out bloody Loud!!!!
See what happens when the company over corrects for its former non-communication.
Please stop now lads my sides are bustin.

Anybody noticed the sp?

Up from 4.0 to 4.3 then retrace - just enough to turn a profit on those bought at 4p recently.
Still some of the 55 Million looking for a new home.

We would like to inform all investors that we have identified a suitable rig with April availability for Brockham. Contract negotiations have now commenced. #ANGS
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Very happy management want to keep investors advised, however -

What happens if the contract negotiations fail, or the rig becomes unavailable due to the success of another interested parties negotiations.

Will investors be advised of the disappointment?

Will management be accused of ramping then deflating investor expectation?

The first we should have heard of this was when contracts signed, and dates set, nobody disappointed.

I suspect its the paperwork that might set the pace of this project, something that should have been addressed sooner.

GO ANGUS!!, - April would be great, but tell us when you've made it happen, - don't raise hopes for them to be dashed yet again.

And where's that investor forum?

RNS 10.01.2019:

A standard stimulation programme to bring the well into production, similar to the recent successful operations and testing programme at Horse Hill, is in progress.

JT-P tweet 04.02.2019

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

RNS 04.02.2019:

All kill fluids in the wellbore and lost to the reservoir have now been recovered. In total 280 barrels have been produced. The well flowed naturally to surface upon the removal of the completion and clean up fluids with flow rates rising steadily as the test continued.

RNS 04.02.2019 - Managing directors Statement:

"I am very pleased with the oil analysis clearly confirming Kimmeridge oil at Brockham. The water zone is obviously an unexpected hindrance but, with natural flow to surface and evidence of oil, we remain quietly optimistic of achieving commercial success at Brockham. Brockham in combination with Balcombe could be transformational for the Company and oil production in the Weald."

As much of the 280 barrels produced was water, I don't think we need to overly concern ourselves.
Thanks for the info.

Bumble, - I believe things are turning around, but to what extent is as yet unclear.
We appear so much better off under Lucan (a financier) than Vonk, especially in terms of what Lucan is prepared to share with shareholders.
JT-P is a nightmare though. A production manager who owns 5% of the company, and a record of screwing basic things up.
Fair play to Lucan though, he realised that nothing short of an RNS containing a blow by blow account of JT-P share dealings last July would put the subject to bed.
If we make the Brockham well water tight first time I will be the happiest investor by a country mile.
Alan is clear that more than 1 leak is unlikely, but it appears there are difficulties with logging, and who knows when perforating such a long length of well.

From the 6/3/19 RNS:

"Whilst the Board expresses sympathy for Mr. Tidswell-Pretorius' legal position, the investigation has confirmed that the Company's share dealing code was not complied with and accordingly for clarification Mr. Tidswell-Pretorius will not be reinstated to the Board but remains the Group's non-board director of operations."

What a breath of fresh air that was.

And behold - Take a look at the 'Corporate Governance' part of the ANGS website,
- all the new names and responsibilities have been inserted. - Good man George, he actually cares about the subject.

A water tight Brockham with no equipment breakages will be the only way JT-P should keep his job IMO.

Wrt the Balcombe planning permission - its 'normal' for ANGS to be lax in completing correctly / providing the correct paperwork, - to the extent it must be a wonder ANGS achieve anything at all. However, with two other parties wanting to progress Balcombe, surely they would be asking for regular updates, or attending progress meetings to identify project progress, particularly with ANGS past paperwork history. They must be well chuffed (not) letting Vonk negotiate a 25% stake.

Taking your point about Captain America, I see a risk that the USA gear will be installed and water will still be ingressing the well.
I have no confidence in the results of the Brockham logging activity that is ongoing.
I hope Clanwilliam is alive to the risk, but he will probably only be a part-timer.

Why would you buyout Leningas?
++++++++

26th Feb 2019 RNS "Additionally the Company is beginning a detailed study into the potential exploration lead to the west of existing Lidsey producing structure.
Further work is required to work up the target and determine risk and viability, however indications are it could be drilled from the existing pad and potentially a side track of one of the existing wells greatly reducing costs as well as any environmental impact."

There would be less motivation to do this if you own 60% of the license.
Motivation improves if you own 80% of the license.
Is that motivational improvement sufficient to buy out Lenigas and make a start?

Not sure, but it would appear that whatever has attracted the attention to the west of Lidsey could become a lucrative prospect, and sidetracking a present well would be a cheap thing to do.

If a lot of water is being generated at Llidsey, then perhaps the well is only marginally profitable, and I would not want the management to pour good money after bad again, when you take the the cost of previous efforts to improve production into consideration.
If I am right, the well is not long for this world, but can now become the basis of a new project.

I am sure it has crossed George Lucan's mind that 2% dilution is child's play compared with other recent attempts to keep the wolf from the door. If the prospect was going to take many years to break even we would not be considering it, so I am hopeful that payback might be achieved in say 18 months max, else its not worth considering.

As the RNS says, work still required to ensure the prospect is worth making a start.

Agreed. we absolutely must get income from unfinished projects before starting another.
Not sure how far Horndean and Lidsey are apart.

So the opportunity at Lidsey is:
1 purchase of Doriemus Plc's 20% interest in the Lidsey PL241 Licence, together with its interest in and under the JOA and any wells on the area covered by the Licence (including its 30% direct participating working interest in the Lidsey-X2 production well). 8,324,024 shares are to be issued to pay for this, representing 2% dilution.

2 The possibility of a cheap potential sidetrack of an existing well into a new exploration area to the west of existing Lidsey producing structure.

3 The present Lidsey production is restricted.
"The Company continues to produce crude oil at a variable self-restricted flowrate due to produced water disposal limitations" (RNS 26/2/2019).
IMO the well has water ingress problems that might be costly to address, or the water will become more costly to dispose of.
Maximising the output at Lidsey has already been the subject of much work last year, which produced little improvement in output.
If the water ingress becomes worse, Lidsey profitability would be adversely affected, so why not use Lidsey infrastructure as the launch pad to cheeply extract from a new source.

We should not be spending any money on Lidsey at present as Brockham should be our focus, - particularly the logging of each and every water ingress source.
That said, for those employed at ANGS in the prospecting side of things, something to the west of Lidsey has whetted their appetite, and we should be exploring this when we are done at Brockham.

Welcome Paddy Clanwilliam, - your website image makes you look very dapper, - we look to you for much needed leadership.

Thanks George for what you've achieved so far in such a short space of time. Angus was on the rocks this time last month.