Member Info for B2HS2L

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.

In an effort to explain renewed BoD interest in developing Lidsey, I Have read again the RNS dated 3/7/2018 - 'Kimmeridge Assessment Indicates High Quality Crude at Lidsey / New Measurements Show Kimmeridge Producing 38 - 40 API, Light Crude'.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ANGS/13703090.html

The RNS begins:
"Angus Energy Plc (LSE:ANGS), a leading UK on-shore, conventional oil and gas production and development company, is pleased to provide results from its supplementary assessment programme at the Lidsey Oil Field. Having consent from all its regulators, the Company performed a Geochemical Analysis of oil produced from the Kimmeridge (Clay) Layers in the Lidsey-X1 Well".

Shortly after this date JT-P was succeeded by Vonk when JT-P resigned over share ownership.

The rest of the year was spent setting up and testing the Balcombe well as per the agreement whereby Angus became operator, and preparing to perforate and flow oil at Brockham.

January was spent spilling blood in the board room, and not updating shareholders with problems at Brockham, and February spent installing a new MD, updating shareholders, raising more money and repairing the damage of a bad loan agreement.

So there has been no time to breathe let alone find the funds to revisit a new Lidsey prospect.

Returning to the 3/7/2018 RNS Pual Vonk stated:
"Demonstrating we have movable oil in the Kimmeridge at Lidsey is an important metric and, we believe, further de-risks our assets at Brockham, Balcombe and Holmwood."

George Lucan has stated in the 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."

This announcement coincides with Doriemus wanting to sell their interests at Lidsey, (ANGS will own 80% of the PL241 licence), making the rewards of successful prospecting worthwhile.

I think investors are selling at this price, hoping to profit from the likes of RMP, then some might sink any profit and the original sum back into ANGS. They are hoping I assume that the ANGS share price will not improve in the mean time.

When 8,324,024 new shares appear on the market in payment to Doriemus for 20% interest in the Lidsey oil field licence, then that is ~ 2% dilution for the rest of us.
The Tue, 26th Feb 2019 16:45 RNS does not make it clear when they will be available to Doriemus, but if time allows, Doriemus may wait to see what sp improvement transpires before selling.
All things being equal, the ANGS sp is near rock bottom, so they have time.

Just my 2 cents.

So with this much expertise in technical capability available and Tidswell pulling the levers, we can expect our water incursion problems fixed first time and pronto.
I'm savouring what a refreshing change that will be, if all that comes up is oil, and we have an income capable of providing a special dividend.
That is if we don't squander time and money prospecting at Lidsey.

Thanks Chitty for your update, - I wouldn't want them spending too long in the Lords bar.

Don'y ya know the Earl of Clanwilliam and Lord Lucan are on our board of directors.
It's like a House of Lords annexe.
Hope we don't catch them sleeping on the job.

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." Its a shame Chris de Goey passed him headed in the opposite direction..

From Twitter #ANGS:

This is to make you aware that a petition to ban shorting of London AIM stocks has been started recently.

Consider signing the petition if you agree, - deadline 04.09.2019

https://petition.parliament.uk/petitions/242399

IMO there have been a number of attempts to log the well to identify the source of the water ingress, none of which appear to have been successful to date.
Tidswell's tweet (04/02/2019) "Working on water isolation solution all day" is relevant, but may not have been conclusive if "Options for logging the well to identify the water zone are being considered to give the best results" appeared in the 26th Feb RNS.

Alan has said in response to a post that he thinks we would be unlucky to be dealing with >1 water ingress, but we have perforated a long length of the well, so I am keeping an open mind.

Doriemus have no ownership of Balcombe so while I can see why he wants out of Lidsey, its a strange tweet.

I think DL is sure to put up one of his men for the MD vacancy, and Tidswell might champion if he is out of the running himself.

Another poster pointed out that DL has only cashed out of Lidsey, and not Brockham, (Doriemus = 10%).

DL could have cashed out of Brockham keeping Lidsey.
I bet he's glad that wasn't necessary.

Great news about the isolation plug and packer assemblies.
Hoping that the full equipment list required for Brockham can be assembled pronto.

Alan posted the following relevant info on this subject on 14th Feb, hope he does not mind it being reproduced here:

the well has been drilled and just needs the correct completion equipment / isolation packer(s), as well as well testing equipment, rig and OGA / EA sign off on the final equipment which will be run in hole (well schematic) which needs to include ODs / IDs of the production tubing, ODs / IDs of the completion assemblies and their setting depths.

Something similar to this:

https://www.peloton.com/products/wellview/data-analysis/#group-23

I would say due to the profile / angle of the well that the water zone is at the bottom of the perforations (deepest part of the well), as that tends to be the case as Oil and Gas is lighter than water. In simplistic terms all you need to do is run a bridge plug and squeeze some cement.

https://www.youtube.com/watch?v=_gmZ1SV0OmU

End result is you have a production well which just produces hydrocarbons with the water zone isolated. Crazy as it sounds but we will await longer for the components that they should have already had as back up at the site, along with an isolation plug as a contingency plan for encountering water (which they subsequently observed) than the time it will take to isolate the well and flowing hydrocarbons (I would say circa 2 weeks worth of operations).

Best to have this timescale in your head, so it doesn't come as a shock. And lastly, yes once the water zone has been isolated which is a standard operation and an easy fix then the SP will have a healthy rerate from its current standing.”

Sent ANGS another email, because the % holdings of major shareholders has not been updated, neither has the date of update. Mega-numpties. JT-P now owns slightly more than 5% or ANGS.

This I think is why he called the general meeting when he did. He could see imminent dilution removing his ability to remove Vonk.

I emailed ANGS this morning because the web site said there were 403,944,208 shares in issue.
It's now been updated to 458,944,208.
Numpties.
Glad to have YA out of the picture, well done George.

Doriemus is selling out of Lidsey with £467,377 in their pocket.
They are going while the getting is good.
A result for their shareholders, leaving ANGS shareholders wondering why we are taking this "opportunity".
Either someone in ANGS knows something about Lidsey no one else knows, or we are mugs.

continued

This RNS lacks timelines, and without them you fear that we will run out of money before anything broken is fixed.

Good attempt George, but we do need that new MD, (and how will his salary be afforded)? - to apply the pressure to stop the Angus drift that is evident at present.

Loans:

Where is the confirmation that we have repaid the YA loan? - Did we make our Saturday deadline, or are more shares (other than Vonks' and the recent extra 55 million we know of) going on the market?

Lidsey:

Still no BOPD figure for Lidsey. - Even a nominal "variable self-restricted flowrate due to produced water disposal limitations" figure for shareholders would be a straw to clutch. This information must be provided to shareholders as soon as it is available please, because a large increase in pumping hours per week at Lidsey must improve our bottom line, or is the "water disposal solution" seriously cramping our style?

"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".
Why are we spending time and financial resources doing this?
Since day one ANGS has needed a source of income. Lidsey has not come through so far, neither has Brockham.
Fix what is broken first, because we are a lot closer to income with what is broken, than spending time and money on exploration.

Caudrilla must be livid that ANGS finances are planned to be spent at Lidsey and not Balcombe, where both companies need a good outcome as soon as possible.
That is unless further finances are planned to become available please George?

8,324,024 dilution shares to enter the market, to buy out Doriemus at Lidsey.
Now? - when £467,377 could be better spent elsewhere?
The timing of this stinks.

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'.
Also in the same paragraph is "Options for logging the well to identify the water zone (singular) are being considered to give the best results."

I did not receive a response to my email last week asking how many water zones existed at Brockham, and we still don't know. But lets move on with the new equipment, and more updates as to likely scheduling of operations and permit applications.

Balcombe:

Thanks for the update, but disappointed that pumping water out is 'suspended'.
We need this water out before much else can be achieved anyway, so lets get on with it, unless constrained by lack of planning applications / permissions.

Summary:
Financially George Lucan is not on the same page in the hymn book as the rest of us.
I think he will be announcing more financial loans in future, because his plans are not funded without them.
This RNS lacks timelines, and without them, we will run out of money before anything broken is

I shall be buying shares, but I won't while there is no upward momentum in sp.

The sp won't rise until an RNS informs the missing information we all want.

Investors won't rush to invest in a company who has gained a reputation for not providing sufficient information.

So until the sp responds to news (one way or the other), my money is staying in the shoe box.

Well done Scally & SuperOwl, - I hope you send a copy to the NOMAD.

As they should be reminding ANGS of their responsibilities to advise shareholders, it would be nice to hear they aren't sleeping on the job.