Member Info for Bubblepoint

Add to that, Angus has the below to benefit from for decommissioning:

Tax relief for abandonment costs credited to

abandonment year cash flow; reference

Decommissioning Relief Deeds, FA 2013

Howey,

The plant shutdown in June is very likely related to annual plant testing & certification as it is probably about right from the commissioning date.

HITS,

I agree, it is a little "eye watering" at that rate, but this is what happens since RBL (reserves based lending) was pretty much abolished, and that means minnows like Angus are always going to have to either place or take funding at unreasonable rates.

That said, taking the debt & dilution in to consideration, Angus has developed a significantly rosier future than what it was and what it had pre SLBY, be that through a bit of both luck & judgement from their side, and the weight of the old GL ways, I would take Angus today, all day, compared to pre SLBY Angus regardless of that significant dilution and debt.

I just hope they prove themselves much, much smarter with what they do going forward and how they utilize the benefits gained from SLBY, and don't return to Angus of old and basically squander it.

We can cherry pick possible reasons for a depressed SP/MC all we want, but the now producible reserves still have a bookable value of anything between 300 & 500m depending on what you use as an average to establish that producible value.

Before Angus went in to SLBY the reserves were deemed "stranded", so at best they only had an "in the ground" value, which normally is a tiny fraction of producing reserves, generally "in the ground" being anything from 3 up to 10% of their true production value, and that is more or less exactly what it has cost Angus "in total" to this point to both acquire and get it in to production.

It is about as good as it gets for Angus, a bargain on UK land, piped directly to the grid.

When the big guns behind the market decide to make this move, then it will do just that, at which point we will all change our questioning format to suit what is driving that.

I expect Angus is carefully managing the production, especially from B7T, and the reason for that condensate production that is virtually all coming from SU4 well is being naturally formed "as the reservoir pressure/temp lowers further into the "dew point", and by managing the flow of gas, the condensates are likely to continue to drop out from A2 & B7T (not produce condensate to surface) and SU4 will likely remain as the main drain of the condensate due to the trajectory of the producing wellbore, and the condensate production is likely to increase over the years, it could be that Angus even try to work over SU4 in the future to focus on condensate drainage from the reservoir to allow for strong gas production from the other wells.

I really don't deem the debt as some kind of significant issue for Angus with the good production rates seen and direct to grid sales based on a reasonable annual average pricing, it "may" be having a small weighting on current sp/mc, but if they are doing things the right way, and that is seen on paper once figures are released then happy days.

I did both message Angus off the Q & A page and I also sent them an email to either correct the possible typo regarding 3rd compressor, though there is zero logic for a third at this time, and if it is a 3rd compressor then they should inform the market as such, as it is a high value additional asset and for what reason.

They have not amended the answered question and I had no response either, so they obviously don't care to follow up.

We also do not know what the total excess revenues after Mercuria equate too, + around £2m in condensate so far, they have been producing for around 10 months now, so for sure some of the excess has been utilized in various ways, including some servicing of other debts, the total excess is likely significant over the 10 months.

A lot of the talk seems to focus on future revenues but we should also ensure if we are doing that then also apply past too.

BV,

We don't always have to agree in full, OR at all, with what is posted, but we are at this SP/MC for reasons that are clearly not so easy to fond the answers for, along with plenty of possibilities that have been posted.

Whatever the reason, it means those "possible" reasons are likely not going to be positive, and that goes against the grain for a few that don't like reading negatives, and react to that with strange defence.

I don't always totally agree with everything HITS posts, but in fairness he also does post valid points that should add to the debate and possible most likely reasons as to the pressure on Angus SP/MC. as other do.

Why don't you try adding to the debate instead of fighting it. ?? put some reasoned and valid arguments to points raised if you feel so strongly about them.

5.6m Volume & 38 trades is paltry and virtually zero chance of any movement of note until we get some form of value update or the bigger influencers behind the scenes make a move at this level.

Can get a quote for up to 1.5m to sell so there must be some minor order filling being done, but still, it's way too quiet out there.

Agree, good post HITS, though I would really expect the condensate revenues alone would reasonably cover most if not all OPEX for the daily on SLBY, that does not include any other aspect/asset of Angus.

As much as it pains me, WG called the wholesale price fall correctly, even factoring in winter prices, the efforts to get new route gas and compensate most if not all Russian effect has been far more effective than I expected, by some margin, and it is still being affected, which in turn is also affecting the general producible reserves value too, so it is double impacting at the moment, though hopefully the average through winter will bring a reasonable overall level.

Add to that, I think everyone, including the bigger market influencers want to see some real numbers put out there, including what has been done with surplus right from first production, and to see production being maintained at or above 10mmscf/d for a prolonged period (which I believe is not an issue, but declared is what counts.

And for Angus to give some heads up on what is next on the agenda, with projected cost and how that is to be funded.

welcome to my trash bin crocof****eman, your in good company with onetoooo many and that other clueless kerlown sageman.

I guess they will have to pick only 3 of the points to argue since they only raised 22k of the 35k needed to cover the costs.

Hopefully his will be the last delay tactic thrown against Balcombe before the job starts, and hopefully Angus are on it like a sky rocket to get the kit there and started if green lighted.

Maddog,

I feel for you if you suffered anything similar, its a very changing world and mindset out there these days.

As for changing my monika from Push2 to Bubblepoint, well sometimes names can add to how people perceive you, and Push is akin to forceful, push people, or other negative, I only used it as my name on iii forum before it became unusable was Push2Gush, so I just kept part of it as a carryover to lse forum.

Bubble Point is related directly to pressure and reaction to gas breakout from oil, and it has the shortened Bp, which I had 4 enjoyable years at. nothing more than that. though some will always want to read more into it that reality.

BV,

I agree with you that RH is critical to the future of the company and will play a vital role in its future successes, but as with most outfits, they don't willingly give out the not so good or darn right ugly stuff, it is often hinted at but usually needs a careful coat of looking at to try and work out what is not really being told, and as with everything, it isn't the good news that usually damages your wealth, it is the untold, unclear or darn right ugly that hurts.

RH has instilled some confidence for sure, but even the best make mistakes or miscalculate, he isn't infallible , actually the reality is often the best in the industry have achieved that through learning from theirs and others mistakes on the journey, as I have too.

Thank you for that Ocelot,

My biggest mistake as Push2 was being honest about my trading and also refusing to use the filter.

This time around I will not be drawn in as last time, from now on the filter is going to be my friend, and my stock holding and trades are 100% no one else's business but mine, along with whatever anyone else does not being my business either.

My Filter has taken it's first 2 kerlowns and ther's is plenty of room for anyone else who wants to start the same mob activity as last time.

And I can add Sageman to the sin bin,,,, another kerlown off my screen

Ahhh OK, Onetoo MANYYY has had one too many again,,, OK you are first into the permanent sin bin...

I have never told anyone to buy, gezzz what a stupid statement, nor would I suggest folk sell either, that is totally the individuals choice. I have never even used the buy/sell/hold option on a post, not sure where you are dreaming that up from but it's in your head and far from fact.

Personally I couldn't care leas who buys/sells or sticks it in an isa for ever, Pi don't control the price, and have not sone so for a LONG time.

Ps, I am not going to keep replying to folk who seemingly have issue with me, if you don't like me or my posts then you got your very own filter button.

Something I am starting to make use of.

100% wrong Sageman, not remotely ashamed of anything I have posted at all,

The reason I wanted it deleted is because I very often apply as much detail into posts as possible, and the amount of abuse was ridiculous, and yes, I responded with like for like too, but I decided to request deletion because i basically don't feel I want some of the scuz around to benefit from any info I have posted.

As for apologies, forget that, the insults thrown kicked up the dust, and personally I don't care what your take on that is either.

Correct Sageman, I wanted my push2 posting history totally deleted and that required me to also request to close the account which they agreed to do. I am now Bp lol...