They should be >>>>>>>>>>26 Jun 2025 07:50
angus "should" be rolling in it, and again it simply raises more questions as to why they are on the brink today !!
when all this slby story started, the wholesale gas prices were typically in the 40's, and were pretty steady in that area for a longggggg time. and yes this shower successfully missed the most monumental rally on gas the world has ever seen, and yessss they had some ceeerappy hedge that nailed "some" of their production at ultra bargain prices, but here we are after all the mountainous rallies, it settles at over double what it used to be, and in winter it is as much as 150% up on 5 years ago,
so when angus did all their math on slby, they clearly considered it notably viable in the 40's, hedges were a portion of total production not all, and regardless, as said, "they" obviously considered the old hedge price enough to more than justify the project and profitability.
capex & opex does not counter this argument, why ?? because you would be a total tool to take on such a field at it's depletion level, and not account for future capex/opex, much of it was, because it was noted in the cpr's, so they knew the ballpark of this.
much of the above isn't about the startup, the drilling of the infamous 1/3rd of its planned length sidetrack, the booster (covered in the £20m funding) lets just focus on the last 14 months, the time where the only notable monies spent were on brockham & the disastrous booster, again both noted by them as covered from the trafigura £20m wonga.
today, we are producing at pre sidetrack levels, about 35% down on the highs, but that was good enough at the start and at the 40's prices.
they have not paid a penny back to trafigura, & most of any other large payments have been made by us, in the form of dilution.
i am sure someone, maybe even otm, could glue a few numbers together covering the last 14 months or so, to show how you dissolve the best part of £20-£25m of revenue over that period.
the real point of this is when you look at the numbers, you have to ask why you cannot pay £1.25m, it looks like small fry, chump change on the revenues they have had through their slippery pockets right ???
if this was your company (well it does belong to each and every shareholder, big or small) would you not try to break a leg digging in the back of the sofa to make sure you paid the initial instalment/s, at least to blag your way for a bit longer ?? no not this shower of incompetence, straight in with an "effective" default.
anyway, i look forward to seeing a few lines of numbers posted here for a *** packet breakdown of how £20-£25,000,000 magically dissolves to nothing
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