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"Ultimately the objective here is increase production and boost revenue. That will definitely happen"

Mirasol, How can you say that, then also highlight others that failed to do so !! It is FAR from nailed on, extremely far.

Add to that, IF you consider ALL the revenues since the sidetrack entered production, with the only real added cost being the Booster, and yet they are having to cap in hand to Trafigura to re-sculpt the financing, then JUST how much do you think they are going to both need to spend and what level of increased production do you think they will need JUST to cover supposed Capex & Opex ?? as it seems they are not managing that so far even with the 12 month grace period.

Seems to me if this is the real picture then even doubling production post raise & workovers etc will be lucky to give a true return to investment.

O2M,

It is OK, I am not trying to convince you or anyone else of anything, all I am doing is speaking as I see it, and from my view I most definitely read what is between the lines as not great at all.

Good luck though.

Can someone go back to when the sidetrack was completed and brought online, and tot up ALL quarterly revenues since then ?

It's a significant number.

O2M,

I am not working for Angus, nor am I on their site, all I can do is offer my best take on what they are doing.

As for my take on today's RNS, I have said it many times before, it is not what is written, but more about what you can read into it between the lines.

The fact they are waffling on about workovers and drills, rather than giving detail on what they ate up to on location, pretty much says the booster is seriously hindered by the banked liquids situation, yes they may well get "some" degree of increase and an optimised level based on the limitations they are suffering, but it is likely that that RNS is laying the grounds for what they need to do to bolster the booster process.

Thus they need funds, they need workover and time. It is not looking pretty at all.

Thing is Ocelot, IF Angus were for want of a better word "cash rich" meaning they had a war chest of say £10-15m, or even £5-10m, then SURELY you would state that in such an RNS as this morning.

You know, the kind of comments other issue in their RNS's, "we are funded through to end of year works etc" or ££££ available to cover all financial commitments etc etc...#

They didn't, which means it isn't healthy at all, or they are total ferlukwits for not including something when they had the chance and are cash healthy. My money is on them being financially unhealthy for whatever ANGUS reason they will dream up.

SaS,

It is the BIG elephant in the room as to what they are doing with revenues from the last year or so, what IS the true balance in the bank ? if it is peanuts then WHY ?

And the Trafigura begging bowl reference this morning does not really give me a feeling that the bank balance is where it "should" be. The instalments should not be a problem with plenty of past revenue to support that.

The wording in this mornings RNS for me is them priming everyone, meaning "be ready" for the now realised workovers, as the booster is not going to be enough on it's own.

As said numerous times, it is Liquids killing production, not the amount of gas remaining in the reservoir. Fix the liquids issue and the gas will take care of it's self

Well as ALWAYS it is the unwritten (between the lines) that really matters.

Here's how I read it.

They are CLEARLY having notable difficulties in getting any level of harmonisation/optimisation, meaning it is clearly much more difficult than they hoped.

They were obviously praying to the luck gods that the booster would kick in and notably ramp up production much quicker than this, in the hope they could use the additional production to offset the monthly instalments, NOT happening.

So now they are having to consider the REAL likelihood of doing "additional" work, probably some form of workover/s and installation of Velocity strings, as it is looking increasingly likely that this is needed to keep the liquids ejecting from the wellbore and to gain gas flow.

They are needing to fund this, so are now trying to navigate a way with Trafigura to cover this cost and somehow appease them too.

All in all, I read today's RNS as NOT good news at all. meaning it is going to take A LOT more pain to try and get some gain...

o2m,

whatever planet you are on, it is definitely a delusional one !! desperation often results in the eye only seeing through tinted windows. keep s*****ing at it. there is nothing positive in that rns at all.

Offy,

This is NOT about the past, "WE ALL KNOW the past" it is about HOW they deal now and in the future that matters.

They desperately need to SHOW they are not as bad as past leadership, but it is looking increasingly likely they are nearly as bad with a slightly different approach.

There is ZERO point investing in these junior oils if they behave like this and NEVER give something back to LTH's, it is exactly the reason why I do not hold long on these, otherwise it near always leads to loss and suffering.

I am not too bothered about my small punt on here, it can ride for the rest of the year, but I can assure you, if I was holding notable amounts then I would not be smiling and probably considering a way out.

Offy,

I disagree with your view on the field, ultimately if a company "like" Angus had not taken it on to perform the secondary & tertiary recovery of gas from this field, then it is "highly" likely it would NEVER have been taken on and drained to within an inch of it's life.

There is no mistaking that secondary & tertiary recovery is not easy and not cheap, but that does not mean it is not worth the risk & effort to go for it.

As for "missing" golden egg" mad price fluctuations to fill the coffers, well I don't wholly subscribe to that, they are not predictable and the "ONLY" way you can really take advantage of such phenomena is to have a field producing on tick-over with lots of spare capacity to crank up when it suits. They didn't and couldn't, such is life.

O2M,

It is what it is, every time there is a "chance" for this to break free from the chains, THEY feed the market HIGHLY questionable info that is nearly always associated to some form of their financing ways.

There are already many unanswered questions on why the balance sheet is so weak after the grace period, regardless of this compressor purchase.

The RNS this morning was hardly going to giver anyone a nice fuzzy feeling inside ehhh, it translates to just a lot more of the Angus sideshow Bob stuff that kills confidence and raises more questions than answers.

JtS,

I am NOT the "defender of the faith".

I have not shied away from calling them out for many of their financial activities, and this looks like it will be no different, in that they will continue to suck out any value from the other side, leaving little to nothing for Pi.

They "may" be attempting to conserve revenues for the noted needs for Workover and new wells, BUT I think we ALL know what will come when they announce such activity !!!

Damaging, VERY damaging !!

Well as expected (for me anyway), the work to tune everything in is far from doe, but that is no real surprise and as said before, it could take many weeks more to get both the wells in peak state (liquids lowered) and balance at plant.

That said, with past Angus history (though this is a different team to the crook of old) I would much rather have read that they WERE making scheduled payments as originally set, even with discussions ongoing for re-sculpting, to at least show them honouring as agreed, no one will ever convince me they have not had sufficient ££££ revenue to meet the payment plan, especially after the grace period. They can always adjust a re-sculpturing to account for payments made.

This kind of antic does not help with market confidence in management at all, regardless of their reasoning.

TC

Definitely looks like they are performing purging cycles, likely it will be shut in again at some point over the weekend for another breather to accumulate liquids downhole. All going OK hopefully.

"SOME" people wake up EVERY morning and believe the "sky is falling in" and feel an obsessive need to keep telling everyone else, after a week repeating this bullshine folk stop listening, How is your day Skelly ?? lol

WG,

What I "can" confirm, is that Angus are NOT having it easy, meaning bolting this into the plant and pressing the switch has clearly not given them an instant result, and if they expected that then "they" could be deemed VERY naïve or were pumped up by the supplier.

I don't believe it likely the case, I just fully expect it is going to continue to take some serious configuring and adjusting to get it even close to optimum. AND unless they can unload a good portion of those stored liquids then nothing will change. gas is not the problem, Liquids are.

WG,

You can ask for my take on things ALL you want, but it is NO different than already noted.

Liquids in the wellbore and the near wellbore reservoir ARE the Bain of secondary and tertiary , always has been and always will be.

The Booster is not some miracle component, it is simply an "aid" in reservoir recovery efforts, it could easily be that they are performing some shut-in & build up routines to allow the liquids to build prior to trying to flush them out to surface.

It could also be that the booster is not delivering as hoped, meaning even with it running, it is still insufficient to assist the flow velocity and bring up those pesky liquids.

It may be that they have had to make some reconfiguration of the booter and downstream to improve the way it performs.

You are asking me, but I am not there, and I can only offer my best thoughts on what they "may" be doing.

Even if it transpires the booster is not improving the situation enough, then they may well need to move to plan C and look to install velocity strings to work in conjunction with the booster and plant.

I MAINTAIN, it is too early to start making your type of a55vmtions in your pathetic attempt to simply unnerve people, let them get on with their work, and wait for them to deliver their evaluation ONCE they have gotten to that point.

Well it was VERY obvious from mid to end of last weeks trading and movement that "some" were in the know of the Monday RNS's, easy 20%+ for those in the know...

Exactly Patrick,

What they are needing to "clean up" in banked/stored" condy/liquids has been created from many years of hard to medium production, with much of the condy not getting to surface, but hopefully each purging they do slugs out a good portion of what is down there.

Unfortunately the market is not as patient as the level of patience needed for the conclusion of their latest efforts, we will hopefully see improvements going forward. time will tell.

Honestly, the figures put up by Mirasol tell part of the story of WHAT they are doing on location.

So last week it looks pretty obvious that they cranked open hard, trying to give maximum lift to get "some" of the banked/stored liquids out from the wellbore and near wellbore reservoir, and then they have had to back off at the well head, meaning to reduce the flow, SIIMPLY to allow a decent window of time for MORE of the stored/banked liquids to creep into the "now partly liquids emptied" wellbore, and wait for enough to build up down there before opening up full chaff to lift that out too.

It is a rinse & repeat process until they reach a point that the normal flow is continually bringing "some or most" of any additional new & induced liquids to surface.

As said, time will reveal the true end result, good, bad or ugly, this is tertiary recovery and very complex, time consuming to achieve a good/or best you can, result.