Member Info for DoneK

12.a On the Saltfleeby presentation, you have based your figures on producing 5 mmscf/d (million standard cubic feet per day or 50,750 therms/day – the figure of 5.5 mmscf/d referred to transportation charging) citing that this was what produced when field last produced in December 2017. Could you please explain where this figure has come from? The OGA Official figures for Saltfleetby are as follows and are in mmscf/d (taken as averages for each month) Jan 4.55 Feb 5.08 March 4.39 April 3.46 May 4.86 June 1.53 July 2.97 Aug 0.56 Sep 0.00 Oct 0.00 Nov 1.19 Dec 0.44 – giving an average daily production across the year of 2.5 mmscf/d. If you allow for your 15% fall yearly that would become just over 2 mmscf/d. The condensate is also a fraction of your figures.



Asked on 30 January 2020
Both figures are entirely to be believed. Production at Saltfleetby shut down in December 2017 some several months before Theddlethorpe terminal formally shut down. However through most of 2017 the main compressor at Theddlethorpe, which was newly installed, suffered teething problems which eventually resulted in it being taken off line in August. When it was restarted in November, production was self-limited whilst the machinery was undergoing testing. The problems with the compressor were well known to the many staff and contractors who worked there or supplied gas there. Saltfleetby well deliverability, or the measured combined capacity of the two producing wells to flow, exceeded 5 mmscf/d throughout 2017. That’s to say the wells produced 5 mmscf/d on the days they could actually be operated and the compressor was functional. Since the Field was shut-in at the end of 2017, the reservoir pressure has equalised by a significant amount and locally increased, so the actual deliverability now will exceed 5 mmscf/d. The condensate production forecast is based on the average condensate gas ratio for the year preceding the shut down. We will have our own compressor on-site at Saltfleetby going forward!

https://www.angusenergy.co.uk/media/investor-questions/

News on all fronts due before next Wednesdays call...

https://www.lse.co.uk/rns/IGAS/agreement-signed-with-ceraphi-energy-uu59q9egj95y93t.html

Bunsen

we have resident technical expertise that those who put up 12 million could only aspire to have...

their arguments are circular, angus assets are worthless, but not worthless enough to put a charge against..

our resident sidetrack expert has been answered by the company...

A. The drilling over the last 20 years at Saltfleetby, once the early exploration was past, was not especially difficult or unsuccessful. Nor is it true that the reservoir presents greater hazards than any other gas reservoir. It should be noted that the drilling strategy of the previous operators in the early years was to drill a pilot hole first and then side track horizontally it to increase the chances of hitting a productive layer. Very often the pilot well itself was deliberately “hockey-sticked” to verify productivity of a previously encountered layer.

SF01, actually originally spudded back in 1986, was a pilot well. This was sidetracked no less than six times between 1996 and 1998 when the field was poorly understood and just being explored. The final side track SF01U was actually the most productive well on the field.

Thereafter the record was excellent until previous operators attempted to address the southern lobe of the reservoir. SF02 did not require a side track at all and was a good producer. SF03 required one sidetrack and was a good producer. SF04 likewise a good producer, no side track required. SF05 again no side track but a less impressive but reasonable producer.

Later drilling on the field, in particular exploratory drilling aimed at the southern satellite structure (via SF06 and SF08) did encounter both less productive zones and these boreholes did require no less than five side tracks betwen them (much as the original SF01 had) and had limited but not negligible success. However with our side track we are actually addressing the better understood main reservoir again and not that southern lobe; we are also aiming at an area within the main reservoir which we know with exceedingly high levels of confidence to have been both greatly productive and not exhausted by previous boreholes.

SF07, something of a special case, was originally drilled in 2003 and had four side tracks: the first two encountered low permeability whilst the latter two, SF07X and SF07W were drilled in 2016 and were beset with operational difficulties which may be the source of the rumour that side-tracking in this field was particularly difficult.

The problems involved loss of part of the downhole assembly due, inter alia, to differential sticking (note we are taking great care to avoid sticking and are supported by specialist and respected managed pressure drilling consultants as appropriate for a partially depleted reservoir) whilst the other issue involved hole collapse in a coal rich seam (prone to instability) just above the target Westphalian layer: we are aware of this and we have adjusted the angle of approach accordingly. It should be noted that the drilling manager at the time proceeded against the explicit advice of the drilling company and indeed the company’s own consultant engineer.

Again we go into this armed with previous operators’ experie

oh dear WG,
watch how the Naysayers move the goal posts...
as i said previously its about producing income from sales of Gas at SFB
that will dictate the SP movement, not what is posted on a BB

GLA

WG's points
Angus's assets are worthless.
Angus's assets are now under a legal charge for the SFB loan.
SFB is worthless as the previous producer accounts show losses.
by Feb 2022 SFB will not be producing, and under Angs it will most likely never produce and sell any Gas.
Knowe properties loan wont be paid back, nor will the SFB loan, therefore these assets (that are worthless) will be taken back as the loans are defaulted.
Angus shares will be and are essentially worthless.

Its looking quite bleak for us, in WG's view.

alternatively we can go by the plans outlined by the Company itself
that even without the sidetrack , we resume production from SF04 and SF02, money starts to be generated, loans are paid back, sentiment and confidence returns to the share price resulting in the WG's of the world moving the goalposts to concentrate on something else that the company hasnt done.

the doom merchants will always be around, one thing i would add , is that for the long and short merchants, anything posted on a free BB isnt gonna affect the SP.

ultimately its about the company producing income, and in that regard i believe ANgs are on the right track.

so on the one hand WG is stating that SFB is not worth the money that has been invested to bring it back to production, because it wont produce what the CPR states it will.
then on the other hand ANGS will not be able to afford to pay back the loan and so the assets that WG claims are worthless will be given to the lenders.

cant have it both ways..

wowsers,
so now WG is predicting that ANGS will no longer be in business by April 2022..

that escalated very quickly!

the due diligence of someone on a free BB is off more significance, then the due diligence of those who have invested real money into SFB..
the technical analysis of those who produce CPRs should be ignored because someone on a BB says so...

the Anti Angs merchants will never stop, what ever anyone says.

bit sad really.

must be very toasty in the boiler room at the old peoples home.
WG is struggling today....dilution, pipelines undersized, sidetrack will fail....

wowsers!
with the 6 week delay, work on site should be starting in october, with the sidetrack yet to be confirmed....

NeoGeo
for the past few years the resident naysayers here, have been at every opportunity making direct and indirect inferences that angs is not telling its shareholders the 'truth'/Pi's are being duped etc etc

the Kimmeridge hype train was derailed after the water issue at brockham, Angus today is on the cusp of actually making money from gas and oil sales, if you listen our resident naysayers here you would be believe Angs is a jam tomorow company, for the past few years i cant disagree with that, but as SFB works kick off, the sidetrack is drilled, plant starts arriving on site etc etc .....the naysayers will move the goal posts..

you should have heard them when we are 15p/therm let alone today where the NBP is over 130p/therm

Seems some posters are not reacting well to the sp rising ...

The Anti Angus brigade are rattled

Alll their time spent deramping...for nothing

note the silence from our resident, industry leading technical experts, on sidetracks to the below.

SF07, something of a special case, was originally drilled in 2003 and had four side tracks: the first two encountered low permeability whilst the latter two, SF07X and SF07W were drilled in 2016 and were beset with operational difficulties which may be the source of the rumour that side-tracking in this field was particularly difficult.

The problems involved loss of part of the downhole assembly due, inter alia, to differential sticking (note we are taking great care to avoid sticking and are supported by specialist and respected managed pressure drilling consultants as appropriate for a partially depleted reservoir) whilst the other issue involved hole collapse in a coal rich seam (prone to instability) just above the target Westphalian layer: we are aware of this and we have adjusted the angle of approach accordingly. It should be noted that the drilling manager at the time proceeded against the explicit advice of the drilling company and indeed the company’s own consultant engineer.

Again we go into this armed with previous operators’ experience and indeed a full audit of our programme by an Aberdeen based but internationally renowned engineering and drilling consultancy as well as the Lender’s own Technical Committee, manned by experts from a variety of backgrounds. We also have fully reprocessed seismic to guide us past any localised faulting.

Nothing in drilling is without risk – but in terms of basics such as where to drill (finding the most productive layer) & how to drill (and avoid sticking or hole collapse), most seasoned operators would see this as much lower risk, in fact, than would be the case on any relatively newly addressed reservoir.

Thanks. Yes, we will be expanding our communications stream with what we hope will be more continuous imagery and detail on the forthcoming programmes at Saltfleetby, Geothermal and Lidsey/Brockham in particular – on both Twitter and, more recently, LinkedIn social media platforms as well as more regular RNS releases. We do hope that the second half of this year will present a great opportunity for investors to see a company and its contractors in full speed on a variety of highly profitable projects and some of this positivity will drown out the more ridiculous rumour-mongering and disinformation

as we enter August there are a few pieces of news that are very much pending as nothing was released in July.

1) work on site begins at SFB, pipework, groundworks, pipeline manufacturing and some small plant arriving..
2) seismic study from lidsey, and updated CPR on reserves, planning permission going in..
3) water injection at brockham being signed off..
4) any geothermal updates

all the above will generate interest from PI's looking to make a quick buck..

what are the predictions on the SP if we get news mentioned above?

BV - cant see a new vid?

LOLL