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This walk down is very interesting indeed.
Natural Gas Prices remain elevated.
Could that defer the sidetrack, get production first and try a simops in Summer/Autumn. They said even a failed sidetrack wouldn't be completely a loss regarding Hedges gas sales.

Well at 0.81p we await updates formal ones that is, not purely Tweets.

Short Seller Observation 15: Could Angus Energy produce enough gas to sell to deliver the repayments required on the amortising loan it has committed to (£12m @ 12.2% over 4 years, with end date of Dec 2024, so 37 months to go). Total payable required against this = £15.2 million... total repayments made so far = £0).

Actual Reality Observation 15:
The Loan Repayment kicks in July 2022 and they do have 37 months to go – correct well done have a banana. Tell us something we didn’t know. It is all negative guess work based on NON EXPERTS, NON-INSIDERS to Angus Energy and these cretins fail to remind us all that the Loan Liability is shared so Angus will need to stump up £6.222m of the £12.2m over the repayment period as 51% owners of the project thus Loan! They also fail to remind all that the company may be able to produce Gas pre hedge to generate cash to aide the repayments and reduce the burden later on!

Short Seller Observation 16: Will Angus Energy be producing enough gas to fulfil its hedged volume commitments from July next year (around 3.4 mmscfd for Q3 2022, then rising to well ovedr 5 mmscfd for the following three quarters).

Actual Reality Observation 16:

Going over the same ground over and over again. Short Sellers are running out of ammo here. This persistent observation was clearly answered by Angus Energy in their Website Q&A!
From Angus Energy:
“The lenders technical advisers and Angus evaluated the deliverability of the existing two wells as being likely to be greater than 5 mmscfd. The reasoning was twofold. In the last years of delivery to the old Conoco refinery, average production was constrained by persistent issues with the main compressor at Theddlethorpe. Secondly it was the view of technical experts that, following a prolonged shut-in, the two wells should have improved deliverability in the first 18 months or so of operations. This is because prior to shut in there was an area of reduced pressure around the producing wells. Since then the pressure has equilibrated across the field resulting in significantly higher pressure around the producers. So it is our view that the hedged production should be able to be covered by these two wells in the event of failure of the sidetrack”

Short Seller Observation 12: "that an increase in pressure over 4 years of inactivity will get Poundland consistently producing at c. 20% more than its last full year of unhampered production. This flies in the face of the 15% annual drop in output that we have been told to expect, once production is restarted.

Actual Reality Observation 12:
The Short Sellers do know the specifics of the NG problems encountered as well as equipment under the old Operations. Complete supposition and these cretins do not work for Angus nor have expertise to make such an assertion. Are these Short Sellers Geological Experts? No! Are these Short Sellers experts in this field? No. Again unsubstantiated theoretical scare mongering. The company more than likely have measured the pressure around the wells and confirmed on website Q&A:
“… prior to shut in there was an area of reduced pressure around the producing wells. Since then the pressure has equilibrated across the field resulting in significantly higher pressure around the producers.”

Short Seller Observation 13: Angus Energy wont be in a position to start drilling its sidetrack in less than 6 weeks, despite there still being no equipment on site (at least one month late and counting) and the required groundworks not yet having been sorted.

Actual Reality Observation 13:
Who told you they have ZERO equipment on site? Just because they haven’t shown you who is to say other peripheral equipment are not on site? Again shooting from the hip without any inside knowledge making a supposition as pseudo fact. Some indeed are in factories being worked on as Tweets confirmed. Groundworks not sorted yet? What a poor observation, clearly the company have already issued a Tweet mid Nov 21 to show that Civil works have actually begun! It is true that we haven’t had confirmation of equipment delivery on site for items mentioned in previous RNSs. The whole sidetrack question and start date has already been answered in a updated CPR RNS. We all know there is uncertainty on this date now, they have made that public knowledge via RNS. Why repeat old news? Makes sense from a Short Seller, NIMBY thesis of course.

Short Seller Observation 14: Angus get to full production by Feb 22 (according to George) or mid-Mar (according to the latest revised CPR).

Actual Reality Observation 14:
Nothing wrong with having a target and even PlayStation 5 and Car Chips have been delayed and difficult to get a hold of. Angus have made it very clear and open challenges with logistics and supply chain. There is nothing in this Short Seller observation that is new or alarming. And actually the company have said First Gas target was February and restated that in CPR as an intention not for FULL PRODUCTION. Complete pseudo facts and suppositions all to scare and create noise out of thin air. A non-plus argument from them here!

Says guy who has no interest holding ANGUS ENERGY SHARES

Short Seller Observation 9: Angus Energy will be liable for the entirety of the £12m Loan taken out to develop Saltfleeby and will need to stump up IRO £4.4m in July 2022

Actual Reality Observation 9:
This seems a grotesque skewed and deliberate play to scare investors.
To date they haven't drawn the entire £12m at once, so I doubt it would be a whole 12 months of interest due. Also the Debt that has been taken on looks like it has been shared between Angus Energy and SEL, 51% and 49% respectively.
The Angus Energy Q&A section discredits the almost blatant scare statements made by the Short Sellers.

"As per RNS releases Saltfleetby Energy is contributing its security in the Field and allowing its share of revenues in the Field to be applied to service the debt. Angus is however the primary Obligor and is leading the way on documentation although we and our partners are separately represented and endeavour to respond to the Lender’s counsel with a single voice."

That seems to suggest that both parties will be repaying the loan and this not all falling at Angus Energy lap. Moronic short sellers continue to misguide for their GREEDY motives of a lower share price.
Also:
"Paul Forrest (M.D. Saltfleetby Energy Limited) comments: "We are very pleased to have secured such quality funding partners for ourselves and Angus and look forward to getting on with the job at hand."

Short Seller Observation 10: Angus Energy need £2.5m Business General and Administration Expenditure per annum, where are they going to get that from?

Actual Reality Observation 10:
Again the Short Sellers and Local NIMBYs wont remind shareholders of several important points; Warrants and Employee Options available from 1.20p to 1.50p and fully vestable at 2.0 (Employee Options). The warrants themselves provides angus £2.13m pretty much nearly all G&A expenses for an ENTIRE YEAR. There is of course the potential for a higher share price placing that could easily be delivered upon DEMONSTRABLE evidence of proving up the First Gas and getting a decent flow.
The Short Sellers wont remind anyone in the slightest of the projected revenues from the hedging; approximately £890K per month. That in itself could cover Angus Energy debt servicing and build a nice war chest to cover administrative costs gradually. Again, this completely discounts the Short Sellers hunger for Angus Energy to never make First Gas before the July 2022 hedge kicks in. If Angus can pull off a stunning victory, i.e. successful First Gas before July for every month at elevated NON-HEDGED prices, they can generate significant revenue even at 3-5mmscfd to build the very war chest the Short Sellers wont want any shareholder or new investor to appreciate. Again, their thesis depends on weak holders selling who cant see the wood from the trees. They are not altruistic or looking after my interests as a Private Investor. They are misleading and

...making it difficult for the company to entice Warrant holders or employees to exercise their rights – thus provide cash to Angus Energy.

Short Seller Observation 11: Angus Energy don’t have the necessary approvals to get to First Gas and never will

Actual Reality Observation 11:
Again the Short Sellers forget to note the existing approvals:
N/158/00804/20, 12th June 2020
Approval for development ancillary to mining operations comprising the installation of processing facilities, including metering refrigeration unit manifold, glycol dehydration unit, acoustically-housed compression and generation equipment, pipework and manifold at the Saltfleetby 'B' site.
Planning Permission, N/180/00971/20 PL/0060/20, 7th August 2020
Planning Permission for Saltfleetby-Theddlethorpe Pipeline Extension. Installation and operation of an underground gas pipeline up to 750 metres in length, connecting the existing Saltfleetby/Theddlethorpe underground gas pipeline to the National Grid National Transmission System, Theddlethorpe via the Uniper gas distribution terminal.
Planning Permission, N/158/1011/21 PL/0073/21, 26th July 2021
Planning Permission for Saltfleetby – Theddlethorpe. For a sidetrack drilling operation from an existing borehole at Saltfleetby B wellsite to enable a lateral borehole to be drilled up to 1500m to the SW at Saltfleetby B Wellsite.
However, there are in train outstanding permissions and I suspect the Short Sellers are betting these don’t come in or get approved as stated in CPR:
“HSE (Surface facilities) HSE (Pipeline repressurisation)
Hazop completed. Awaiting final sign-off of Safety Case (largely agreed) and MAPD.
Expected approval date: early December 2021.
HSE SF7 sidetrack Actions: HSE plan submitted; awaiting independent well engineer certificate; layout drawing; and hazop early November 2021.
Expected approval date: early December 2021.
Environment Agency (to operate process equipment) Environment Agency (Pipeline repressurisation)
Actions: Application submitted February 2021; Noise modelling; Flare gas system details requested.
Expected approval date: December 17th 2021.
National Grid plc Network Entry Agreement and Acceptance
National Grid attend the metering factory acceptance tests, hazop and all relevant inspections.”

Short Seller Observation 9: Angus Energy will be liable for the entirety of the £12m Loan taken out to develop Saltfleeby and will need to stump up IRO £4.4m in July 2022

Actual Reality Observation 9:
This seems a grotesque skewed and deliberate play to scare investors.
To date they haven't drawn the entire £12m at once, so I doubt it would be a whole 12 months of interest due. Also the Debt that has been taken on looks like it has been shared between Angus Energy and SEL, 51% and 49% respectively.
The Angus Energy Q&A section discredits the almost blatant scare statements made by the Short Sellers.

"As per RNS releases Saltfleetby Energy is contributing its security in the Field and allowing its share of revenues in the Field to be applied to service the debt. Angus is however the primary Obligor and is leading the way on documentation although we and our partners are separately represented and endeavour to respond to the Lender’s counsel with a single voice."

That seems to suggest that both parties will be repaying the loan and this not all falling at Angus Energy lap. Moronic short sellers continue to misguide for their GREEDY motives of a lower share price.
Also:
"Paul Forrest (M.D. Saltfleetby Energy Limited) comments: "We are very pleased to have secured such quality funding partners for ourselves and Angus and look forward to getting on with the job at hand."

Short Seller Observation 10: Angus Energy need £2.5m Business General and Administration Expenditure per annum, where are they going to get that from?

Actual Reality Observation 10:
Again the Short Sellers and Local NIMBYs wont remind shareholders of several important points; Warrants and Employee Options available from 1.20p to 1.50p and fully vestable at 2.0 (Employee Options). The warrants themselves provides angus £2.13m pretty much nearly all G&A expenses for an ENTIRE YEAR. There is of course the potential for a higher share price placing that could easily be delivered upon DEMONSTRABLE evidence of proving up the First Gas and getting a decent flow.
The Short Sellers wont remind anyone in the slightest of the projected revenues from the hedging; approximately £890K per month. That in itself could cover Angus Energy debt servicing and build a nice war chest to cover administrative costs gradually. Again, this completely discounts the Short Sellers hunger for Angus Energy to never make First Gas before the July 2022 hedge kicks in. If Angus can pull off a stunning victory, i.e. successful First Gas before July for every month at elevated NON-HEDGED prices, they can generate significant revenue even at 3-5mmscfd to build the very war chest the Short Sellers wont want any shareholder or new investor to appreciate. Again, their thesis depends on weak holders selling who cant see the wood from the trees. They are not altruistic or looking after my interests as a Private Investor. They are misleading and dangerous in their greed to keep the pressure on

Laughable SO MUCH CONCERN FROM NO SHAREHOLDERS

ARE ALL SAINTS AND PRIESTS HEY?

Oh dear smell of shorts?
Let that be a lesson to the lot of ya
They'll be no escape from tweedies farm
Never forget these shorters are getting very desperate as EA approval permit could come anyday
Great work
Aw bless
Short Seller Observation 1: Convertible Loan Note Dilution
There is going to be huge dilution from the £1.4m Convertible Loan Note due in April 2022.
That is at approximately 1p level so 140m additional Shares
Actual Reality Observation 1:
Angus Energy have managed to defer the maturity date by a full year and now final payment due in April 2023! Yes there has been 11.2m issued for nil value diluting existing shareholders by approximately 1.15% but they have also pushed convertible date of any amount by Loan Note Holders forward by 6 months to July 2022. The Short Sellers can argue that itâ€™s a bad thing that they have done this but actually a welcome relief because if Angus Energy are able to pay off any chunk before the final payment date then Knowe Properties can have 1 warrant exercisable at 1.30p (a decent chunk above 0.80p level). Warrants are good for Angus Energy because they are cash directly into the hands of the company and not Market Brokers et al who get a fee for placings!
Short Seller Observation 2: Angus Energy will never make First Gas before July 2022
Actual Reality Observation 2: An INDEPENDENT Competency Persons Report has highlighted the potential First Gas date of mid-March 2022. Given that any project may have issues, I would say that the First Gas date could indeed be post March but that gives them 4 months including March 2022 to address technical issues/complexities. This is an open call for all and I am not with Shorters on this target being missed.
Short Seller Observation 3: Angus Energy will need a placing before First Gas
Actual Reality Observation 3:
The Placing question can only be answered by the real Angus Energy schedule for commissioning and First Gas. Until they know the precise plan which they continue to fail to address (Mid Nov 21) then this is an unknown. Even if they do conduct a placing to pay their fat salaries I would hope it isnâ€™t a large one because when the Gas flows there is anticipated to be decent cash flow that could more than cover liabilities.
Short Seller Observation 4: Angus Energy will need £4.4m for payment to £12m Lenders in July 22
Actual Reality Observation 4:
I think it is fair to say based on a number of communications from the company the debt is likely to be shared somewhat by both Parties (Saltfleeby Energy Limited). This worry bead completely writes off the possibility that Angus Energy would be able to produce pre-Hedge (fixed gas price levels a lot lower than spot prices). If they can get decent Gas flows 4mmmcfd+ pre July 2022 when the hedge kicks in, that would help them considerably generate cash between the two parties. This is also writes off any possib

No Surrender

Remember

Aw bless
Short Seller Observation 1: Convertible Loan Note Dilution
There is going to be huge dilution from the £1.4m Convertible Loan Note due in April 2022.
That is at approximately 1p level so 140m additional Shares
Actual Reality Observation 1:
Angus Energy have managed to defer the maturity date by a full year and now final payment due in April 2023! Yes there has been 11.2m issued for nil value diluting existing shareholders by approximately 1.15% but they have also pushed convertible date of any amount by Loan Note Holders forward by 6 months to July 2022. The Short Sellers can argue that itâ€™s a bad thing that they have done this but actually a welcome relief because if Angus Energy are able to pay off any chunk before the final payment date then Knowe Properties can have 1 warrant exercisable at 1.30p (a decent chunk above 0.80p level). Warrants are good for Angus Energy because they are cash directly into the hands of the company and not Market Brokers et al who get a fee for placings!
Short Seller Observation 2: Angus Energy will never make First Gas before July 2022
Actual Reality Observation 2: An INDEPENDENT Competency Persons Report has highlighted the potential First Gas date of mid-March 2022. Given that any project may have issues, I would say that the First Gas date could indeed be post March but that gives them 4 months including March 2022 to address technical issues/complexities. This is an open call for all and I am not with Shorters on this target being missed.
Short Seller Observation 3: Angus Energy will need a placing before First Gas
Actual Reality Observation 3:
The Placing question can only be answered by the real Angus Energy schedule for commissioning and First Gas. Until they know the precise plan which they continue to fail to address (Mid Nov 21) then this is an unknown. Even if they do conduct a placing to pay their fat salaries I would hope it isnâ€™t a large one because when the Gas flows there is anticipated to be decent cash flow that could more than cover liabilities.
Short Seller Observation 4: Angus Energy will need £4.4m for payment to £12m Lenders in July 22
Actual Reality Observation 4:
I think it is fair to say based on a number of communications from the company the debt is likely to be shared somewhat by both Parties (Saltfleeby Energy Limited). This worry bead completely writes off the possibility that Angus Energy would be able to produce pre-Hedge (fixed gas price levels a lot lower than spot prices). If they can get decent Gas flows 4mmmcfd+ pre July 2022 when the hedge kicks in, that would help them considerably generate cash between the two parties. This is also writes off any possibility warrant holders would choose to exercise their rights for 165m shares at 1.36p average
Short Sellers Observation 5: Angus Energy will always need placings to fund their General and Administration Costs particularly with First Gas being late
Actual Reality Observa

Short Seller Observation 7: “Come July, even if the well is producing at 5 mmscfd, ANGS's revenues would then drop to sub £1m”
Actual Reality Observation 7:
As of November 2021 Angus Energy revenue is £0m yes NOTHING. To imply that £1m monthly revenue is a ‘drop’ is so laughable I am having kittens. If we extrapolate that out to 12 months that is well over 25% current market capitalisation levels already! The company has said they believe the pressure around the well heads to have improved over time. Therefore any initial fizzy bottle job could improve INITIAL revenues, heck even exceed expectations! A pathetic illogical short seller argument, demonstrates their desperation at finding pseudo flaws in any investment case that is positive!
Short Seller Observation 8: “…strongly suggests to me that ANGS believes it needs a successful sidetrack to be able to deliver sufficient production.”
Actual Reality Observation 8:
The company has already answer this question. They do not believe a sidetrack is essential to deliver sufficient production, in a recent Q&A they have responded with their judgement, Id rather go by their technical expertise than a keyboard warrior who is more than likely a local, short seller or both!
From Angus Energy:
“The lenders technical advisers and Angus evaluated the deliverability of the existing two wells as being likely to be greater than 5 mmscfd. The reasoning was twofold. In the last years of delivery to the old Conoco refinery, average production was constrained by persistent issues with the main compressor at Theddlethorpe. Secondly it was the view of technical experts that, following a prolonged shut-in, the two wells should have improved deliverability in the first 18 months or so of operations. This is because prior to shut in there was an area of reduced pressure around the producing wells. Since then the pressure has equilibrated across the field resulting in significantly higher pressure around the producers. So it is our view that the hedged production should be able to be covered by these two wells in the event of failure of the sidetrack”

Caravanboy now now

Dont be such a deekhead - you were very supportive of Angus till you sold your holdings.

Now, short selelrs are going to be working OVERTIME

We must remind ourselves....

Short Seller Observation 1: Convertible Loan Note Dilution
There is going to be huge dilution from the £1.4m Convertible Loan Note due in April 2022.
That is at approximately 1p level so 140m additional Shares
Actual Reality Observation 1:
Angus Energy have managed to defer the maturity date by a full year and now final payment due in April 2023! Yes there has been 11.2m issued for nil value diluting existing shareholders by approximately 1.15% but they have also pushed convertible date of any amount by Loan Note Holders forward by 6 months to July 2022. The Short Sellers can argue that itâ€™s a bad thing that they have done this but actually a welcome relief because if Angus Energy are able to pay off any chunk before the final payment date then Knowe Properties can have 1 warrant exercisable at 1.30p (a decent chunk above 0.80p level). Warrants are good for Angus Energy because they are cash directly into the hands of the company and not Market Brokers et al who get a fee for placings!
Short Seller Observation 2: Angus Energy will never make First Gas before July 2022
Actual Reality Observation 2: An INDEPENDENT Competency Persons Report has highlighted the potential First Gas date of mid-March 2022. Given that any project may have issues, I would say that the First Gas date could indeed be post March but that gives them 4 months including March 2022 to address technical issues/complexities. This is an open call for all and I am not with Shorters on this target being missed.
Short Seller Observation 3: Angus Energy will need a placing before First Gas
Actual Reality Observation 3:
The Placing question can only be answered by the real Angus Energy schedule for commissioning and First Gas. Until they know the precise plan which they continue to fail to address (Mid Nov 21) then this is an unknown. Even if they do conduct a placing to pay their fat salaries I would hope it isnâ€™t a large one because when the Gas flows there is anticipated to be decent cash flow that could more than cover liabilities.

Short Seller Observation 4: Angus Energy will need £4.4m for payment to £12m Lenders in July 22
Actual Reality Observation 4:
I think it is fair to say based on a number of communications from the company the debt is likely to be shared somewhat by both Parties (Saltfleeby Energy Limited). This worry bead completely writes off the possibility that Angus Energy would be able to produce pre-Hedge (fixed gas price levels a lot lower than spot prices). If they can get decent Gas flows 4mmmcfd+ pre July 2022 when the hedge kicks in, that would help them considerably generate cash between the two parties. This is also writes off any possibility warrant holders would choose to exercise their rights for 165m shares at 1.36p average

We must remind ourselves....

Short Seller Observation 1: Convertible Loan Note Dilution
There is going to be huge dilution from the £1.4m Convertible Loan Note due in April 2022.
That is at approximately 1p level so 140m additional Shares
Actual Reality Observation 1:
Angus Energy have managed to defer the maturity date by a full year and now final payment due in April 2023! Yes there has been 11.2m issued for nil value diluting existing shareholders by approximately 1.15% but they have also pushed convertible date of any amount by Loan Note Holders forward by 6 months to July 2022. The Short Sellers can argue that itâ€™s a bad thing that they have done this but actually a welcome relief because if Angus Energy are able to pay off any chunk before the final payment date then Knowe Properties can have 1 warrant exercisable at 1.30p (a decent chunk above 0.80p level). Warrants are good for Angus Energy because they are cash directly into the hands of the company and not Market Brokers et al who get a fee for placings!
Short Seller Observation 2: Angus Energy will never make First Gas before July 2022
Actual Reality Observation 2: An INDEPENDENT Competency Persons Report has highlighted the potential First Gas date of mid-March 2022. Given that any project may have issues, I would say that the First Gas date could indeed be post March but that gives them 4 months including March 2022 to address technical issues/complexities. This is an open call for all and I am not with Shorters on this target being missed.
Short Seller Observation 3: Angus Energy will need a placing before First Gas
Actual Reality Observation 3:
The Placing question can only be answered by the real Angus Energy schedule for commissioning and First Gas. Until they know the precise plan which they continue to fail to address (Mid Nov 21) then this is an unknown. Even if they do conduct a placing to pay their fat salaries I would hope it isnâ€™t a large one because when the Gas flows there is anticipated to be decent cash flow that could more than cover liabilities.

Short Seller Observation 4: Angus Energy will need £4.4m for payment to £12m Lenders in July 22
Actual Reality Observation 4:
I think it is fair to say based on a number of communications from the company the debt is likely to be shared somewhat by both Parties (Saltfleeby Energy Limited). This worry bead completely writes off the possibility that Angus Energy would be able to produce pre-Hedge (fixed gas price levels a lot lower than spot prices). If they can get decent Gas flows 4mmmcfd+ pre July 2022 when the hedge kicks in, that would help them considerably generate cash between the two parties. This is also writes off any possibility warrant holders would choose to exercise their rights for 165m shares at 1.36p average

Short Sellers Observation 5: Angus Energy will always need placings to fund their General and Administration Costs particularly with First Gas being late

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