Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Angus Energy
Angus, late on Friday announced a Financing & Corporate Update as well as an Issue of Equity and TVR.
· Average Production of 80,000 therms per day in June and 92,000 therms per day in July to date.
· Gas revenue of £1.735 million in June 2023.
· Hedged volumes now 50,000 therms per day to July 2024.
· Future Hedges partially unwound to allow exposure to gas price increases
· £6m Bridge Facility signed and being drawn
· Existing £3m Bridge facility rolled
Production & Revenue Update
The Company averaged production of 80,000 therms per day in June and has averaged 92,000 therms per day in the first 18 days of July. As of 1st July, the daily hedged volume has reduced to 50,000 therms per day until July 2024 when it reduces further to 21,666 therms per day. As a result, Angus is now producing significantly above the hedged volumes and is benefiting from strong gas prices. It is anticipated that production will be maintained at 90-95,000 therms per day over the next quarter. With current prices and after hedges, the Company generated gas revenue of £1.735 million in June.
Partial Hedge Unwind
The Company believes that the winters 23/24 and 24/25 will present the possibility of price spikes as geopolitical tensions and the potential for cold snaps remain. As a consequence, the Company has reduced its future hedge exposure, taking advantage of the recent sell off in gas prices. As announced, the Company has unwound 50% of its hedge position in the second half of 2024 and the first half of 2025. Angus has agreed to settle the following volumes at the following fixed prices: in 3Q24, 1,840,000 therms at GBP1.226/therm; in 4Q24/1Q25, 3,640,000 therms at GBP1.37/therm; in 2Q25, 1,820,000 therms at GBP1.07/therm. This action will provide the Company with exposure to price upside during this period, while keeping 50% of current hedges in place. Settlement of these transactions will take place in the future in the normal way.
Signature of New Bridge
Angus is pleased to announce that, in line with the announcement of 14 July 2023, it has now closed the GBP 6 million junior debt facility (the “Bridge Facility”) with Aleph Finance Limited (“AFL”), an associate of the Company’s Substantial Shareholder Aleph Commodities Limited (“ACL”). The Bridge Facility has an initial term of three months, extendable, at the option of the Company, for a further 3-month period. Thereafter any roll is with mutual agreement. A roll fee of 3% applies. Interest on the Bridge Facility, which is payable quarterly, is capitalized on each 3-month period and added to loan balance. There is no exit fee. A 3% penalty fee applies should the Bridge Facility be repaid earlier than its stated maturity.
The Bridge Facility is priced at SONIA (Sterling Overnight Index Average) + 15% . The Company will also issue 300 million 3 year warrants to ACL (or associates or parties nominated by ACL) at a stri
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Predator Oil & Gas
Predator has announced an update for the MOU-4 well.
NuTech wireline log analysis and reservoir characterisation of the MOU-4 well has highlighted the following intervals to be likely gas sands that will form the primary objectives in a rigless testing programme.
519 to 713 metres TVD MD, including the M1 sands.
50 metres of likely gas sands.
778 to 879 metres TVD MD, including the Moulouya fan and Lower Fan.
12 metres of likely gas sands.
1139 to 1143 metres TVD MD, including the top of the Jurassic carbonates.
2 metres of likely gas reservoir with average porosity 19.9% (maximum 20.6%) and average gas saturation 56% (maximum 73%).
As previously announced the culmination of the Jurassic carbonate target lies 2.6 kilometres to the southeast of the MOU-4 well location and significantly higher than at the MOU-4 well location. Therefore a positive rigless testing result in this zone would help to de-risk the larger Jurassic structural closure in respect of reservoir development and migration of gas. These were two of the most significant pre-drill exploration risks.
Paul Griffiths, Executive Chairman of Predator Oil & Gas Holdings Plc commented:
“The MOU-4 NuTech petrophysical analysis has has highlighted a number of intervals to be likely gas sands, including some shallow sands that were not previously considered to be potential drilling targets.
The recognition by NuTech of likely good quality thin gas reservoirs at the top of the Jurassic carbonate is particularly significant in the context of the large Jurassic structural closure that MOU-4 was purposely located at the edge of, so as to successfully penetrate the primary pre-drill target which was the Moulouya Fan.
Rigless testing of the Jurassic interval will be an important step in evaluating the significant Jurassic potential within our core area of interest.”
Probably released due to pressure on social media and with the shares falling as so called experts thought that the MOU-4 well wasn’t as good as initially thought it is good to see the company getting out chapter and verse on the result.
There are people who might expect to see flow rates etc from this data which is not only unrealistic but not physically possible at the moment. This data has already given more in terms of potential than ever thought pre-drilling and will be established with further evaluation.
This is what I wrote after the recent announcement, I haven’t changed my mind so to save my time i’m just going to repeat it.
These are very big numbers indeed and prove that those with confidence in PRD who have tripled the share price since the turn of the year may well have been vindicated. Whilst there is still plenty of evaluation to be done the rigless testing which is about to start could be highly rewarding for Predator.
Predator is in the Bucket List as it screams out the constituents of a successful exploration campaign, not to mention th
Should you wish to receive relevant news from PRD directly please send email to :
predator @flagstaffcomms.com
Predator Oil & Gas (PRD LN) 13.9p, Market Cap £60m: MOU-4 de-risks deeper potential
• Predator announced an overall total of 64m of likely gas sands interpreted by the NuTech petrophysical analysis on the MOU-4 appraisal well at the Guercif Licence (75% WI), onshore Morocco.
• This includes 12m of interpreted gas reservoir in the primary Moulouya fan and Lower Fan targets and 50m in the shallow M1 interval that was not previously been considered as a potential target.
• A likely 2m gas reservoir at the top of the Jurassic carbonates with good porosity was also interpreted, which should de-risk the prospectivity in the apex of the main structure located 2.6km to the southeast.
• The Company commented that rigless testing of the carbonate interval will be an important step in evaluating the significant Jurassic potential within its core area of interest.
A positive share price response in early trading (+40%) from the Company’s update that confirms the MOU-4 well has successfully intercepted potential gas reservoirs across a range of primary and secondary targets, which de-risks the volumetric upside potentially associated with the deeper Jurassic interval. Following drilling difficulties on the MOU-2 well, Predator will be relieved to get back on track with the revised plans to appraise the MOU-1 discovery from 2021, though we await more data to emerge from the drilling and testing programme on both MOU-3 and MOU-4. As such, we look forward to further operational updates from management and the impact on achieving early monetisation through either a CNG-based development or potentially a corporate transaction.
We are pleased with our drilling results this year and look forward to an extensive rigless testing programme to help determine potential gas flow rates and gas volumes connected to the current inventory of wells.”
These are very big numbers indeed and prove that those with confidence in PRD who have tripled the share price since the turn of the year may well have been vindicated. Whilst there is still plenty of evaluation to be done the rigless testing which is about to start could be highly rewarding for Predator.
Predator is in the Bucket List as it screams out the constituents of a successful exploration campaign, not to mention the massive enthusiasm of founder Paul Griffiths. Nothing is a given with a huge amount of work to be done but just think what could happen if a wealthy partner arrived on board…
Https://www.africa-energy.com/news-centre/article/morocco-sound-lines-finance-tendrara-gas-project
Https://www.africa-energy.com/news-centre/article/whos-running-supply-morocco-gas
Https://youtu.be/E0SgUtSBJRs
Should you wish to receive GPL information direct please send email to graftpolymer@flagstaffcomms.com
Predator Oil & Gas
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco, is pleased to announce that the MOU-4 well commenced drilling on 29 June 2023 at the start of the Eid holiday in Morocco.
The well is currently setting the 95/8” casing.
Going after the same as in MOU-3, this well will again look at the new opportunities in the Guercif new gas basin that had not been expected before the drilling programme started which is why the potential for additional upside are of considerable interest.