Member Info for gallder

Production period 4

4,500,000/92 days

MULTIPLIER 48,913

FIXED PRICE £0.3755

MERCURIA PAYMENT TO ANGUS = £18,367

MULTIPLIER 48,913

SPOT PRICE £0.6775

ANGUS PAYMENT TO MERCURIA = £33,137

LOSS on SWAP is £14,770

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DAILY PRODUCTION therms 98,308

SPOT PRICE per THERM £0.6775

GAS SALES PAYMENT BY SHELL TO ANGUS = £66,604

GAS SALES gross REVENUE = £51,834

Month to date GAS SALES gross REVENUE £950,175

less Shell 1.5% and Ntsec 0.386p/therm

1)SAP used instead of NBP

Production period 4

4,500,000/92 days

MULTIPLIER 48,913

FIXED PRICE £0.3755

MERCURIA PAYMENT TO ANGUS = £18,367

MULTIPLIER 48,913

SPOT PRICE £0.6660

ANGUS PAYMENT TO MERCURIA = £32,576

LOSS on SWAP is £14,209

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DAILY PRODUCTION therms 99,938

SPOT PRICE per THERM £0.6660

GAS SALES PAYMENT BY SHELL TO ANGUS = £66,559

GAS SALES gross REVENUE = £52,350

Month to date GAS SALES gross REVENUE £898,341

less Shell 1.5% and Ntsec 0.386p/therm

1)SAP used instead of NBP

Production period 4

4,500,000/92 days

MULTIPLIER 48,913

FIXED PRICE £0.3755

MERCURIA PAYMENT TO ANGUS = £18,367

MULTIPLIER 48,913

SPOT PRICE £0.5950

ANGUS PAYMENT TO MERCURIA = £29,103

LOSS on SWAP is £10,736

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DAILY PRODUCTION therms 102,288

SPOT PRICE per THERM £0.5950

GAS SALES PAYMENT BY SHELL TO ANGUS = £60,861

GAS SALES gross REVENUE = £50,125

Month to date GAS SALES gross REVENUE £845,991

less Shell 1.5% and Ntsec 0.386p/therm

1)SAP used instead of NBP

A_D

You do realise that for p & l purposes the actual outflow nbp price doesnt matter as its the same

as the gas sales price so just subtract the number of therms subject to the swap (outflow) from

the shell payment.

You can't calculate the liability (outflows) as its based on the daily NBP spot price. The NBP Spot price is the

average spot price of gas sold between 4.00pm-4.15pm daily. The inflows are in this;

section 11

https://www.lse.co.uk/rns/ANGS/interim-results-and-proposed-bridge-financing-m7r4mu7ej1puhsj.html

A_D

What month, quarter, season, or year do you want to see?

Production period 4

4,500,000/92 days

MULTIPLIER 48,913

FIXED PRICE £0.3755

MERCURIA PAYMENT TO ANGUS = £18,367

MULTIPLIER 48,913

SPOT PRICE £0.5784

ANGUS PAYMENT TO MERCURIA = £28,291

LOSS on SWAP is £9,924

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DAILY PRODUCTION therms 102,592

SPOT PRICE per THERM £0.5784

GAS SALES PAYMENT BY SHELL TO ANGUS = £59,339

GAS SALES gross REVENUE = £49,415

Month to date GAS SALES gross REVENUE £795,866

less Shell 1.5% and Ntsec 0.386p/therm

1)SAP used instead of NBP

Production period 4

4,500,000/92 days

MULTIPLIER 48,913

FIXED PRICE £0.3755

MERCURIA PAYMENT TO ANGUS = £18,367

MULTIPLIER 48,913

SPOT PRICE £0.5913

ANGUS PAYMENT TO MERCURIA = £28,922

LOSS on SWAP is £10,555

-----------------------------------------------------------------------------------------------------------------------------------

DAILY PRODUCTION therms 100,999

SPOT PRICE per THERM £0.5913

GAS SALES PAYMENT BY SHELL TO ANGUS = £59,721

GAS SALES gross REVENUE = £49,166

Month to date GAS SALES gross REVENUE £746,451

less Shell 1.5% and Ntsec 0.386p/therm

1)SAP used instead of NBP

Although i have already posted these numbers on several occasions i will do so again

in a simplified form.

2022 REVENUE----------------3,050,000

22/23 REVS TO 30/6/23----22,110,000

TOTAL--------------------------25,160,000

22 SWAP LOSS-----------------7,450,000

22/23 SWAP LOSS to 30/6---8,697,000

TOTAL--------------------------16,144,000

EXCESS--------------------------9,016,000

Production period 4

4,500,000/92 days

MULTIPLIER 48,913

FIXED PRICE £0.3755

MERCURIA PAYMENT TO ANGUS = £18,367

MULTIPLIER 48,913

SPOT PRICE £0.6385

ANGUS PAYMENT TO MERCURIA = £31,231

LOSS on SWAP is £12,864

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DAILY PRODUCTION therms 99,635

SPOT PRICE per THERM £0.6385

GAS SALES PAYMENT BY SHELL TO ANGUS = £66,387

GAS SALES gross REVENUE = £50,753

Month to date GAS SALES gross REVENUE £697,285

less Shell 1.5% and Ntsec 0.386p/therm

1)SAP used instead of NBP

In financial contracts closed could mean paid up.

The swap loss in H1 is definitely maximum £8m as the sap prices used are about 4% higher than NBP

as shown by using the same prices in gas sales totals. So i am guessing that at the end of production period 1 Mercuria said you owe us £7m. Angus paid 3m and owed 4m.

A_D

What is the page no?

Production period 4

4,500,000/92 days

MULTIPLIER 48,913

FIXED PRICE £0.3755

MERCURIA PAYMENT TO ANGUS = £18,367

MULTIPLIER 48,913

SPOT PRICE £0.6411

ANGUS PAYMENT TO MERCURIA = £31,358

LOSS on SWAP is £12,991

-----------------------------------------------------------------------------------------------------------------------------------

DAILY PRODUCTION therms 100,203

SPOT PRICE per THERM £0.6411

GAS SALES PAYMENT BY SHELL TO ANGUS = £64,240

GAS SALES gross REVENUE = £51,249

Month to date GAS SALES gross REVENUE £646,532

less Shell 1.5% and Ntsec 0.386p/therm

1)SAP used instead of NBP

Between August 10th and Oct 3rd last year anybody in the world (with enough financial clout) could have sold

the rights to sell 5000 therms per day 182 consecutive days (1st OCT 23 till 31st March 24) for a minimum of £4 a

therm.

https://www.theice.com/products/910/UK-NBP-Natural-Gas-Futures/data?marketId=5508889&span=2

This is obviously a W23 futures contract an exchange traded product. The NBP heren curve has very similar

characteristics. Most importantly what it shows is that at any point on the curve there was both a buyer and a

seller. It is the buyer of the other side of Angus' swap sell who make or lose money. This buyer is not Mercuria unless they are prop trading. Mercuria@s turnover was £174b in 22. Angus' tiny tiny swaps contract goes into the mix

with thousands of others and a buy and sell price is produced with Mercuria making the bit in the middle.

why they do it? because thats what they do. trade gas contracts.

abso****inlutely they are misleading statements but more by ommision and obfuscation than outright lies.

when they informed the market of the new swaps they omitted to inform the market that the swaps for

jul and aug 22 were still in play. £4.175 m owed and the £11,554m paid (by march 31st) £15,729m shows

that they knew all along about the cashflow problem.

22 financial report page 70 (march 7th) doesn't mention actual settlement of those swaps.

I must admit i am surprised you still don't know why Mercuria were able to offer three new swap cotracts

to Angus as i have already explained this to you on three separate occassions.

With regards to the second issue.

1) In this case there is no such thing as a 'rolled hedge'. That statement in itself makes it look like

Angus are trying to hide the truth which is that production from the sidetrack took too long to come on

board, the price of gas has fallen and the cost of the sidetrack was at least treble what was envisaged.

A_D

Why haven't you included the £6m loan in the revenue ?

Senior loan remaining is 9.45m.

Interest is 12% above Libor. (on senior loan)

£4.2m of senior loan is due in Sep.

Trade payables were £4.487m on 31st March.

Gas sales income from April to June.

Accrued sales from 31st March £2m+.

£3.1m cash in bank 31st March.

Other than that and the fact we have no idea what has actually been paid i think you've covered it.

Production period 4

4,500,000/92 days

MULTIPLIER 48,913

FIXED PRICE £0.3755

MERCURIA PAYMENT TO ANGUS = £18,367

MULTIPLIER 48,913

SPOT PRICE £0.6663

ANGUS PAYMENT TO MERCURIA = £32,591

LOSS on SWAP is £14,224

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DAILY PRODUCTION therms 99,635

SPOT PRICE per THERM £0.6663

GAS SALES PAYMENT BY SHELL TO ANGUS = £66,387

GAS SALES gross REVENUE = £52,163

Month to date GAS SALES gross REVENUE £595,283

less Shell 1.5% and Ntsec 0.386p/therm

1)SAP used instead of NBP

Production period 4

4,500,000/92 days

MULTIPLIER 48,913

FIXED PRICE £0.3755

MERCURIA PAYMENT TO ANGUS = £18,367

MULTIPLIER 48,913

SPOT PRICE £0.7306

ANGUS PAYMENT TO MERCURIA = £35,736

LOSS on SWAP is £17,369

-----------------------------------------------------------------------------------------------------------------------------------

DAILY PRODUCTION therms 101,568

SPOT PRICE per THERM £0.7306

GAS SALES PAYMENT BY SHELL TO ANGUS = £74,206

GAS SALES gross REVENUE = £56,837

Month to date GAS SALES gross REVENUE £543,120

less Shell 1.5% and Ntsec 0.386p/therm

1)SAP used instead of NBP

Production period 4

4,500,000/92 days

MULTIPLIER 48,913

FIXED PRICE £0.3755

MERCURIA PAYMENT TO ANGUS = £18,367

MULTIPLIER 48,913

SPOT PRICE £0.7661

ANGUS PAYMENT TO MERCURIA = £37,472

LOSS on SWAP is £19,105

-----------------------------------------------------------------------------------------------------------------------------------

DAILY PRODUCTION therms 101,947

SPOT PRICE per THERM £0.7661

GAS SALES PAYMENT BY SHELL TO ANGUS = £78,102

GAS SALES gross REVENUE = £58,997

Month to date GAS SALES gross REVENUE £486,283

less Shell 1.5% and Ntsec 0.386p/therm

1)SAP used instead of NBP