Member Info for Harts

If I was LL I would have the 1.5 million drawdown in my back pocket incase Brockham's water isolation wasn't fixed quickly. However I am very confident the water issue can be solved and therefore it would make much more sense to keep the loan as a backup, test Brockham and then do a placing at a much higher SP if all goes to plan and if not the drawdown would be there.

My honest opinion is there will not be a placing/draw down for a while due to the facts taken from the recent annual accounts below, which shows they have had cash totals of 0.846 + 2 + 2.2 million = around £5 million since 30th September 2018. Surely they can't have burnt through 4.2 million since 5th November therefore it's just scaremongering tactics from fool to get a cheaper entry or get you to switch to UKOG.

"30th Sept 2018 Angus had £0.846m. Then a £2m placing on 5 November 2018 and £1.5m draw down on 10 January 2019. A further £2.2m was raised on 15 February 2019 to repay the £1.5m drawn down from our loan facility. This is after accounting for all costs associated with the testing of Brockham X4Z (completed after the reporting period)."

http://www.angusenergy.co.uk/wp-content/uploads/2019/03/Annual-Report-and-Accounts-and-Notice-of-Annual-General-Meeting.pdf

Yeh you would like that wouldn’t you ?? 300k seller still about but some big old buys, someone’s happy to hoover them up!

Good to know cheers Harrizma must be someone else selling in big blocks.

The drill didn’t go wrong. They perforated a water section and now they need to find that section and isolate it. They will find it by running the logs and then they will isolate it. This can’t be done until all permissions are in place.

It's those 300k share sells that pop up as soon as we have some 5.6p buys that makes me think there is still some overhang. Soon to be gone!

And as by magic a duo of rampy tweets by Tids appear. Good stuff and hopefully up go the buying volumes.

Not really a loss if they've been given way more value than what their stake in Lidsey was worth is it? 450k for their stake in Lidsey was very generous considering what we paid for 25% of Balcombe. But as I said purely speculation DOR may hold their shares for greater profits or sell some now and hold the rest. Hence why I probably shouldn't speculate as there are many options, therefore I'm off to do something productive with my day.

Or a tweet/RNS to get more volume to sell off the Lidsey shares ;), that's if DOR are actually selling their shares. I think we can both agree this SP should move above in the coming days/weeks.

For some reason we seem to be stuck around 5.6p to buy and 5.4p to sell but coincidentally the shares for Lidsey that DOR received (5.6148p) are of similar value and so this probably just being held here until these 8 million plus shares can be sold. Shouldn't take too long maybe 5 days at a guess and then this will pop up just like it did when the placing shares were done. This is all speculation but the SPA has been signed for Lidsey just need OGA approval for change in interest. Next thing to hold the SP back will be the YA warrants for roughly 2.5 million at 7.41p but this is a rather small amount then it will be free to fly in build up for water isolation to be solved. As I said could be wrong but would explain the recent SP movements and maybe the future ones.

Alan I think you are being pedantic, but I think we are "pretty much" saying the same thing. Yes but they still haven't told us whether it was the completion fluid and as you say it would have been pretty easy to test.

Definition of a vertical well: "A vertical well is a borehole that is aimed directly at a target beneath it. A vertical well does not have a truly vertical borehole, but it is more or less aimed straight down at a reservoir of oil or gas rather than being turned horizontally at a designated point." Investopedia

The latest update was that the water produced in the short test is thought to be the excess brine (completion fluid) that wasn't pumped out prior to testing, however this is still yet to be confirmed. But the reducing amounts of water in the second test is a good sign and also the slugging at 3000 bopd due to the equipment not being able to handle the flow is exciting. Balcombe is a horizontal well and therefore is expected to gain much higher bopd, whereas Brockham is a vertical well but is still expected to produce at decent rates (500-1000 bopd conservative) when the water is isolated.

RNS 2nd October 2018

Horizontal Well Balcombe-2z Flowed at 853 Bopd and 1,587 Bopd During Separate Test Runs. Balcombe Field Discovery Capable of Producing at Commercial Rates

Angus Energy Plc (LSE:ANGS), a leading UK conventional oil and gas production and development company, is pleased to announce the completion of the 7-day flow test programme for the horizontal well, Balcombe-2z.

The test utilised Nitrogen and coiled tubing to clean and prime the well which when removed allowed a natural flow at 853 bopd equivalent, not including 22.5% water. A second flow period was undertaken with the well flowing naturally at 1,587 bopd equivalent, not including 6.6% water.

The Balcombe-2z well produces from a single Micrite Layer, just one of the Kimmeridge Micrite Layers. During the initial flow period, the well slugged at up to 3,000 barrels per day which had to be reduced as it exceeded separator operating capacity. Duration of the test runs were limited.

RNS 26th Feb

Balcombe: Angus Energy is pleased to announce that an application will be submitted to West Sussex County Council and other regulators for long term well testing of the horizontal well, Balcombe-2z. The more limited operations originally proposed at Balcombe have been suspended whilst the Company prepares a planning application for an extended production test at the Balcombe field which shall be submitted as early as practicable subject to the approval of our partners in the Licence. The Company intends to apply and plan for a long term production test for a minimum of 150 days, and also for further extended long term production testing of a minimum of 24 months if granted. It is intended to keep a dialogue with all regulators throughout the preparation of the planning application to ensure that any regulatory delays in the future are minimised, and the Company can move to well testing as soon as approvals are granted.

Ask is still 5.8p MM's just having a breather and dropping the Bid to gain some shares. Hopefully more 10% days to come as investor's trust and market sentiment returns this to a more realistic value.

nhawan sold their trade yesterday just look at the posting history hence why "pullback expected". Meanwhile MM's will now take 350,000 at 5.53p. As I said everyone has an agenda.

Will take 350,000 shares off me for 5.43p looks like it's going to be a cracker of a day. Fingers crossed for no big sells of placing share or DOR selling to balance their books!

Alan I wouldn't pay attention to some of the posts on here they are just to suite an agenda, everyone has one. The fact remains we need to get oil out of the ground and us moaning on this BB won't speed things up. However Tids no more cock ups please and buy some spares as Alan suggests we can't be losing even more time for silly errors. Also give the new directors a nudge to buy some shares ;)

Just look at the trades and the Bid. We are still in the 4's because big sells keep popping up, eg the 500k share one at 14:01. Once these are cleared we will be free to move back up to a more realistic value. At these prices Balcombe isn't even priced in. If they get Brockham flowing clean oil with no water this will rerate in a flash as Brockham has the long appraisal testing planning consent and production license. 500 bopd from Brockham is conservative if they can isolate the water, which from Alan's comments and videos doesn't seem very complicated. Tidswell just needs to pull his finger out and look at the logs to determine where the water column is, something they should have done before perforating.

5.6148p*

Couple of big block sells at the end of trading bringing the SP down. Might be the last of the placing shares held back to sell at decent margin from 4p. Once cleared we will see if DOR's shares at 5.7p will be held or sold. Onwards and upwards.