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UKOG’s results are great news for Brockham! Can’t wait for it to get started. Bergen making their exit, cheap shares here, beauty is Brockham has a production license!

I agree we are on the cusp of being a cash positive company where our own production will support future Lidsey Kimmeridge and Balcombe production. Having the production license at Brockham is a massive difference compared to UKOG. All Weald oilers will benefit from good EWT's. If we require a little more funding to get us there I'm not fussed either. The value is here and is slowly being proved up. As I have said even 500 bopd production at Brockham will rerate this market cap massively and that's being ultra conservative. We shouldn't be complaining about opportunity to get cheap shares.

It will bounce back, great top up price. Just Bergen making their exit and PI's worried of a placing before Brockham EWT.

Yes but in the short term their cash reserves must be dwindling rapidly. Lidsey hasn't produced that much so little they haven't bothered to tell us and to keep the lights on is at least 2 million a year. I hope you are right and that they have enough cash to do the Brockham tests and get it into production. The bond is definitely still an option but anything above 500 bopd is excellent revenue and that's very conservative considering the recent Balcombe test results. All eyes on UKOGs tests until Brockham kicks into gear.

I personally think Bergen will sell out soon as they have made huge gains over the past months. Also looking at the balance sheet and after paying for the Balcombe flow test, Bergen may want to get out before another placing. Will Vonk wait for Brockham EWT results and then use the bond facility or will he play it safe and take a placing before Brockham that is the question.

From January 22nd RNS:

"Under the terms of the agreement, Angus Energy will pay a cash amount in two parts as set out below along with the costs of the well test program of Balcombe-2Z. If the results of the well test are determined successful, the Company will assume the associated costs of a Field Development Plan (“FDP”) submission to the Oil & Gas Authority (“OGA”)."

Looking forward to the FDP plan, hopefully Brockham will be producing lots of oil by then! Does anyone know how the costs of putting Balcombe into production will be split? Will it just be 25% or is this still up for negotiation?

Ja as it says in your post they got another 3 million in April from bergen so 3 million plus the 1.267 equalling just over 4 million. That should see us through the upcoming flow tests. Do you not agree? Why would you raise money when Bergen are hammering the price and Pi’s are worrying over dropping SP. Makes much more sense to raise money after the flow tests. Especially if you have over 4 million in the bank from Bergen and initial reported cash.

Indeed Alan but Lidsey has no way near kept the lights on or paid for salaries. It’s Pi’s that have paid for that and Bergen. Guess who suffers from Bergen dumping shares..... Pi’s again. Alan what’s your take on the OGA bopd figures from Lidsey and Brockham? I’m not normally this glum but they need to get a rocket up their arses. I’ve been waiting a while for them to flow test Brockham so I guess a month or two extra won’t hurt. Problem is I seem to be saying that every month! The catch 22 is that any flow test happening soon producing an SP rise will be sold into by Bergen. Best get them out the way first and then flow test Balcombe/Brockham.

I agree they have loads of cash and a big enough acreage to be getting on with. I think it's only if PW spies another absolute bargain like Circle Oil will they make a deal. Also if by some small chance they do make a deal don't rule out a private placing thats fully subscribed wand has little effect on the SP just like the Circle deal. With oil prices looking to stay at high levels bargains will be few and far between. The company's would have to be in a lot of trouble financially and therefore forced to sell in my opinion. Those are the reasons I don't think PW will make another aquisition for a while. As I said before they have enough acreage to be getting 3D seismic prepped and hooking up the producing wells to increase our production figures. What I'm excited about is having all this gas at high margin in Morocco but more importantly drilling for oil in 2019.

I’ve been here since 20p. My honest opinion is that this is manipulated and will bounce around between 50-55p for a while. Still can’t forget all those times we had excellent news and no rise in the SP. Interim report should be excellent reading though. Who knows with this share it might go up on those results, hopefully doesn’t repeat the no SP lift on good news. Great price to accumulate at though if you aren’t in a hurry and happy to sit back for the next 6-12 months.

Yes wells are already drilled just need to flow test them both.

As for funding Angs had 1.2 million as of 31st March then did the deal with Bergen to get 3 million funding for Balcombe and as the RNS below states also some left over money for expenses, flow tests etc ... My opinion would be fully funded to carry out the flow tests of Balcombe and Brockham. Then if commercial flow rates proved they would either use the bond that can be used once commercial flow is produced (most likely) or get extra funding not necessarily through PI's.
We also have some existing production at Lidsey and Brockham. Hope that helps.

http://www.angusenergy.co.uk/wp-content/uploads/2018/04/RNS-23.04.18-Angus-Energy-Completes-Financing-For-Balcombe-Acquisition-.pdf

When Vonk releases an RNS of Balcombe rig mobilisation..... We don’t know specific dates as we have only just got approval from SCC for Brockham. Vonk wanted to flow test Balcombe for 7 days and then straight away to Brockham after that using the same equipment. It was mentioned in an RNS to start testing before end of Q3.

Looking through the trades there are quite a few chunky ones in the range of 11.5-11.7 that are listed as sells. Don’t think the bid got that high, if that’s true I expect a lot of those to be buys. We will see tomorrow what delayed trades come through. As others have said wouldn’t be surprised if a TR1 is issued for Bergen soon. Hopefully Balcombe gets going ASAP.

Totally agree too many times I have been stung in the past you just have to sit on your hands and live your life. Always good to have a cheeky RNS alert for the important stuff though ;) I first bought Angs when it was 31p have continued to buy and now feel we have everything we need to test Brockham and Balcombe. Let the MM’s play their games and the traders trade. In 2 months time this could easily be a 3 bagger.

All you guys need to know is we have enough to get the testing done hence the Bergen deal that was executed.

They got 3 million from Bergen in April plus the 1.2 million cash they had from interim accounts as of 31st March 2018. My opinion is that they will raise money (not necessarily through PIs) once they have proved commercial flow rates from either Balcombe or Brockham. Both of which have the potential to exceed 1000 bopd :)

:) Hold those shares tight now.

FLOW TESTS ARE COMING SOON!!!

Oh Adriana I wonder what tales you will tell today.

Here we go with the earthquake crap.