Member Info for HeadInTheSand

Not Monday then?

Wasn't 42 what DeepThought gave as the ultimate answer to Life, The Universe and Everything as per the Hitchhiker's Guide To The Galaxy?

Maybe 42 is Onetomany's NoThought version...

Nobody needs wait on ANGS for production news, because the quarterly production figures out of Saltfleetby are publicly available from the NSTA data.

According to that:-

In calendar Q1 2025 (Jan-Mar), ANGS produced a total of 11.6296 mcm of natural gas (equivalent to c. 4,285,000 therms),

In calendar Q2 2025 (Apr-Jun), ANGS produced a total of 9.9601 mcm of natural gas (equivalent to c. 3,670,000 therms),

Today, Onetomany in a fit of squeaking excitability asks everyone to remember this:-

"Watch out … for 0.42. Don’t ask me for any more details, just remember the post."

"Remember the post", hmmm?

Unfortunately for him, I do remember some of his posts. Here's a very typical pompom-waving exchange from Jan 2024:-

Onetomany 5 Jan 24

"Take a look at the CPR and the many references to it by the BoD. End of March I expect 1.5p of not more. It’s all upside from here but still some variables."

Onetomany 6 Jan 24

"Is it really that bold? RH has already clearly stated the market cap is way out of touch with true value and that is plain for all to see. The only thing that has dragged the price down below 1p is funding concerns. With that fear alleviated then a full rerate will commence in earnest. All other factors such as production and gas price plus / minus 20% are immaterial in this rerate."

Poster Optimism Rating? 100%.

Poster Accuracy Rating? 0%

Poster Credibility Rating 0%

Credit where it's due - at least he's consistent...

(...ly and utterly wrong)

Rosenberg Martin Greenberg is a full-service business law firm in Baltimore, Maryland. We advise entrepreneurs and organizations on an extensive range of issues that drive their success. Our core practice areas are business litigation, real estate, business planning and transactions, commercial lending, tax and wealth planning, land use & zoning, and financial services.

When it comes to promoting a company that they're in charge of, CEOs of worthwhile companies don't restrict their marketing efforts to solely and privately blowing sunshine up the skirts of individual and irrelevant PIs.

Credible companies strive for good publicity and rely on their senior executives to help engender this. And the utterly unsurprising thing about publicity is that it needs to be public.

GMTA, coedkernew.

*Yawn*

I see the NDA is apparently back in full force again, following its brief hiatus when Amit decided to directly name the two alleged companies involved in each deal. Apparently it now also applies to the naming of both the alleged "Transaction Agent" who's allegedly joined the board and the alleged "Paying Agents".

I don't think the announcement that Pinocchio Ben Haim is shortly to "step away from the board" should be viewed as a positive sign either...

You're quite correct, WG. The April-June 25 hedge was indeed for 3.75m therms struck at a fixed price of 29.25p, not 84p.

Sadlly, ANGS only produced around 3.67m therms during this period, but hey let's be generous and say they met the hedged volume. 3.75m therms x 29.25p = a quarterly revenue £1.1 million - less of course that 8% royalty.

And you're also quite right to point out that as mentioned in Note 11 to the HY accounts, on top of all its other already incurred debts, ANGS also owes Trafigura a further £4,062m for earlier crystallised hedge shortfalls.

This is yet another liability that has had to be deferred at a cost of 14.2% per annum - as the HY accounts state, "The total deferred amount is £4,062m will bear interest at SONIA plus 10%" .

And then there's a further £780k of crystallised hedge shortfalls - or debt - for ANGS's failure to produce an extra 1.8m therms between April-June....

This could hardly be more screwed... no wonder RH ran screaming for the exit.

BP, given that according to the NSTA, ANGS only managed to produce 3.67 mcm of gas in calendar Q2, you mght want to rethink your £6m per quarter estimate.

Bear in mind that the Q2 hedge was set at 0.84p per therm - and don't forget the 8% eternal royalty due on all revenue from existing Saltfleetby wells to Mercuria and Aleph.

Crunch the numbers and you'll find that it's less than £3m of gas revenue.

"At least we’ve agreed they’ve generated over £4m on top of the £750k."

What - the £750k they don't actually have, since it and far more is already owed?

And no, I pointed out that, unlike your claim of £5m generated (which you've now dropped to £4m), they've ONLY GENNERATED APPROX £2.83m OF GROSS REVENUE since April 1st.

Even forgetting opex costs, this again isn't enough to cover already overdue debts. FFS, as of June 30th (and so now overdue), just to Trafigura they owe £2.5m on loan principal repayments, plus around £500k of interest on the same. So there's £3m gone.

Onetomany 13th Jul

"What about the £5m+ revenue since March ?"

Geez, try sticking to facts.

NSTA figures (that not even the likes of OTM can argue with) show that ANGS produced a total of 9.96 mcm of gas out of Saltfleetby from Apr 1 to Jun 30.

That equates to 3.67 million therms, give or take. At 0.84p per therm (the old hedged price) that provides a revenue of just over £3m pounds gross. Take off the 8% eternal royalty owed and you've got a revenue of £2.83m. Not the £5m Onetomany has simply made up.

That's £2.83m of gross revenue. No allowance made for covering Opex or any of the many debts owed and overdue.

Why does this Onetomany guy keep coming up with pure fantasy? (Actually, don't answer... I think everyone's already worked that one out).

Onetomany 11th Jul 2025

"It is clear to everyone that they have near term cashflow challenges."

Onetomany 13th Jul 2025

"They now have cash ."

So it seems in the bizarre world of Onetomany that ANGS must have won the lottery this weekend. Whoda thunk that?

Onetomany claims the company a) made a genuine profit in the first half and b) moreover had a "cash pile" of £750k at that point...

Sadly, he chooses to ignore the cold hard facts that:-

ANGS didn't have enough cash to pay Trafigura £1.25m that fell due in capital repayment or £345k owed in interest

or to pay PF any of the already due £1.89m still owed to him

or to pay Mercuria and Aleph at least £615k in eternal 8% royalty payments that also fell due and that related to the period April 24 to March 25...

This is not a company with any cash pile, or one that made any genuine profits. Going by Onetomany's surreal reasoning, if you owe £20k on your credit card and that sum is overdue, provided you have a £20 note in your pocket, things are just great and you're entirely solvent.

Mindbogglingly thick? Or ineptly disingenuous? Those are the only two options for this BB's world's worst Mystic Meg.

"Iceberg? What iceberg?"

When you're forced to beg to defer a payment of £1.25m because your cash pile is only £750k means that it's no cash pile at all.

And debt payments aren't "becoming due". Many of them are considerably overdue. £2.5m now overdue to Trafigura plus at least £354k of interest and needs deferring, £1.89m overdue to Paul Forrest, so also had to be deferred, plus at least £615k of the eternal 8% royalty due on all current production is also overdue.

Cash pile? Don't be even more obtuse than you have to be.

Onetomany 11th Jul 2025

"It is clear to everyone that they have near term cashflow challenges."

Onetomany 12th Jul 2025

"Board change nothing to do with cash pile. Of course it is substantial, 750k end of March ..."

Dear oh dear. Onetomany can't even keep his story straight over a mere 24 hour period. What a howling buffoon.

Moreover, the ONLY reason that ANGS had £750k at the end of March (and the ONLY reason it was able to cook up a small profit) is because it did not and could not pay Trafigura the first of 16 quarterly payments of £1.25m. In addition, the second of these payments became due two weeks ago.

...fiver's recompense

Malcy is such a plum, isn't he? He'll say literally any old rubbish if there's the slightest sniff of a river's recompense.

"Excellent operational performance at Saltfleetby"', eh? Well, only if you count spending shedloads on buying and installing a booster compressor, but entirely failing to match the levels of production achieved before said compressor was bought and installed as "excellent operational performance".

Speaking of people being forced to row back on things...

Onetomany is very obviously spiralling - he simply can't make his ridiculous predictions and assurances even remotely stack up any more in the face of the ever-growing mountain of verifiable facts.

Although he will of course deny it by squeaking his endless "Everything is awesome!" song (apparently stolen from from the Lego movie), his inevitably growing embarrassment would almost be tragic to watch, if it wasn't a) so richly deserved and b) so very amusing.

This morning, he's already been forced to admit that ANGS does in fact "have near term cashflow challenges" (as he now puts it - this translates directly as "doesn't have the proverbial pot to pee in"). This is despite him denying this oh so obvious fact for the last two months.

And he's now basing his ever more threadbare cheerleading on a) the irrelevant PR puff that's been put out by the company (and when has ANGS ever been accurate?) and b) apparently by trying to draw a positive analogy with Trump and his actions... while of course sprinkling playground insults at anyone who points out the numerous cavernous holes within his attempted fairytales.

"Iceberg? What iceberg?"

Even Onetomany gets there in the end... here's some choice posts.

Onetomany 21st May

"...In discussions about renegotiating the loan doesn’t mean about to default. They have the cash to pay it of course."

Onetomany 4th Jun

"...never have angs said they are unable to pay or don’t have the money and certainly that is not the case."

Onetomany 6th Jun

"There never was any issue with the payment."

"There is no inability to pay. Wish you’d stop spouting that unsubstantiated claptrap."

Onetomany 9th Jun

"...healthy revenue coming in with no excessive costs now. velocity strings relatively low cost and they have the cash for that."

Onetomany 14th Jun

"They have cash, and they have strong cashflow."

Onetomany 25th Jun

"Not inability to pay"

BUT today, he can deny things no longer...

Onetomany 11th Jul

"It is clear to everyone that they have near term cashflow challenges."

Well, it certainly wasn't clear to Onetomany that ANGS was out of cash, looking at his blinkered and frenetic pompom waving-posts over the last couple of months...

And he has the front to call those advising caution "cretins"? That genuinely made me laugh.

Onetomany, it really is not the best investment strategy to blithely ignore factual evidence. If you continue to instead rely on board-issued ANGS PR nonsense, you'll continue to look as stupid as you have consistently been doing.

"Iceberg? What iceberg?"

O stomach y still totally swallowing the ANGS board's PR puff, I see... no surprise there.

"Iceberg? What Iceberg?"