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Potential in Saltfleetby? Do we need to go through this ancient history again?
Saltfleetby was meant to be a cash cow just as a natural gas producer, according to GL. As things have turned out over the last three years, this has very definitely not proven to be the case. Despite George's numerous promises, the amount of extra debt that has needed to be incurred to get SFBY to its current production levels has mean that the field absolutely cannot be considered a cash cow.
Does anyone really need to be reminded of the £12 million senior loan at credit card rates, as yet still only c. 50% paid down?
Or the hedges attached that to date continue to significantly depress earnable revenues for ANGS?
Or the £7m Xmas megaplacing a year ago, that was in large part not used for the purpose stated?
Or the emergency first £3m junior loan (again at credit card rates) that was taken out in Mar 23 (recently paid off in confetti, despite assurances from the ANGS BoD that loans were taken out instead of dilutative placings)?
Or the emergency second £6m junior loan (yet again at credit card rates) that was taken out in Jul 23, and that's due for repayment at the end of this month?
Way to exploit potential, ANGS...
We need to see the detail surrounding the apparently delayed global refinancing package. Allegedly this is going to amount to £20m, allowing the balance of the senior loan (c. £6m) and the entire 2nd junior loan (c. £7m) to be paid off in full, plus allow Paul Forrest to be paid off some of the c. £5m owing to him in cash rather than more paper.
This replacement financing will apparently come with some form of hedge attached (called a "fixed price offtake" by ANGS in the its RNS on this subject). This will again have a limiting effect on what ANGS can actually earn out of produced gas sales - it remains to be seen what.
This replacement financing will seemingly trigger the "8% royalty on all gross revenues until production end" due to Mercuria.
Yeah, that Saltfleetby potential as a producing gas field sure has been exploited to the max...
And this is becoming ever more obvious, which is why the latest ever more desperate pompom waving from the cheerleaders is all about pie in the sky gas storage, (with zero thought as to the required costs and timescales involved)...
Although some PIs may be dreamers, the market as a whole is not stupid. There's a swathe of good reasons why ANGS has an MCap of sub £20m.
I'll let you two cognoscenti argue the technical ins and outs to your heart's desire. Mere linguists such as myself haven't got anything to add to such a discussion.
However, being a linguist is often a major benefit when it comes to ANGS and its ilk, because wording of company statements remains very important... it's always all about identifying the wiggle room. On that basis, does "gas storage" necessarily mean natural gas? I 'm pretty sure that both hydrogen and CO2 are gases...
"...believe me I have very high expectations of the SP in the coming 12 Months imo!"
...just like you did for the previous 12 months. At least you're consistent, BV, even if that's just consistently wrong.
Earlier today, you accused me of being jealous of shareholders who have bought at a higher price than I could today? This confused me just a tad, since my motivation when investing is to attempt to make a profit, i.e. buy something and then sell it at a higher price. Colour me radical.
Leaving that to one side, what's needed is the detail behind this delayed replacement global financing package.
It's all very well for ANGS to claim that there's £57 million of gas to extract from Sfby (albeit the valuation in the latest CPR has been done at roughly 20% over current gas pricing).
However, if one looks at the amount of gas they've extracted in the last 15 months (Oct 22 to Dec 23), that's been about 33.1 million therms (give or take) at a gross (pre-hedge reconciliation) value of around £35.4 million.
Okay so ANGS didn't benefit from all that revenue, courtesy of the current hedge arrangements, instead getting approx. £22.2 million, prior to any other costs being applied. Still, that would seem to be a fair chunk of cash... which then begs the question, why did ANGS need to raise £7m via placing in Dec 22, then just 3 months later have to borrow £3m at eye-wateringly high rates in Mar 23 and then only 4 months after that have to borrow a further £6m again at credit card rates in Jul 23?
There's an awful lot of cash being spent somewhere - and it's provably not all been used to pay off historic debt.
Great news for BV. He'll be sure to tell all that he's averaging down. Yet again.
Buys vs Sells
There is (of course) zero connection.
The company whose IP Apple has allegedly infringed with its latest Smart watches is openly named in all news stories on this subject as Masimo.
More smoke and mirror misdirection from the desperate, I'm afraid. Oh and the ban on imports (and thus sales) of the Series 9 and Ultra 2 Apple smartwatches in the US has just been lifted, meaning that it actually never came into effect anyways.
From the first post in this thread, it seems that HL have either just read the most recent update on the CTAG website, or were possibly just sent a copy n paste of thar disingenuous wording.
Disingenuous? Sure... among several red flags, the most obvious to me is the utter BS that the alleged agent is obliged to contact EVERY SINGLE SHAREHOLDER "in unison", I.e. at the same time (errr WHY???). Anyhow, unless this can be done (according to the latest fairytale update) , no details will be revealed/released.
Priceless (though valueless would be a better description)...
Of course you did, BV. Utterly believable. After all, you've shown yourself over the last few years to be the absolute epitome of truthfulness...
Merry Xmas to the genuine posting here.
Of course, BV conveniently forgets to mention his previously much trumpeted average holding price of "millions of shares" at 0.8p...
Quelle surprise... not.
And in case this hasn't been realised yet, this particular little beauty from todays' can-kicking update:-
"Shareholders should also note that part of the complexity is due to the fact that the agent needs to notify all platforms and shareholders in unison."
...ensures that the can will be kicked for a good while longer.
Forgetting the obvious begged question (namely WHY does the agent need to notify all platforms and shareholders in unison?), this now sets up an interminable delay, as the agent allegedly needs the contact details of ALL shareholders before notifying any of them. How about those whose broker platforms sent them a share certificate? How about those who have moved house?
It is of course all a ludicrous crock - but ongoing delays and the spurious reasons for those have been teed up.
I'd suggest two teensy things.
1. Wait till the agreement on the replacement financing is actually signed. Currently it's just non-binding terms - and after all, we've been here before with ANGS more than once (e.g. the successfully negotiated deferment of payment on the missed hedges that was announced... but then turned out not to have been agreed at all).
2. Presumably once it has been finalised and signed, it would be sensible to wait to see the full suite of terms attached. Re the estimates of GP that some are making and in turn the likelihood of potential dividends, these are literally impossible to calculate at the moment. Specifically given the hedge-replacing "dynamic rolling gas price protection programme" and equally importantly, the "cash sweep whereby 50% of Angus' revenues (after deducting all group wide costs, including financing charges) are to be applied each quarter to redeem the loan". And then there's the 8% of all gross revenues that Mercuria is presumably still due after the senior loan has been cleared...
Sight of the actual detail is definitely needed.
I just prefer to focus on what the RNS actually states.
You did indeed assure that replacement financing would be concluded this week, Onetomany. However, you're not 100% right... the announced partial set of terms are stated as currently being non-binding, so this isn't over the line quite yet.
Having said that...
Good things, if this is concluded? Firstly the 5 year term, which gives ANGS much more time. Secondly, an interest rate of 8% over SONIA (which is currently 5.2%) although not cheap, is clearly better than 12% or 15%.
Hard to know how the market will react, because there's not enough detail on many crucial items. The "protected price" for gas being one, the arrangement fees being due for another and possibly most important of all, confirmation of whether the 8% of all gross revenues is still payable to Mercuria, once the senior loan is paid off.
The market needs to be made aware of the details, especially given the fact that ANGS will pretty much instantly utilise £12m or more of that £20m facility as soon as it gets its hands on it.
So am I correct in thinking that, despite the latest assurances on the CTAG website, to date absolutely no broker, nominee, other financial institution or private investor has been contacted by Cloudtag or its alleged agent with any details? And in fact that the only hint of any existence of impending payments allegedly to be made are the few lines of text on www.cloudtag.com?
Colour me surprised...
Onetomany criticises others for talking "pish" as he puts it.
Ironic, given that just this morning, he's stated that "... gas price to remain solid at c£1.20 for 2024".
That's simply and entirely untrue.
https://www.ice.com/products/910/UK-NBP-Natural-Gas-Futures/data?marketId=5508883
Every single monthly 2024 natural gas price is under £0.90p.
Again, there's no need to despair if an announcement re replacement global refinancing does not come before Christmas. ANGS has another c. 4 weeks following that in which to get this sorted.
Sure, it could be, but it doesn't have to be.
It doesn't "have to be" before Christmas - ANGS just expressed hope that it would be.
It however does need to be before the c. £7 million repayment in full of the 2nd junior loan becomes due some time in January - or it's very likely to be confetti time again.
For info, the current daily production average (from data reported to the NSTA and measured over the last 30 days) is 71,424 therms a day.
That would give rise to a current monthly production expectation of between 2.14 million and 2.21 million therms a month.
BV, try being truthful (though the fact you make so much effort to discredit individual posters, rather than the contents of their posts is in itself highly telling).
Yes I have been a member of LSE since Dec 2016.
No I have not been posting on ANGS all that time.
Yes I have held ANGS shares in the past.
I'm completely open about not wanting currently to part with any of my hard-earned cash on ANGS, despite all your constant encouragements to whoever would listen over the last several years that this was a fabulous investment opportunity. Being that the SP is at a 52 week low, hopefully nobody listened to you.