Member Info for HeadInTheSand

"Funding has been arranged"... how would you know? And if you do (you don't, but still), what are the terms?

Onetomany, you only post based on wishful thinking and never with a view to established facts. Your ridiculous predictions and assurances about this company have been wildly inaccurate ever since you started posting on it 2+ years ago (under this ID anyway).

Given your literally undeviating track record of only ever posting utterly over-optimistic nonsense that literally never comes to pass, whyever do you think you have earned the slightest shred of credibility now?

Presumably they're paying for it in magic beans, then?

So, now that the compressor has entirely failed to bring production volumes back to Q1 levels, you're staking your hopes on the coiled tubing, are you, Onetomany? After ANG's history of non-delivery and lurching from cash crisis to cash crisis, do you honestly still believe all the PR fluff without the slightest question? Conformation bias is obviously a very powerful thing...

As the old saying goes: "Fool me once, shame on you. Fool me twice, shame on me. But fool me a hundred times and I must be Onetomany."

What production increase? The NSTA figures undeniably show that production is declining even after installation of the compressor. Sure, it may be declining slower than if they'd not bothered with the compressor - but it's still declining. Q2 total production will be about 16% lower than Q1.

The new hedge pricing is of course beneficial - but not to the extent needed, given the millstone around ANGS's neck made up of varying already incurred liabilities. And again looking at current production levels, it doesn't look like ANGS will be able to produce much more than the new hedged volumes, so will have precious little to sell at open market pricing. And that's if the decline can be halted.

The debt resculpting goes ahead, with a higher level of debt being taken on at a more painful interest rate. This is a n absolute necessity, because ANGS simply cannot afford to pay down its existing debts. The company only made a purely nominal profit in the last half, because Trafigura were prepared to defer the end March principal payment of £1.25m - and another payment of exactly the same amount is also due by now, so that's £2.5m, with a further £1.25m every quarter for the next 14 of those..

Then there's a year's worth of the eternal 8% ORRI payments that's already been incurred to be made, plus PF's £1.88m, plus plenty of other nasty liabilities falling due (e.g. more ORRI, interest to PF, interest to Trafigura etc etc).

The RTO may also go ahead, but if it does and if the alleged asset really is low decline and cash positive, existing ANGS shareholders will suffer exttremely significant dilution and end up being a very small part of a very different whole.

Of course, if the deal turns out to be with someone like Beacon or UKOG or PPP, then everyone might as well give up now.

Step baack for a second and actually read the latest release:

"Further to our update of 17th June 2025, the Company remains in constant contact with the Daap buyer and continues to emphasise the importance of timely communication as we await the announcement date.

As shareholders may have observed, the recently named collaborations with the DaaP buyer on the Polyphonic™️ platform (formerly Care4Today) highlight clear progress in their recent commercial transactions. This open and secure platform represents a significant step forward for them, and we are excited as we move towards our own conclusion.

A further update will be issued as soon as we have definitive news; otherwise, we will update shareholders no later than Monday, 14th July 2025.

The Company remains bound by strict non-disclosure agreements relating to these arrangements."

That update is a word salad that neither says nor means anything.

What "recently named collaborations"?

"...highlight clear progress in their recent commercial transactions" - so all this is saying is that J&J are making progress with what they're doing but doesn't link that progress with CTAG in the least..

"This open and secure platform represents a significant step forward for them, and we are excited as we move towards our own conclusion." - and this just again repeats that J&J are going places, but categorically does not link those advances as having the slightest thing to do with CTAG.

It's the usual Amit "looks good if you're suffering from confirmation bias, but actually says nothing at all" BS.

If only you'd stop posting it...

"Agreed, but the interims were to 31/03 and tomorrow will be the first day of a new quarter when, for the first time since the original debt facility of £12m, the low historic hedge will no longer limit revenue and thereby provide a strong financial incentive to increase production."

Erm.

You don't think that ANGS has had a strong incentive to increase production before now??? You think that they were throttling back production because they only wanted to produce enough to sell at hedged pricing, rather than higher spot market pricing??? That is utterly ludicrous - especially given that the company didn't generate enough cash to pay Trafigura its first £1.25 million.

As for the original £12m debt (debt, not debt facility, since ANGS instantly drew it all down), that's been replaced by a £20m debt (debt, not debt facility, since ANGS again instantly drew it all down) - and that's one of the several debts that ANGS has been forced through lack of generated cash to beg for deferred payment on.

It's quite possible - with this "resculpting" that's being mulled over by Trafigura - that the current £20m debt is about to be replaced by a larger debt at an even more painful interest rate than SONIA + 8% (=12.2% per annum).

Onetomany, "based on reliable info"? ANGS has never released "reliable info".

CF the weasel word claim in today's RNS that production is 15% up since the booster was installed (that is, 15% up against some internal forecast of what it might have been).

In cold, hard reality, production is actually between 16-19% down against NSTA audited figures produced in Q1.

Onetomany 6th Jun 25:-

"There never was any issue with the payment. "

"There is no default and the funds are there "

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

"They haven’t paid because they don’t need to."

(Just 4 of his 11 post that day).

ANGS RNS 30th Jun 25:-

"As at 31 March 2025 the Group had cash of £0.785m."

First of sixteen quarterly payments due to Trafigura at end Mar 25 = £1.25m.

I think that makes it completely clear that ANGS simply COULD NOT pay that first instalment - it simply DID NOT have the cash, as the more realistic here had been pointing out.

Going by one of too many examples to count, it's probably best to take anything that Onetomany predicts or assures with an absolute wheelbarrow full of salt...

Keep on desperately polishing the unpolishable, Onetomany. You're not going to be able to produce the faintest gleam of a shine.

To point out just a few items:-

Production is down between 16-19% **after** the compressor was installed.

Almiost 50% of the gross profit went on finance costs... AND that's **without** paying the first of 16 quarterly instalments of £1.25m against the £20m loan. As ANGS has just revealed (and completely counter to what you were trying to assure everyone recently), it simply did not have the cash to meet this first payment.

ANGS has just confirmed it has to settle the already incurred first year of the eternal 8% royalty on Saltfleetby gas revenues in shares... so that's a further 368 million due to be issued soon and an 8% dilution for existing holders straight away, before anything else happens.

...and the Ocebot unsurprisingly decides not to mention the huge multi-debt millstone that the massively overgeared ANGS has round its neck.

Well, it comes as no suprise that Onetomany has been shown up yet again for spouting utter nonsense.

As stated in today's RNS, at the end of March 25, ANGS only had £0.785m of cash. The first of 16 £1.25m quarterly payments of the £20m principal loan fell due at the end of March 25. Therefore ANGS *could not* make this payment - Onetomany's numerous recent claims that the company had enough cash were of course complete BS, as anyone who can do primary school maths would have known.

One of the the naughty lines in today's interims is this:-

"The introduction of the booster compressor has resulted in a circa 15% increase in production compared with the average production forecasts without the booster operational."

Doesn't that sound great? Except hang on a second... that production "increase" is only an increase when compared against some forecast, not against what actually happened.

Courtesy of the unquestionable NSTA figures, here's the actual reality of things re gas production out of Saltfleetby:-

Jan 25 ... Total Gas = 4.722mcm Daily Average = 0.1378mcm

Feb 25 ... Total Gas = 3.7257mcm Daily Average = 0.1331mcm

Mar 25 ... Total Gas = 3.6317mcm Daily Average = 0.1172mcm

Apr 25 ... Total Gas = 3.2098mcm Daily Average = 0.1070mcm

May 25 ... Total Gas = 3.3655mcm Daily Average = 0.1086mcm

Jun 25 ... Total Gas = 3.4127mcm Daily Average = 0.1219mcm (figures extrapolated from 28 day actuals)

The fact remains that ANGS will produce 16% LESS gas in Q2, compared to Q1. Or to leave out Mar and Apr, when the compressor was being fitted, ANGS will produce 19% LESS gas in May/Jun than it did in Jan/Feb.

...and since well before the delist too, for that matter.

I remember there being a Xiaomi manufactured biometric smartwatch/wristband that had all the claimed functions of the vapourware Onitor and more being publicly marketed on alibaba.com at an end-user price of sub US$18, while Amit was still trying to promote his own non-existent product as being a) unique and b) sellable at many multiples of that price.

Weblinks were provided on this BB at the time to the Xiaomi product, which hugely upset the likes of DavidGreece and other Amit stooges, causing them to flood the board with posts in a successful effort to get that info buried.

...which, when looking at May's production volumes, and extrapolating June's, is around 15% lower than the volumes achieved in January and February.

(I left out March and April, because ANGS was fitting the booster compressor during that period, with resulting production interruptions).

Onetomany, the gas price heading upwards for winter makes almost no difference.

Why? Because at current (post-booster) production levels, pretty much all the gas that ANGS can extract will be sold at fixed new hedge pricing. If current monthly production volumes remain at May/June levels (and hopefully decline no further), there'll be next to no extra gas to sell at open market spot pricing.

UKOG? PPP? Either of those would be bitterly but extremely amusing.

So what you're saying, Onetomany, is that the company made encouraging and optimistic noises, when asked about future prospects? Gee, whoda thunk? It simply *must* be true.

And if you're setting any store in the throwaway and bog standard template comment Zielicki made on RH's abrupt running for the exit door "... and has set Angus on the course for future growth"...

...here's what the recently escaped CEO had to say about Paddy Clanwilliams departure early last year"... putting Angus Energy on a secure financial footing to commence the next stage of the Company's development."

That's the thing about ANGS and its pompom wavers. Always talking a great game, but never delivering. Looking at the current emergency debt talks, quite the reverse in fact. "Secure financial footing"? Hardly.

BP, I agree that it is hard to fathom what ANGS has spent £20m of loan plus 16 months of post-hedge earned field revenues on.

When it comes to the former, it said, when drawing down the full £20m back in Feb last year:

"After repayment of existing debt and the expenses associated with the refinancing, the Company expects the remaining proceeds of the drawdown to be approximately £5.9 million."

This was after they paid £1.75m back to PF, leaving him at that point being owed £2.88m - and from memory, PF did accept a shedload of shares instead of a further £1m in cash, leaving him owed just under £2m.

So once drawing down the entire facility, as of end Feb 2024, ANGS had £5.9m, plus they've since had 16 months of field revenue to play with. Even allowing for Saltfleetby's declining production volumes and the 8% eternal royalty payments due, that's not a small chunk of change?

It does make one wonder where all the cash has gone - perhaps the following term in the £20m loan has soaked up a good deal of it?

"Additionally, there is a 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. To the extent that sweep repayments are made, the even quarterly amortisation payments will be adjusted."

You're probably right, Zahm. The CTAG website is in many ways much like herpes - intensely irritating whenever it flares up and never 100% disappearing.

"Some dilution"... no sh*t, Sherlock.

The most convenient thing about an unspecified qualifier like "some" is that it covers every eventuality which is greater than "none" but less than "total".

BP, you write "So IF gas prices had remained the same now, as 5 years ago, in the 40's, then surely todays flow is FAR MORE commercially viable?" Well no, because (as of course you know) other factors that are just a teensy bit important have changed over those intervening five years.

Five years ago, ANGS wasn't anywhere near as geared as it is today.

Five years ago, it wasn't saddled with a £20m loan at an annual interest rate of 12.2%.

Five years ago, it hadn't realised that it was going to drill a sidetrack that would a) take twice as long as expected, b) that would extend only to a fraction of its originally planned length and c) that would cost hugely more than anticipated.

Five years ago it didn't expect that the booster compressor it would install at considerable expense would not manage to get production volumes back up to pre-booster levels.

A lot can become apparent over 5 years...