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Another deflection attempt. Dull.

Still trying to avoid the core issue as usual and deflect negative comment about Amit, Trombone? What is it to you why I'm here? Why is it in the least relevant?

This is the CTAG discussion board.. perhaps discuss CTAG on it?

Two things.

"If Amit is lying..." That would be better put as "If Amit is continuing to lie", because after all, there have now been 50+ updates, exactly none of which have turned out to be true.

"Strengthening the legal case..." Given the above, it is nigh on impossible to imagine how much more any legal case could be strengthened.

Having said that...

I do agree that it is hard to fathom any justifiable reason as to why Pinocchio Ben Haim keeps stringing things out. I do wonder whether it's an ego-based or reputational thing (I know... Amit's "reputation"... don't all laugh at once). But for as long as this apparently never-ending farce is kept going and does not reach a conclusion, Amit has not yet categorically been outed as a charlatan and conman - and he may think that's useful to him.

I have long said that Amit has completely relied upon the fact that it is unfortunately logically impossible to prove a negative.

And because (sadly) I don't believe that the legal approach has a hope in hell of recovering anything for PIs (apart maybe from finally bringing closure, which does have some value, albeit not financial), I've also said that it would be good to see if a quality investigative journalist could be persuaded to take an interest in the Ben Haim/Cloudtag saga. There is an appetite for this sort of story - as per Elizabeth Holmes and Theranos, though that had the newsworthy advantage of involving billions and some A-List public figures. That would be another reasonable method of trying to force this to a conclusion and also getting Amit his come-uppance, even if only reputationally.

I think it far more likely that Trafigura (which entirely has ANGS by the short and curlies, courtesy in part to its still currently seemingly defaulted-upon loan) told ANGS what its next course of action would be.

Indeed re good discussion.

I would venture that this is because just the grown-ups are (currently at least) chatting things over. You do get sensible discussions when there's a lack of Mystic Megs and blinkered pompom wavers.

Agreed Mirasol. That does look like it'll be the production rate ongoing. Not as good as Q1, but as you rightly say, what would it have been without the compressor? (And as you also rightly say, we can't know if investing in the compressor was a smart decision or not without knowing its cost).

People have previously said (Tony Currie, I believe?) that at such a production level and under the terms of the new hedge including any excess to sell on the open market, ANGS should be able to generate revenues in excess of £1m to £1.2m per month. He may well be right - at a production rate of say 0.125mcm a day, that would equate to 46,000 therms a day or 1.38 million therms a month. Once you've taken off the eternal 8% royalty on gross revenues, that would seem to leave around £1m of revenue per month from July, given the quantities of production and the terms of the new hedge.

Bu then one has to take into account costs. Finance charges under the current (and hopefully to be resculpted) £20m debt deal equate to at £625k per month. Monthly opex to run the field and pay bills and wages? Pick your own figure - but if it's more than £375k per month, ANGS ain't going to make any money.

I'm generously assuming no further one-off capex expenses being required and Paul Forrest agreeing to delay the £1.88m he's still owed..

...except Amit. And he seems completely allergic to ever revealing accurate or truthful information.

Noel, have you factored in the (admittedly current) debt repayment schedule - and that's leaving aside what PF is still owed, which from memory is just under £2m?

A 5 year amortising loan for £20m at 8% above SONIA with no repayments in Year One carries total interest of £6.8m over that term - presuming SONIA is 4.2% (which it is). So, that's £26.8m repayable over the 16 quarters in Years Two to Five.... or £1.675m per quarter, just in Trafigura debt repayments.

Of course, this loan may get "resculpted"... but, given that ANGS holds no cards, I very much doubt it will be on more preferential terms for the company.

Beretta, what on God's green earth are you talking about?

Morning Beretta. Correct... I no longer do.

Individuals like Trombone and other members of AA (Amit's Apologists) do everything they can to support their lord and master, including:-

desperately avoiding any difficult fact-based question

doing their utmost or discredit anyone not singing verbatim off their Amit-authorised hymn sheets

changing the subject and smokescreening whenever any less than positive opinion is posted, usually by launching the tritest of ad hominem attacks - basically playing the man not the ball. Hardly surprising since both the facts and Pinocchio Ben Haim have given them literally nothing to work with.

As to weird? I'd have thought that those still fervently defending Amit after now 11 years of consistent falsehoods and more recently, 50+ utter BS updates over the last 7 years (unless of course being financially rewarded for doing so) are without doubt the ones in the greatest need of psychological help.

Not that I needed to in order to comment, but I have held shares in CTAG.

Now I know it's something you're very keen to avoid addressing. but why has Johnson Controls not mentioned having signed a licensing deal, pray tell?

Or would you rather desperately attempt to deflect again?

Trombone frantically avoiding a difficult but entirely reasonable question as usual. No surprise there from one of Amit's merry little band of apologists.

Again, why, having been publicly named by Hans Christian Ben Haim, have Johnson Controls made absolutely no mention of being the alleged licensee?

Amit specifically named Tyco International, a brand of Johnson Controls, as the alleged licensee.

However, Amit didn't actually outright name Johnson & Johnson as the alleged DaaP buyer (though sure, he very strongly hinted at it).

What (typically) makes no sense is why there's been no announcement of any sort from Johnson Controls itself on becoming a licensee, despite it having been publicly named by Pinocchio Ben Haim. One can't help but wonder why it has said nothing at all?

...or maybe you're wrong in all your increasingly frequent and increasingly desperate claims, Onetomany.

After all, others rely on instantly checkable facts as a basis for their comments. You on the other hand rely on nothing but unfounded hope and rose-tinted guesswork.

In Jan this year (pre booster compressor), ANGS averaged a daily production of 0.1378 mcm, according to audited figures.

In Feb this year (pre booster compressor), ANGS averaged a daily production of 0.1331 mcm, according to audited figures.

So an average daily production rate of 0.1200 mcm *after* the time and money spent on installing the compressor really isn't one to be waving the pompoms for..

As G-med has said, it is now reasonable to assume that Trafigura has allowed a further extension, while debt restructure talks continue... but as he's also commented, it would have been nice if ANGS had confirmed this. In fact in my view, having made public the issue of its inability to pay the first instalment, ANGS *should* have confirmed this.

Regardless, no real surprise - and no new meaningful information in this morning's RNS. As I've stated before, nobody rational expected Trafigura to call in its loan and send the company under. So now everyone has to wait and see how painful the entirely lender-defined "resculpting" will be for existing holders. One can rest assured that its terms are going to be more onerous than those currently in play.

I tend to agree with Bubblepoint pretty much 50% of the time (his opinions seem to fluctuate significantly and perhaps unsurprisingly, entirely depend on whether he's in or out).

However, I suspect he's close with this latest thought, which pretty much mirrors my own thinking. Except my view remains that, if this alleged RTO goes ahead, ANGS as we know it today will be an entirely insignificant part of that (again unsurprisingly).

Far more likely IMO is that:-

a. ANGS still hasn't got enough funds to meet the first £1.25m quarterly principal repayment - because of "production variability in Q1", as it has told us. The extra week or so granted by Trafigura won't have made the slightest difference.

b. Trafigura has granted a further extension while it is imposing whatever terms it likes on restructuring ANGS's debts.

c. Part of that restructuring *may* end up involving an RTO with a transatlantic offshore operator (in fact it probably has to, because with its existing dramatic overgearing, ANGS just can't get Saltfleetby to wash its face). If the RTO does happen, IMO ANGS is most liable to be an irrelevantly small part of a very different whole - and I doubt that the resulting effect on the value of existing investors' holdings will be welcomed.

"Payment made... clearly"?

That's a complete falsehood, but then again Onetomany has an obsessional drive to make things up.

All we know is that Trafigura extended the deadline to May 31st (which has now passed).

Nobody outside the company has any idea if payment has been made or not, because nobody inside the company has issued any updated information on the subject (which should be mandatory for them to do, especially since the impression currently given SOLELY FROM ANGS-ISSUED INFO from ANGS-issued info is that it has by now defaulted on its loan).

One would think that the company might like to correct this?

Onetomany, despite your assurances that there'd be an RNS update on Monday this week, as you point out, no update has yet been issued.

As to ANGS's being unable to pay the first £1.25 principal loan instalment, inability to pay, here's what they stated by RNS on May 7th.

"Production variability during the first quarter of 2025, before the booster compressor was commissioned, has resulted in the first principal repayment of £1.25 million, being deferred "

Make of that what you will.

Further to the above, ANGS announced that the lender Trafigura had granted 2 short extensions to the first instalment repayment, the first being to the 26th of May (announced on the 19th) and then a further extension to the 31st of May (announced on the 27th). It has not updated since - but it absolutely should have, either informing the market of another extension or an entire remodelling of its borrowing.

Do I expect Trafigura to call in its loan and cause ANGS to instantly go pop? Vanishingly unlikely. Instead, it will remodel ANGS's debt burden in any way it wishes - and it's the shape and terms of that remodelling that will be of extreme interest to holders.

Oh and just for your education, defaulting on a loan really is not a criminal offence.