RE: GREAT DAY WELL DONE ANGUS WELL DONE LUCAN27 Jul 2021 10:00
Rubbish. What the lenders believe (as all lenders attempt to make sure) is that their earnings out of any financing advanced are high enough to offset their risk - and more importantly that their risk is mitigated to the maximum degree possible, should the wheels fall off. Clearly the high level of earnable interest and the security offered up eventually ticked enough boxes for the lenders in this case. I don't believe for one second that the lenders are exposed, no matter what occurs (or doesn't) at Poundland. As with all lenders, heads they win, tails they still win. That's the nature of lending.
The price of natural gas futures are - as has been said repeatedly - utterly irrelevant, until such a time as ANGS proves that it can get to first gas AND that the volumes produceable from Poundland are of sufficient level to be commercially viable for the company (i.e. of sufficient quantity to cover fixed, variable and debt costs).
This latter point seems to be more up in the air, since it now seems that Poundland's ability to deliver adequate and commercially viable volumes now hinges on the just approved sidetrack being drilled successfully. Looking at the multiple previous unsuccessful attempts to sidetrack well 7, this certainly isn't nailed on by any means. We won't have any worthwhile inking on these matters until well into Q1 2022 at the earliest.
Lidsey's merely an irrelevance, just like all other ANGS onshore oil "assets". Even if the site did have potential (and all evidence available suggests that it doesn't), ANGS simply hasn't got the resources or finance to engage on any other front, apart from Poundland. The executive management "dream team" are as per usual using Lidsey as a quite deliberate piece of misdirection in an attempt to make it seem as if the company isn't a one-trick pony very definitely already in the last chance saloon.
The same is doubly true of its recent burblings on geothermal, a tactic I note with amusement also recently seized upon by UKOG, that other great AIM oiler success story which is equally currently making one last desperate roll of the dice in its own last chance saloon in Turkey. Geothermal is pure puff and nonsense - it' d take years and tens of millions (none of which either ANGS or UKOG has. At all). Plus as has been pointed out, the UK is geologically hardly fallow ground for geothermal.
Just a desperate attempt to kick the respective cans well into the future and present more fairytales in efforts to have a marketable narrative.
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