Member Info for HeadInTheSand

A truly laughable attempt to backtrack and wipe egg off the face.

Jesus, the sheer ignorance.

The hedge isn't even going to be in place in Summer, provided that the desperately needed global refinancing goes through.

It's going to be replaced by a fixed offtake agreement for an currently unknown percentage of monthly field production at currently unknown fixed pricing.

As has been commented on previously, Amit's most recent claim on Jan 19th that "a number of private investors and a London based US institutional investor were contacted" is a direct contradiction of his earlier assertion within the Dec 21st update that "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."

Obviously these two statements cannot both be simultaneously true, so things remain distinctly fishy.

The best chance IMO was 7 years ago. It was to go after Cairn, the Nomad, given a Nomad's legal obligation to protect shareholders by ensuring that everything stated by an AIM-listed company was both verifiable and fact-based (I know, I know... don't all laugh at once).

At least Cairn was very easily findable. However, that horse has long since bolted.

Helx says "...until i see a delay that kicks the can miles down the road I don't believe it's all BS." Unfortunately for him, Amit is clearly well aware of this - he never issues an update that "kicks the can miles down the road".

Instead his modus operandi is either to say nothing at all, or to issue multiple updates where each kicks the can a few more months down the road. All Amit needs to do is rinse and repeat - and the likes of Helx will presumably tolerate this and keep on believin'.

OneToMany and his prediction of 1.5p by end March... still looks just a tad bold to me.

I presume the heavenly choir is busily averaging down... yet again.

Domestic energy prices will fall by 16% in April, according to a prediction by consultancy Cornwall Insight, bringing some relief to billpayers.

It said the annual household bill when using a typical amount of gas and electricity was expected to drop from £1,928 to £1,620.

Households have endured two years of high prices, but analysts suggest there could be a further fall in the summer.

Bills would still be higher than the pre-crisis norm.

The prediction is not guaranteed, as it will be another month before the regulator, Ofgem, sets its price cap for the second quarter of the year.

"Healthy energy stocks and a positive supply outlook are keeping the wholesale market stable. If this continues, we could see energy costs hitting their lowest since the Russian invasion of Ukraine," said Craig Lowrey, principal consultant at Cornwall Insight.

https://www.bbc.co.uk/news/business-68055884.amp

Out of interest, exactly where is the latest line in the sand being drawn by the still positive? Hubba's personal line has needed to be shifted a few times already, but still... where is it now? End January? End June? End calendar 2024?

That is a laughable piece of myth-making, Hubba. You've confronted and had a pop at anyone (yes, literally anyone) who has expressed any doubt in the truth of Amit's many and varied promises. It's made no difference if they're a shareholder or not (and how could anyone possibly tell anyways?)

The sole crime for you has been for anyone to express reservations about Amit's credibility and it's literally just that which has invariably kneejerked you into coming out all guns blazing to defend ABH.

Trying to pretend otherwise at this late stage and after mountains of evidence to the contrary is more than a little ridiculous.

To correct your lies, BV (yet again), I've not posted on ANGS for 7 years.

However, the SP while I have been commenting has fallen by a factor of 97%+.

I'm relieved for your sake that you have apparently filled your "quota" and so presumably won't be buying any more. Let's face it, so far you've called the lowest point of this eternally falling knife eternally wrong for the last 3+ years.

BV, given the extent of your many claimed purchases at far higher prices than today's, you've clearly been reacting to things that haven't happened yet (and frankly, that are unlikely to ever happen).

The market is showing a total lack of interest in puff and nonsense claims of alleged major partners being about to invest. I think you need to invest in a new brand of snake oil in your ever more desperate attempts to polish the unpolishable.

But great news for you again today, eh? You get the opportunity to average down. Yet again.

Go on BV... average down yet again. I'm sure you think it'd make sense...

Given that the SP is at a new all-time low, the whole market in general seems decidedly underwhelmed by these alleged "major partners that will be investing in the next stage of expansion to be announced shortly".

It certainly hasn't put any sort of premium on the ANGS SP, has it? It seem that you're the only person who finds this "very strange indeed", BV.

For once I'll agree with BV.

When Singhie reports on things that have actually happened, i.e. The FACTUAL elements in his daily output data reports (actual daily and cumulative monthly production and the revenues associated with those), that is IMHO useful (though it's questionable whether this needs to be listed every day). Gallder does the same on a monthly basis.

Where Singhie keeps falling provably flat on his face is when he starts making his eternally wildly inaccurate future share price predictions. He's never got anywhere close, so he might as well forget doing that and cut his daily posts to half their current length.

BV I have zero stress and zero misery.

Primarily because I have done my research and - allegedly entirely unlike yourself - I have not been forced into averaging down constantly as the SP reaches (and stays at) 52 week lows.

I could (obviously) acquire myself a holding today at a significantly better average than yours, should I so choose - but because I've bothered looking closely at ANGS's position and all the factors that appertain to that, I choose not to.

A 4% saving on £20m would indeed equate to £800k per annum.

But offset that against Mercuria's being due an 8% royalty on all Sfby gross revenues ad infinitum, once the £12 million senior loan gets 85% paid off.

Sfby is producing in the region of 2.5 million therms a month.

That's 30 million therms a year.

Let's suppose an average gas price of £0.75p a therm.

That'd be a gross annual revenue of £22.5 million.

8% of £22.5 million is £1.8 million per annum.

(Of course, ANGS won't bank that £22.5 million from gas sales, because the "fixed offtake price" imposed by Trafigura as part of the replacement financing will of course be lower than the market price for some or all of the field's production).

What is evidentially getting harder is to continue to ignore that the ANGS SP sits stubbornly at a 52 week low.

There seems to be two ways to handle this cold, hard, indisputable fact.

Either:-

a) work out why the market only values ANGS at this level and what would need to change in order for the SP to have a chance of climbing

or:-

b) pretend that this fact doesn't exist, keep (allegedly) averaging down and banging on without any evidence about what a fantastic prospect ANGS is.

People can decide for themselves which one of the above approaches is likely to be more rational.

Re this "good revenue"...

So in addition to that generated "good revenue", how come ANGS has had to raise £7 million and borrow £9 million between Dec 22 and now - and how come ANGS has clearly not been able to use this generated "good revenue" to pay any of that borrowing back?

Instead it's paid £3m plus interest back in confetti and has had to further extend the £6m, awaiting the replacement financing.... so where's all this generated "good revenue" gone then?

I'm asking a purely fact-based question.

BV you do make me laugh. Your attempts to misrepresent grow increasingly desperate.

This £70k has nothing to do with the alleged £20m replacement financing package. It's an additional cost that has had to be incurred on the 2nd £6m junior loan taken out on 21st July last year at a rate of SONIA + 15% (over 20% in total).

We don't yet know exactly what the alleged £20m replacement financing package will cost. We've been told that this 5 year facility will be at an improved interest rate of SONIA + 8% (so over 13% in total) and that it will include a fixed offtake price for some or all of ANGS's gas production that will necessarily depress earnable revenues for ANGS..

It seems that it will also trigger the 8% royalty on all gross gas revenues that is due to Mercuria as per the terms of the original £12 million loan that will be paid off. If so, that'd cost an additional c. £200k per month ad infinitum, on top of whatever becomes owed to Trafigura under this new deal.

As to what ANGS has made? Not enough - or why would it be forced into borrowing again?

To remind you, in Dec 22, ANGS raised £7m via placing under the commitment to pay off the c. £3.5m hedge shortfall. By late Mar 23, it had just £250k in cash... AND hadn't paid off any of that hedge shortfall debt.

Cue the first three month £3m junior loan (taken out at credit card rates on Mar 28th 2023). Due to lack of funds ANGS had to extend that loan by three months up until end Sep 23... and then again due to lack of cash, had to pay it back in dilutative confetti.

And then there was the second three month £6m junior loan (again taken out at credit card rates on Jul 21st 2023). Due to lack of generated cash to pay this back, ANGS had to extend this by three months as informed on Sep 21st... and have just had to extend it by a further month as announced today.

So... what is ANGS making in terms of nett cash? Evidentially, nowhere near enough, which is why it has to keep borrowing.

Taken to the wire again by ANGS - delays again and at a high cost. Looks like this replacement financing hasn't become "easier" following the dilution of the confetti pay-off of the first junior loan, despite RH saying that it had.

Still, what difference does being obliged to take on a further £70k of debt really make in the light of all ANGS's other already incurred liabilities?

Amit did indeed bizarrely allege that every single CTAG shareholder had to be contacted simultaneously by the supposed agent...

...but there's no logical reason or legal necessity as to why that has to be the case.

As I posted when Amit made this unfathomable statement, all this does is neatly pave the way for more delays and excuses. Same old, same old.