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And this is why I am worried about the company being taken private. Saltfleetyby is an asset that generates a reasonable amount of cash. It’s a great asset/ The trouble is that Richard Herbert set up the loan agreements with Tranfigura, secured them against all of the company’s assets and then didn’t make the repayments because the company couldn’t afford to. This means that the whole future now lies wholly in the hands of Trafigura and Trafigura, working with the major shareholders can make much more money from dealing with a private company than they can dealing with Angus in its current incarnation.

And I get bashed for merely questioning the companies actions, even though I’ve held here for a long time. Ridiculous. An apology would not go amiss.

Board stooge? Are you having a laugh? That post was done by the twitter poster Lady of Aim not by me – I just posted it on here. Are you really so stupid to think that one post on here would cause the suspension of the share? I’d love to have that much power but unfortunately I don’t.

The Lady of Aim account https://x.com/ladyofaim has got loads of stuff right on Angus and plenty of other companies and although the tweet has been deleted now, I am definitely not the only one on here who read it at the time.

So don’t come at me because I am worried about my investment. I am down significantly on my Angus investment and I am worried that I am going to lose the lot if this sh*t-show goes private.

We all know that Saltfleetby will kick off loads of cash when the hedges are done and if they can get the debt refinanced. But since they have missed the payments then Trafigura have no reason to refinance Angus at all. They will make loads more money by just taking control of Saltfleetby and running it themselves – that is the problem. They can do that in a heartbeat. With the major investors onside this can be done easily.

I want to know why Herbert just quit out of the blue. My fear is that once he realised that Trafigura would be unlikely just let Angus get away with not paying the debts then he quit so as not to be responsible for the company losing all of its asserts. He certainly wouldn’t have wanted that on his CV would he?

As for misleading the market, if Trafigura have already told Angus that this is their decision then of course the company would have to announce it to the market. But they are not going to tell them formally until the whole set-up to go private is sorted are they?

The situation is looking bleak. Angus only continue to own Saltfleetby for as long as Trafigura want them to. Here’s the big question though – if everything was going well with the financing renegotiations then why did Herbert just quit out of the blue? You tell me and please come up with a positive reason because I can’t see anything there myself.

There’s something deeply concerning about the current situation with Angus. They’ve now missed multiple interest payments owed to Trafigura, which effectively puts them in default. Given the scale of the debt and the company’s suspension, the question that has to be asked is — are we now heading toward a take-private scenario engineered to benefit Trafigura and a few insiders at the expense of ordinary shareholders?

The March 2025 interim accounts show less than £1 million in cash and close to £19 million owed to Trafigura, plus about £6.5 million in hedge liabilities. The company has already deferred three scheduled payments under the Trafigura facility, and the accounts confirm that repayment of £1.25 million due in March was postponed. With the loan fully secured against all the group’s assets, including Saltfleetby, Brockham and Lidsey, Trafigura effectively controls the company’s fate.

The key issue is control. Trafigura holds all the cards with the debt, while the largest equity holders — Kemexon, Forum, and of course Aleph— together control a significant block of the shares. It’s not impossible to imagine that they could align interests with Trafigura to orchestrate a restructuring or private acquisition deal. In that kind of scenario, the equity could be wiped out, allowing the new owners to walk away with all of the company’s assets, free of public market obligations.

It’s worth remembering that Richard Herbert, who was CEO from late 2022 until his resignation in June 2025, was the architect of the refinancing with Trafigura and the decision to consolidate all of Angus’s debt under a single secured facility. While that gave short-term stability, it also left the company entirely reliant on one lender.

Richard Haywood’s resignation as Chair at such a critical juncture looks more and more like a red flag. His timing — right as discussions over missed payments and a potential RTO or restructuring began — seems far from coincidental. It’s entirely plausible that he saw where this was heading and decided to jump ship before things deteriorated further so he was not seen as the CEO that destroyed all shareholder value.

I feel that this all heading towards a Trafigura-led takeover, backed by Kemexon, Aleph and Forum and the risk to ordinary investors is enormous. The longer the suspension continues, the greater the danger that something is being negotiated behind closed doors.

If the share had not been suspended and I could have sold when Herbert left, I would have. But with the shares suspended, we’re all stuck watching this unfold — and every sign is pointing to the same conclusion: Herbert’s debt pile might end up sinking the entire ship. Now we can only wait and hope that the remaining board can salvage something. If the restructuring collapses, it’s hard to see how trading will ever resume — and we all end up with nothing.

No she called the TD on the Angus drill while back exactly to the point. Also the takeover bid, there’s serious weight behind what she says but obviously one should always take caution and dyor, just thought it was worth a mention as it came on my feed. Gla

Been following her for a while mainly zen related but she’s called everything correct previously on deals and on Angus too:

whispers that Angus Energy is closing in on a game-changing deal—massive U.S. oil & gas asset, already gushing black gold. Could be the start of something very big… 👀💥🇺🇸 #OOTT #AngusEnergy #OilGas

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Greypanther that is strange, because I have heard quite the opposite. I have been hearing rumours for some time that Reabold has not raised any money to fund Rathlin because they can't and there is no longer any trust in them, whereas there are several institutions that would be more than willing to provide funding under new management.

I just watched the video and it was like watching Donald Trump on the witness stand what a joke. They only answered questions on things that they could not deny because they were already in the public domain which shows why they transferred £1.5 million worth of Reabold shares directly to the LNEnergy directors.

Despite what they said in the interview they never announced this in the RNS, they have only admitted it when they were caught. Bunch of jokers.

They also never explained how they can value LNEnergy wat £23 million when all it has is an option and no approvals to produce.

Anybody else notice any questions that they avoided answering anything in their interview?

Heid, this is not about you it is about the PIs if people are up for it.

This requisition is a massive opportunity for private investors to finally have a significant say in the running of RBD, not just for the requisition vote but for the long-term future of the company, but only if we get ourselves organised.

Both sides want our votes at the moment so for once we as private investors are actually important to them. We should leverage this position and actually organise ourselves so that they know how many shares we represent and that they have to listen to us.

If we do this then I am sure that we can ask Heid to get us a call with Kamran and discuss our feedback about what we want to happen going forwards. We can also talk to S&S about the same thing.

I am happy to organise this is people want me to. Just email your shareholding to my email at reabold@outlook.com if you are interested in taking part.

I have just read through the reports on Colle Santo on https://www.reaboldrequisition.com/ and have come to the conclusion that Colle Santo is a con.

The same American names appear again and again in the history of Colle Santo. John McIntyre and Mark Frascogna and they are the only ones who ever come away from Colle Santo with money in their pockets and control of the asset.

They were involved in CS back with Forest Oil who spent $29 million on it before getting rid of it for nothing to Frascogna when they realised that they would never get a production permit. It was then acquired by McIntyre for Avanti Energy, the TSX listed business that McIntyre and Frascogna set up in 2015 for $5.5 million before they sold it on to their own private companies for less that Avani paid for it. These deals were dodgy as hell and they didn’t even pay any money for the last 33.4% they acquired, it was given away for free!

They then sold the two idiots Williams and Oza 26.1% of LNEnergy which is equivalent to 23.49% in Colle Santo if it ever activates its option for £4.3 million.

Think about that. They got 33.44% of Colle Santo for no money in 2019 and then they sold 23.49% of AN OPTION in Colle Santo to RBD for £4.3 million. This values the option on Colle Santo at $23 million when they got 33.44% of it for free just four years ago and have made no progress since then

I am unsure if Williams and Oza are aware of this and have been deliberately lying to RBD sharehold-ers or if they have just been bamboozled by the American owners of the asset. But this is really just a case of trying to decide if they are crooked or incompetent. It is outrageous and they really want us to think that they are responsible stewards for our money?

Incompetent or crooked? I don’t care any more. Either way, they have to go.

Generally agree with your synopsis on the Serica / Tailwind outcome as things now stand, surprised...

I was one, amongst many on here, who voted against the Mercuria involvement, mainly because of the near 30% vote blocking threat which remains ominous but so far, in retrospect, the various commercial advantages you've cited makes for a better balanced operation / boosts the EV, etc., which has been fortunate in the event.

All Serica needs to do now is acquire something worthwhile overseas to offset the total reliance on production from the NS and that should give the sp a real boost, given how cheap this is statistically right now... But will they? That's the $64k question in my book - hope springs... - sasa.

1. An investment company but with a Geologist that defined the resource and got it through testing and economic studies....

2. Building out the team to do the tasks they are fit for was always the plan.....Remind me again whom they toook on as a constultant recently?...An accountant?....note that is sarcasm....

3. When you build for 18-24months ahead, you plan on demand that far ahead, you do not start to build after the fact. The plan should be to finish not long after BKT build is complete, not wait until everything (infrastructure) is built, the fact they would be financed is all you need as confirmation. In fact the Gov are completely onside on getting the infrastructure built, they are planning on a graphite district. Just go and look at the Cadastre and the number of new licence areas all around the original areas. BKT build is longer than ACP, ACP can catch up to an extent.

4. Dilution is based on value of company at the time but should be deemed small compared to multiple other projects because the actual capex for this project is peanuts compared with many projects. Dilution equity for capex is a given in what 99% of all projects. I'd rather be looking at $60m capex than $225m.....

5. In regards to your point 1. seriously verging on libel here Dan! Until the slow down of Covid/wars and sensible decision to move the project fwd post improved infrastructure plus improved market, the project was taken from patch of earth to drilled out to DFS stage, think that is called work and has been paid peanuts compared to not only his holding but other AIM directors.

6. in regards to your point 3. isn't that how all companies get to mining?

7. The docs were passed over, but given the slowness of Tanz getting their first deals sorted I doubt they have the capacity (given this is all new for them) to take on endless agreements without any progress on the first ones. In Mahenge region they are 100% focused on getting BKT over the line and are competely supportive of the infrastructure build out. Only this year Ecograf got their deal and they were negotiating long before BKT were but not seen as the lead project in the area. I expect further deals to take place once BKT is financed and starting to build, because Tanz Gov will then want the next companies in line to get going behind them. There is no other resource proved up in the region other than ACP.

Good volume

Buys coming in

Since when have the band of idiots that run Scirocco ever done anything prudent? They are just greedy little piggies with their snouts in the trough.

Ariel.......correct......... They promised that they were going to sell the old assets and then deliver new production assets and they have totally failed to deliver on this.......At the moment we still have the Helium1 shares and Ruvuma but I don’t trust them to make the right decisions on these either......The H1 shares are worth £1.7m (thanks Colin) but this is still £1.3 million less than we actually put into H1 and who knows what kind of lousy price that they would be happy to take for Ruvuma.

All the Horse Hill money was spunked on Gneiss Energy, the One Dyas deal and directors fees, that is £4.5 million down the toilet and now we are having to borrow money from Prolific Basins to keep the lights on. I just wish we had more clarity as investors.