Member Info for Ja51

OGA Production figures for July out.
15.18 boe/d oil
4.68 boe/d water

So the water cut at Lidsey still around 30%

https://data-ogauthority.opendata.arcgis.com/pages/production

Im assuming you meant " a contrived Story" ocelot??

https://brockhamoilwell.files.wordpress.com/2019/11/acid-stimulation-fracking-by-stealth_rev14-2.pdf

https://drillordrop.com/2019/11/03/call-for-fracking-halt-to-be-extended-to-acid-stimulation-in-oil-and-gas-industry/

Scarface it Maybe chump-change for some....but alot of chumps would like some off it back!
The legal case is, of course, a dud as there is no money for them to go after left!

It would be ironic if he crashes the share price by having to sell his 5% to repay the £214,000 (odd by now) directors loan we have been told will be paid by the end of the year!!
He did very nicely out of previous cancelled loans as well scarface so don't feel too sorry for him!

They are very clear about being solvant also!

Ocelot
The OGA will look at the company as a whole. They have quite obviously taken a look and like any sensible and have come to the conclusion Angus have no income and no prospect of any for a considerable time. Added to this the only substantial cash they have is the £2.5 million (refundable if permission is not given) why would they possibly let them use that money for re-connection when their own rules prevent it and public and government scrutiny is on them?
The OGA documentation is perfectly clear about being solvent and having to prove future finance.........who is going to guarantee Angus future finance given there record so far?

And wait for it.............why would they not require the same for Saltfleetby and Balcombe?..................and why would Angus then be forced (as thats what it is) to take Riverfort money when GL himself berates this type of finance in previous interviews.
They are running on fumes and the OGA know it.

Again wrong Charlie regarding the loan
Its in public view and the loan is payable on demand!

Charlie just for you. I think even you would have to agree that this is almost certainly what has happened.

9.3 If, following a review of the financial information provided by a licensee, the OGA is not satisfied with the licensee’s financial capability, the OGA is empowered to require the licensee to take further action to ensure that the licensee will be able to plug and abandon the well. This action may include, amongst other things, the creation of financial security to ensure that the requisite funds would be available for the plugging and abandonment operation. At an early stage, the Applicant should contact the OGA’s Investor Finance team at investor.relations@ogauthority.co.uk to discuss the forms of security acceptable to the OGA.

https://www.ogauthority.co.uk/media/5003/financial-guidance-august-2018.pdf

Charlie
You seem to be ranting a bit now!
Are you getting worried about all those Riverfort Global dillusion shares about to come onto the market that us dim people warned you about? You keep the faith with the one who lied to your face!!!!

Out of intrest what was point 1 Charlie?.........Im a bit dim.....lol

CL
I will rely on the companies own RNS's and OGA guidance. You seem to be relying on hope!

https://www.lse.co.uk/rns/ANGS/decommissioning-liabilities-and-associated-funding-28siphekl7rhw9t.html
https://www.lse.co.uk/rns/ANGS/angus-energy-plc-saltfleetby-update-cua21oswrdpgsqy.html
https://www.ogauthority.co.uk/media/5003/financial-guidance-august-2018.pdf

The point being they are liable for £800,000 plus when and if Holmwood starts. They don't have it! They would need to borrow it again despite the RNS saying it was what the placing was for. Hence the OGA will take it into account in the calculations they will be making for the forthcoming Saltfleetby and Balcombe licenses as your extract 7.9 points out.

Ocelot

Worth noting from your extract 7.9 that £800,00 liability for Holmwood should be included in the calculations.

The acquisition Company’s wholly-owned subsidiary, Angus Energy Weald Basin No.3 Limited (“AWB3”)has entered into an agreement to acquire a 12.5% economic interest in PEDL143 through the immediate payment of certain historic costs incurred by the Operator along with 25% of the costs of the Holmwood-1 exploration well up to a gross well cost of £3.2 million (£800,000 net cost to Angus), and certain further contingent costs as further set out below

http://www.angusenergy.co.uk/wp-content/uploads/2017/02/RNS-Angus-Energy-Fundraising-and-Acquisition.pdf

CL
Tell me where the £1.25 million comes from if not from the Wingas payment?? They don't have any other sufficient funds!!
then add this to the mix regarding future finance.

(i) Issue of additional share capital:Details of the proposed (private) share issues should be provided, together with documentary evidence that (a) the funds are available and have been irrevocably committed to the share issue by the investor(s), or (b) the share issue has been guaranteed/underwritten by a recognised financial institution or stock brokerage (future share issues will not be acceptable without such evidence). Arrangements with financial institutions or stock brokerage firms in which they undertake to raise equity on a ‘best efforts’ basis will not be considered as adequate evidence of funding.

I guess we will all know in the near future.

Just for you....lol

https://www.ogauthority.co.uk/media/5003/financial-guidance-august-2018.pdf

Want and get are very different things!!.....Have you read the OGA guidance??

Ocelot
The Question asked was

"Will you have to set aside a full cash provision against abandonment of the Saltfleetby Gas Field at the outset? [Investor Presentation Sept 30 2019]"

I assume that the question was asked as in GL's previous interviews he stated the full amount could be used for the
re-instatment works. Unsurprisingly it has since transpired they cant and they have ringfenced £1.25 mill There share if its Re-commissioned. Read the small print in the RNS relating to the other 49%
The answer they give basically says they hope not................ The OGA guidelines point in a different direction.