Member Info for Ja51

Well I think the whole lack of interest sums it up really.
Saltferry future in the hands of others now. ringfencing question dodged.
Balcombe only produced 100 Barrels during the 7 day test?? and they only expect 300 a day with 25% share now confirmed (that won't keep the lights on).
For any with long term knowledge of the gas to wire and water injection questions, the answers are quite laughable.
But the question regarding JTP is most telling. Still paying for a man who has nothing to offer in a role that could see him jetting around the world looking for prospects for a company with no money.

O dear
They really should read their own RNS'S before replying with duff information!

Prior to initiating production, Angus Energy will install a connection to the National Grid for the distribution of excess power generated on-site as outlined in the Company RNS of 22 September 2017.

Upon completion of this installation, production from X4Z will commence. Angus Energy will update the market in due

course. https://www.lse.co.uk/rns/ANGS/angus-energy-receives-oga-approval-ex1k8fxdhxqhp9f.html

gkb
I suspect you are spot on.
Given the guidance given by the OGA in the document supplied below and the recent RNS regarding ringfencing in full of Lidsey and Brockham for de-commissioning. It would be odd that the OGA wouldn't want the £2.5 Million set aside in the seperate account for Saltfleetby also. After all that's what Wingas gave them the money for.
This brings into question the requirement to submit details of future funding as a going concern. Take out the £2.5 Million and they are running on fumes with no income coming in.

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

So Which is it then?
A: You and Torreagas posted incorect information on this BB?
B: GL told you porkies and you them posted said porkies on this BB?
C: GL is so out of his depth he is telling you things that he doesn't have a scooby-doo about? If this is the case he should resign immediately.

Non of the above is a good look for your investment strategy realy is it?

So you and Torreagas did then?
Your history is there for all to see and you say you agreed with what Torreagas posted?

Are these answered by A conference call then? See the second sentance.

Please note:

Personal details associated with submitted questions will not be made public.

Questions will be attributed to the author on a first name basis only, during the call.

Management will do its best to answer all validated questions but for commercial reasons reserves its right to exclude a validated question.

CL
With regard to what he could have done better, Most new MD's would cut out the rot and the deadwood when taking over.
He failed to cut out the root (JTP) and when had a close look at cutting out the deadwood found there was precious little left. (Brockham and Lidsey)............So he then took on someone else's deadwood on instead (Saltfleetby)
The only wood of any value is Balcombe and that has taken a growing season too long to prune! and on closer inspection looks to be overwatered and only a 25% share of 300 bbls a day if they are lucky.
To be fair you can't polish a turd but look where the share price is.

It seems strange you are so defensive of George who by your own admission only a few weeks ago lied to your face!
No Ringfencing!..... Fully funded! ...........Remember??

if you put 0. in front!

Ocelot.
Cats may have 9 lives, but cows have only one.
The Angus cow is very much in the stockyard outside the last chance salon!
Now, who do you think drinks in Saloons...... Cowboys and Snake oil salesmen.........remind you of anyone that's been discussed here recently?

gkb
What you say about Vonk dressing up the information supplied may be true. Unfortunately, it is no excuse as he is qualified in his own right to interpret the information. He most definitely lied on record in his podcast and interviews regarding Lidsey in April 2018 regarding production and the RNS.s released around the time are also fictitious.

GL, on the other hand, is indeed in the hands of others when it comes to information. He also has given interviews and presentations where the answers he gives have turned out to be bogus. Is that an excuse? not really when people are losing money as they are I'm afraid.

Rely on the paperwork to make your decisions as at best GL seems to be failing in his honeymoon period with even basic facts.

The most current bit of info is the OGA financial guidance which I would suggest GL hasn't read until very recently. Make your own minds up if think they qualify for the licence's needed for Salt and Balcombe without raising more capital.........If they could.

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

Charlie
The best possible price is a lot lower than this! You have the 33 million warrants shares that will no doubt be exercised asap.

"The facility carries warrants equal to 20% of the full facility amount of £1.5 million. The warrants are issued upon execution of the facility and are exercisable at a price of £0.01664 per share with a three year term"

and sold at what ever the market will bear at a massive profit.

Then then they will sell the 1st tranch of 20 % before year end.

"Up to 20% of the outstanding principal may be converted into shares in Angus Energy before 31 December 2019."

This will be at the reduced share price in a couple of three weeks after clearing the warrants.

And yes it was obvious this was going to happen!

For them to try and pretend this form of finance was the right choice is just plain bonkers!

Vonk apparently lost his job as he couldn't arrange a placing yet GL has been forced back to death spiral finance which he castigated his predecessor for arranging. Why? as it is no doubt the last option open to him and for only £1.5 million which probably isn't sufficient for OGA requirements regarding funding as a going concern.

And there you have Brexit summed up in a sentence YL!

looks like thats the latest lot of day traders locked in then!!!......22% spread!

Can you point me to a share that has a chance of that in the next few months then, please? sure as hell its not going to happen here with the dilution coming!

Ocelot
You are probably correct in the posters who follow comment. I seriously doubt any would put another penny in however given the dishonesty and incompetence displayed by this bunch of xxxxxxxxx!

So...... GL told shareholders he wanted them to be able to take part in future raises, Anyone interested as that would appear to be the only way he will be able to raise finance moving forward!

YL
To be fair to Charlie Angus are past masters at telling the audience what they want to hear.
Far better to rely on RNS releases and be able to translate them into what they are really saying (with the exception of the Lidsey ones from April last year which are just plain lies)

For example, todays actually says.........We are putting Brockam and Lidsey together and selling them at mates rates including the de-commissioning money to parties unknown!!.............probably a £1

AIMHO......LOL

Octane
You are 100% correct. The OGA very much hold Angus's future in their hands. Alongside WSCC of course who i would assume will now want Cuadrilla and AJ Lucas to set aside decommissioning funs also. (See DOD article regarding Dunsfold yesterday)
I would say its 50/50 the OGA will give permission for Salt and Balcombe given the state of Angus finances at present. Realistically this £1.5 Mill is not enough to move the company forward, but i suspect it was all they were able to get and if there is no concrete good news i fear this will be the last anyone would be willing to offer.
P.S. i did say dillution on or around brexit day so lets see when the next RNS comes out regarding those 20% £0.01664 options comes out!!
" The warrants are issued upon execution of the facility and are exercisable at a price of £0.01664 per share with a three year term."

This could be relevant to Angus!

“Despite previous assurances that the Environment Agency would be able to pursue responsible parties if companies went bust, the government now admits that is not the case.

“The judicial review claim filed today seeks to ensure that the Oil & Gas Authority properly scrutinises such sales to protect the tax-paying public.”

https://drillordrop.com/2019/10/23/anti-fracking-campaigner-files-high-court-challenge-over-oil-and-gas-clean-up-costs/

YL
Hope scally took your advice about that stop loss!