The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Apologies to all who don't know Wingas storage UK Ltd then changed the name to SALTFLEETBY ENERGY LIMITED on the 26th July.
https://beta.companieshouse.gov.uk/company/00953066/filing-history
Just to put this to Bed.
Forum Energy Services Limited are listed as (RLE and PSC "Relevant listed Person" & Person with Significant Control") Holding 75% or more directly or indirectly of the company at companies house in relation to SALTFLEETBY ENERGY LIMITED.
SALTFLEETBY ENERGY LIMITED is in a joint venture 49% to Angus Energy 51% in its flagship project.
I am not the one trying to deceive here.
https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/YevRQUykPXr80vcVsEmCYs7-vyrZTB5qG1CM1aQBH7U/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIAWRGBDBV3M4KND4UL%2F20200220%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20200220T074108Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEEUaCWV1LXdlc3QtMiJFMEMCH0fVVxgijlrZQvFCtyfTteWIAJdOfkg9ob3tqX6d0AICIGFaX1v6bD61sfPjcc%2BkzigFiiQYMtPQXdhX2vXbKamoKr0DCP7%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEQAhoMNDQ5MjI5MDMyODIyIgzTAad06ExOSOLTjnsqkQN7yLmtTyduz8zMiX7Vid8T0O1AHiW79GrZ1x3FTxV%2FVIFcMFA%2FoXJHibo6As%2FKX7i%2BatQFvIS8gfEynHQd1Q9Q2a%2BXExjzNi%2BpU4atnJ1EIsTECPRfVappZV4r9rAc3icwduC8BzN%2FqgT7lbTHp3Egt6TNAPrvBaRrjm8tqBnjihBCHHwNdnitafYpo2OC3xkO9gDrqqT7rM0BFzRwYl8Xx3nKd79em6gOv5x0SNFsA2eYbFbKbwsXwexZwyQhgUtHfZ2MYLKVKYBjTrylYINeojTHUphVsMHvaRxYjGoTJji4BY6g4udj5ocI68VzACxJQEAW2b9mCyneV6UfriytbM3wYzYIrMbp9THKcR%2F78Eb3mD9UCQ2CRtjbInsbGUH5IghZCSJIoy%2Br%2BwUy6yVi8wr0EYXgDiVEju4KBSQh6lRNv0%2FtYQFuAOHyY8J00cFXUp8HSMjMqMytWu%2BUBVFU4ZABVbmsZ8%2B0C0g2GWKjyrj0%2BxEKyqByOVK%2Bdqt74oYB19BohTw28RUO892oS3uHyTCtoLjyBTrtAVhYx6v4TmWUDSDhQiTZnd0FYG1xX1U7VyDpy6U5OXFx8abNEdOf%2FSxfoAWh1b2tm5l4BZXxv68BCTooS1Hvei5uqMXtvsfZAuAqg%2BQ%2BFf6tf1tW4fXgnM1jV7AMxGZFFTWX81ETueS4LH6trGGg9dXKq2hRjpQtWquYNw5GBVY2I%2FvtZpSlmdid9WODyXqF62QiR42YM1YJPh9l5TArm%2FqOmsJEA0XDFyXhP3DMD1RxY%2FuPEyo010w%2BrM0Fyp7VJJvNGpUud0e5eENX1vQBl2x3WLOxNS%2F2FBUteE8ap2yN8WN%2BIYs6CdJxu%2F54YQ%3D%3D&X-Amz-SignedHeaders=host&X-Amz-Signature=f46c74cc80b2d0add1cc063cff985add126698d1839bdee571bb9e9da94f0646
Submitted this.........Maybe they won't answer as they also think there is no connection ...lol
Your RNS Of 1tth June is unclear and contradictory as to whether the liability for all abandonment costs surrounding the subsurface works would be shared 49% /51% for these works Following reconnection.
Having looked over Saltfleetby Energy Ltd last filled accounts it lists De-Commissioning costs at £12,837,730. Could you please clarify if Angus would be 51% liable for any “surrounding subsurface works” Following re-connection
Taken from RNS Number : 7530C 19 June 2019
Following reconnection and a declaration that gas can be extracted and sold in a commercially viable manner, future abandonment costs together with ordinary Field costs and revenues will be shared 51%/49% by the Group and Saltfleetby Energy under a standard JOA.
Saltfleeby Energy has agreed to retain the liability for all abandonment costs surrounding the subsurface pipelines from the two sites to the Theddlethorpe Gas Facility together with certain redundancy costs which would otherwise fall to be treated as expenses under the JOA.
Oh and Another bit of good news for you believers.
Latest OFGEM chart has cas up to 38.04p a therm!
https://www.ofgem.gov.uk/data-portal/gas-prices-day-ahead-contracts-monthly-average-gb
Thanks for your kind words Yanis2005.
I did promise the bb that I would Filter LLTM but as your discussing me I feel it's fair to make an exception.
I post any research I do good or bad for others to make decisions on. I would suggest that he looks at the fall in the share price reflects the ratio of good to bad FACTS I post.
Its no coincidence after all my research however I hold a very dim view of the company and its future.
Lastly, the whole weekend thread was pulled when he claims I got the wrong end of the stick as I suspect we reported each others posts.
Funnily enough, I was doing some more research today on Forum Energy Services Ltd the company solely in charge of Saltfleetby energy Anguses 49% partner the Poundland gas project.
Looking through the accounts it appears they have another £12 odd million De-Commissioning costs (Not liable to Angus) on top of the £2.5 mill given to Angus already.
A reminder of the Corporate nexus i apparently was mistaken about for anyone wishing to research themselves.
LLTM stated there was no connection between forum and Angus. This is simply untrue and I listed the reasons with links to back up my point.
Corporate nexus Connection 1
Forum Energy Services Ltd have sole control over Saltfleetby Energy Ltd
https://beta.companieshouse.gov.uk/company/00953066/persons-with-significant-control
Corporate nexus Connection2
Forum Energy Services Ltd have bought the Convertable loan note from Riverfort over at AAOG.
https://www.lse.co.uk/rns/AAOG/new-strategic-investor-and-termination-of-isa-11ui8tufqhdeuug.html
Corporate nexus Connection 3
Angus also have a £900,000 outstanding convertible loan note held by Riverfort
https://www.lse.co.uk/rns/ANGS/loan-balance-reduction-sqsalp5x68dkqha.html
Corporate nexus Connection 4
Angus has signed a contract with Saltfleetby Energy Limited
" the Company has now entered into a Joint Operating Agreement with Saltfleetby Energy Limited to formalise ongoing operations. "
https://www.lse.co.uk/rns/ANGS/saltfleetby-farmin-agreement-dlh93txu6khglrf.html
Even in company law signing a joint operating agreement means they have a connection.
LLTM decided to move the goalposts throughout the afternoon to the point that for a company to be connected to another it would need to hold shares in the said company to fulfil that description.
Even the corporate law analogy is quite obviously false as they have signed legal documents thus linking them legally.
Back on Filter for LLTM................... DYOR All
I think you have the wrong company Tiburn?
FORUM ENERGY SERVICES LIMITED accounts show £90,000 odd not £14 million
https://beta.companieshouse.gov.uk/company/09903234/filing-history
http://www.checkcompany.co.uk/director/650450/MR-PAUL-FORREST
Thanks, it's game. That seems plausible given the 3 director thing but only two listed as shareholders as of Jan 1st this year.
Derek Brouwer and Paul Forest.
Ill keep an eye out on this!
https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/740hvG32Su8CvsLEbuevDAP74IDInaMY1TGAuO6p4uI/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIAWRGBDBV3P7K55J67%2F20200218%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20200218T103932Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEBgaCWV1LXdlc3QtMiJIMEYCIQDVl8TLrh%2F4vLPBXZtanij6UNQ%2FG47V%2FsZbZ%2B%2BN3bT56wIhANlKT85r33N9Kk3hPEL12z1QH5Lq7oP9za9F4%2BHlt1VqKr0DCNH%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEQAhoMNDQ5MjI5MDMyODIyIgwTmV2ie2%2Bc3NeOQP0qkQOf4NeX%2B2d1hBaeIHIJIov2ScF4CTqt2N8C2cEG%2BdGNm7NxZ7BZkCbSEpuZkC7LTJvugc0R3YvuK3JNNZ9ulj3bbj2sYn4HdykyUmYI3t8txXW5b65qaFhMkTdtgHVGzhfQcFOTAf1clhT9DN9%2FyU%2Ft5ofkLxUxFJJuricnrc5JCX1oQnOdbV%2BSbTo552aTRNs0J9GwDideq5vU5ekJ%2Fx2iY0bHf0SATAdhgannSYm79Dp2%2BADQqZyT8uQAQcimycGjEQCGTGjT7G0gQtL4rFVBfgKoQ3%2BLgGnvCxM5mVEz%2FDiOyW%2F2y6rh7bLpozjL3QBqUQhRYEdm2WftMItZAJthbUJge4CZlU3JRF%2Biaw0Afc7g7BDbi5MIURdZ1IRTisXOu9CfimqS2lUAtMWXzlsLV%2BaM1yFX7lIeYKLnSmtwQ1sk3NSTFGQSm5rNLMZwGAx08XDMJ5OR4yzzmot8q6%2F1FGPdwWMV7vMgeJny29GZUv%2FpV1Ja24AWbFPFbEMbdo9l%2FD4HK5hHekFWSv8j8fX3ejDyra7yBTrqAdrlsit6kh0ay9LNfv8EFKgSw%2B5KFmBPiW4S4BOH2n8snuEc0kC5tOYfBHRirYwCySWpBBeeQU7kBtJ%2FbNnEaaCfJcWEO9cSX0EEALfaU5xOl4%2BLM9orr8XaM3rxlBMiFFzj8XuarhMOdYXzsshRxtWXceS8OeFyp4GYBddtqbyIeW9u4QqE17OLolexierlyOBnCQm7%2BQXloxWnH%2BTE%2BUEimOzgtAAhTJ6ZtcC6V9Xn6RaXYYl6lgroOLNafJ3styYtbl5zApf4RrYqqCkgzz16T6Aw2p9a4i4FG5eZMfuxxKtN93dpCUXjyA%3D%3D&X-Amz-SignedHeaders=host&X-Amz-Signature=b26e8b8b9b34b19dbc9c7e60c34082304c0343d5c20d7508d33f00545ea30535
A question if I may?
Are you sure you have the right Forum energy here? There seem to be two!
This is the one with links to Saltfleetby Energy Ltd
https://beta.companieshouse.gov.uk/company/09903234/filing-history
This below the one with the links you provide don't appear to be related to Saltfleetby apart from Paul Forrest who resigned around the same time as an appointment to the other Forum above?
https://beta.companieshouse.gov.uk/company/05411224/filing-history
Just interested as a they have a joint venture with Angus.
Well it very much reads to me like they are saying The council is fitting in a special panel before the 24th March in the first sentence! However, the second part with the explanation as to why doesn't make any sense as to why they would do that!
Put in a Not or change now to not and bingo it makes sense! Don't forget they got the month wrong on the last RNS.
And the award for the most bizarre RNS goes too...........................
I think they may have made a typo in this. It would actually make more sense if you substitute NOT for NOW! Otherwise why go onto the planning officer stuff?
The Company has been advised that the application is now likely to be heard before the 24th March Planning Committee Meeting to allow the planning officer to complete their report and make their recommendation having received responses from all consultees.
“Distorted facts” on well integrity
Balcombe Parish Council in its objection criticised what the risk assessment said about the integrity of the Balcombe 2 well, drilled by the former site operator, Cuadrilla in 2013.
The risk assessment referred to a cement bond log, a test of how well the cement around the well bonded to the casing and the surrounding rocks.
The cement bond log supported the conclusion that risks to groundwater from failed well integrity were considered to be “very low”, the risk assessment said.
But on this issue, the parish council said the risks assessment “distorts facts and cannot be relied upon”.
The only cement bond log carried out on the Balcombe 2 well rated the cementing as mostly “moderate to poor”. In the section at depths of 600ft-708ft it said there was “poor casing to cement bond and cement to formation”. This section corresponds with a section of the Ashdown Beds aquifer.
A review of the Angus risk assessment for FFBRA concluded this meant there could be “possible breaches in the cement seal” and an increased risk to groundwater quality if there was a leak in the well column. It added that the potential use of hydrochloric acid in the well might exacerbate this weakness.
Balcombe Parish Council called for tests to confirm there were no breaches to well construction and for remediation if necessary.
“Two applications in one”
The Angus Energy application proposes two separate operations.
The first stage, lasting seven days, seeks to remove water from the well and establish whether oil is present. Stage 2 is to flow the well for three years.
The company has proposed to remove all equipment between the two stages and install safety and environmental protection measures before stage 2 begins. These include a flare to burn off waste gases, a perimeter containment bund, impermeable membrane and emergency shut down system.
Balcombe Parish Council said the two stages should be treated as separate planning applications.
It said the risks in stage 1 had been underestimated. It called for the membrane and bund proposed for stage 2 to be provided in stage 1.
It also criticised the lack of detailed plans for the containment system and bunded area in stage 2.
FFBRA suggested, in its objection, that the application had been shaped by the deal to transfer operatorship from Cuadrilla to Angus Energy.
Under the agreement, FFBRA said Angus must pay 100% of the costs until oil is produced (stage 1), while Cuadrilla would pay 75% of the costs in stage 2. The association said:
“This means Angus is incentivised to push as much of the cost as possible into Stage 2.”
It said Angus had provided only a “design philosophy” for stage 2, rather than engineering details and calculations.
“Angus are asking the council to grant permission on the basis of a general wish list and conceptual ideals rather than concrete design plans. A bit like architectural pencil illustrations rather than the engineering designs.”