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It's to dry the gas before export. The gas will have to meet certain specifications before the national grid will accept it and a moisture content below a certain value will be one of those specifications. Any formation water not removed via the separator ie. In vapour form will be removed by flowing it through the dessicator.
Well HITS, maybe as far Angus are concerned, the issued equity was assigned to Aleph. If since then, Aleph has distributed this amongst the group of investors and Angus hasn't update it's website, this is a possible explanation.
If you're really that concerned, I suggest you email Angus directly or ask an investor question. You seem to have more time on your hands than I do. I'm really not that bothered though, I'm more concerned with gas flowing out of the ground, through the process plant and off down the cash-generative pipework to the grid.
So now you're crying about the fact there isn't more dilution HITS? Comical. I'd be happy if we didn't issue the other £3m placing, I'm sure we can live without it if the gas flows at profitable volumes.
As for lack of TR-1:
"To support the Acquisition, and the Company's growth ambitions, and to manage general working capital and Saltfleetby project capital expenditure in particular, Angus is pleased to announce that it has secured a group of strategic investors with whom the Company has completed, by way of a direct subscription, a conditional issue of 546,000,000 new Ordinary Shares (the "Subscription Shares") at 1.09896011 pence per share to raise £6,000,000 with a group of family offices and private investors led by Aleph (the "Direct Subscription"). "
*a GROUP of strategic investorS* - if none of these individual members of the group have over 3%, then there's no TR-1 necessary.
A day to pressurise so you don't thermally shock anything, nitrogen will probably be in liquid form so needs time to evaporate and warm up. There's no weekend working allowed so might as well leave it there over the weekend, then checks and depressurise on Monday. 1 day wiggle room is reasonable.
I'm sure there are standards that stipulate the duration that the system should maintain pressure.
"Are you actually invested ShareFlyer? you seem to disappear when the share price falls..."
I'll spoon-feed you, seeing as you couldn't be bothered to scroll the page.
And NIMBY? Interesting choice of slur. I don't even have a back yard.
Fundamentally, whatever percentage of ANGS you held last week, it'll soon be one half of that percentage.
100% of SFB is a positive move though, I doubt even ANGS would have gone in for the other 49% if they weren't sure it would deliver. The massive dilution is a bit of a bitter pill though. Can't wait for monthly share buyback notifications George!!
Acquisition of 49% of Saltfleetby via massive placing. Another £6m raised on top of that because someone dangled the "mate's rates" carrot. Shares in issue will be north of 2.5bn once all is said and done.