Member Info for JamesConroy

So anyone who disagrees with you is a con artist? That’s a stretch. Complaining won’t recover the money you lost five years ago. It’s time to move on.

You have a mental issue or something? Get some help you’ve been talking to yourself the whole thread

Facts for what? What are you on about?

And that’s why this RNS matters now — it sets expectations. They’re not pretending Q1 will be perfect.

Exactly. The bear case has shifted from “asset is broken” to “deal still needs finishing.” That’s a massive change in risk profile.

Exactly. Suspensions often end with step-changes, not gentle re-ratings, especially when ops have improved in the background.

Even flattening decline rather than chasing growth adds serious value. People obsess over growth and forget decline management is where NPV is made.

Yup and it reduces single-asset risk. When you’re negotiating with lenders, having more than one producing asset behaving well strengthens your case.

Exactly. Retail often assumes “why not all?” but operators think “where do I get the biggest return per pound spent?”

Also worth noting: they finished B2 and immediately moved the spread onto B7. You don’t do that if the first well went badly.

Hedging still chipped in over half a million quid. People dismiss that, but during restructuring, cash support matters. Especially when the low-priced hedges have already rolled off.

Precisely and the compressor optimisation at lower wellhead pressure is key.

That’s how you unlock deliverability and reduce decline. It’s proper asset management, not AIM smoke and mirrors.

Great update If you look at what’s actually happened over the past few months, and read this RNS properly, it’s hard to avoid the conclusion that we’re finally seeing competent execution at Angus. The difference is night and day.

Saltfleetby delivered 446 mmscf of gas and 7,739 barrels of condensate in Q4, with 4.98m therms sold. That’s up around 19% on Q3. Condensate volumes rose roughly 21%, uptime improved from 87% to 94%, and revenues jumped almost 28% to £4.11m. Even Brockham kicked in, with oil production up 26% on lower water cut and near-perfect uptime.

But the numbers are just proof. What matters is why they improved. The uplift is explicitly linked to proper well management and optimising the booster compressor at lower wellhead pressures—basic, sound engineering that actually slows decline and boosts cash flow. It’s the kind of operational competence that was clearly missing before.

The workover programme shows the same discipline. B2’s been cleaned and stimulated, they’re letting it flow back properly without rushing out numbers, and they’ve already moved the spread onto B7. That’s exactly how you run these jobs—patiently, by the book. No hype, just execution.

It’s no coincidence this aligns with the current management team. Carlos Fernandes knows the history and what needs fixing financially. Tim Kaye brings decades of upstream ops experience—you can see it in how Saltfleetby’s being run. Ross Pearson’s wells background is showing in the prioritisation of these interventions. For the first time, the right skills are in the right seats.

Financially, it all ties together. The £539k hedging profit provided useful cash support just as the legacy low-priced hedges rolled off. And crucially, the creditor discussions are now happening against a backdrop of materially improving production and revenue. That’s the part that changes everything—lenders are dealing with a viable, cash-generating business, not a hospice case.

The risk hasn’t vanished, but it’s narrowed dramatically. This is no longer about whether the assets work; they clearly do when managed properly. It’s now a simpler story about finalising the financial clean-up behind a team that’s demonstrably delivering.

I was close to selling on exit from suspension, but frankly, if the restructuring lands, I’ll be looking to add. The gap between where this is now (operationally) and where the share price has been stuck is just too wide. The pivot is proven.

I’ve said it before, if they haven’t sorted funding and replaced the previous dire with someone competent in finances and debt structuring the company will in trouble, if they sort this the price will go up significantly. All depends on the rns if they screw this up I will be the first to sell.

Interesting wg818 and mirasol not posting all day then within 8 minutes of each other

Bubblepoint is that what you do when someone doesn’t agree with you resort to personal attacks.

HITS

You’re blurring the line between legal theory and what’s actually been disclosed.

Angus has not announced that it has breached the loan and entered an uncured default. What it has announced is extensions and ongoing restructuring discussions. If there were a live contractual default that hadn’t been waived, that would need to be stated clearly in an RNS — not inferred.

Saying “categorically defaulted” while also accepting there’s been no default notice, no enforcement and continued lender support is basically arguing semantics rather than substance. Markets work off disclosed facts, not philosophical definitions.

We can all agree Trafigura holds the leverage — but that doesn’t retroactively turn restructuring into a declared default.

Croqman, I genuinely sympathise with WG818, Mirasol and Bubblepoint, but repeatedly deramping from morning to night won’t recover money lost five years ago. Those past directors have all moved on, and as the saying goes, the definition of madness is repeating the same action while expecting a different result.

There is no RNS saying Angus has defaulted under the Trafigura facility, and no RNS saying Trafigura has declared an event of default or issued a default notice. If that had happened, it would be material and would have to be stated explicitly.

What has been disclosed is that Angus has been in discussions with Trafigura about repayment timing and restructuring, with extensions agreed while talks continue. That’s not the same thing as a lender-declared default.

A missed original payment date doesn’t automatically equal “default” if the lender agrees revised terms or waives it, which appears to be the case here. Trafigura’s actions (extensions, continued engagement, no enforcement) are consistent with restructuring, not an uncured default.

So yes, Angus is under pressure and restructuring debt — but saying “ANGS has defaulted” goes beyond what’s actually been disclosed to the market.

Mirasol none of those directors who lost your money are still at the company, maybe you should just move on you’re going to give yourself a heart attack.