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Caposoka- They are spending huge sums at extortion prices on studies to justify their existence. Its almost fraudulent!! geothermal will not produce revenues for many years and will cost far more than the entire existing market cap of the company. It should be obvious that GL & crew intend to squander the monies from gas and that is duly reflected in the share price. Unfortunately confetti and wonga loans arranged by GL are destroying shareholder value and its the BOD which is sabotaging.
Cut the dead wood and dead projects and stop the wastage by GL.
Ocelot- GL and crew are misappropriating funds at worse or being simply incompetent at the least . Funds have been raised in the past to pay for hedge and cost over runs and those funds have disappeared in a black hole. Additionally, they cant manage their legacy oil assets or SFBY properly and yet GL & crew wish to blow funds on geothermal. That's just outrageous. The deceit from GL & crew never ceases and the BOD are sabotaging the company. Another £6 million loan with arrangement fees in shares at extortionate prices is issuing confetti = THEFT. SP confirms that. GL & crew should resign .
GL is unreliable and certainly its his 0 credibility which is the sole cause of current share price. He should be made to resign and most definitely not allowed to issue confetti. So far the shareholders are paying for incompetence, negligence and cost over runs and without doubt we should abandon the BS of geothermal trash to keep GL in a job. The man can not manage anything. Absolutely disgusted.
Could not agree more
GL should resign and take his incompetence,negligence ,deceit and geothermal with him.
Appear to be stealthy buys.
Gallader- is not the item 3) Derivative catch up payment outstanding £4.175m settled via the lumpy placing already?
John Henry
On winter prices, the revenue will be around £3.5 million per month. Its the average £2.5 million
The storage capacity is almost worth as much as the gas field. and there is more gas there. the debt is certainly not £24 million. No brainer.
The debt is very easily manageable now that we have income flowing in. The reduction in gas prices has a direct impact on income that we are generating. Even at these low prices , we are bringing in over £1.5 million clear per month and this will double up in winter as gas prices rise. assuming an average gas price of £1 per therm or the year, we should be making a clear £24 million per year.
GL is most unreliable and whatever he says should be discarded. Whats beyond doubt is that angus is now a producer from all 3 wells with the added bonus of the largest onshore gas storage potential. The stock is grossly undervalued and I reiterate that's its time to accumulate. I keep adding small amounts subject to affordability.
At these prices there may be a bid or management buy out very soon.
Its amazing that GL sponsored cronies keep putting up excuses for his gross incompetence and negligence. If he focused on SFBY and not confetti, the company would be lot better off financially. He missed every deadline and well over budget. GL is clueless about efficiency or good management. Most of the time he talks trash to mislead and cover up his failures. It was refreshing that we did not have to suffer too much about his trash talk in the recent interview and RH reiterated that Angus failed on delivery and performance in 2 out of 3 counts.
I am accumulating. Angus is trading at 50% discount minimum to its asset value . Cash cow delivering £££s. No brainer at all.
It could be multiples of things Baits ,maintenance, installation of permanent pipework, testing etc. It would be ridiculous if company was to RNS day to day activities. It would be more interesting if we could have daily time sheets of GL to see how much time he spends in actual work, confetti planning and manufacturing plus distribution of BS.
Could not agree more MP0818
Singhie- Spot on.
Lidsey has been a dead duck for many years and worthless and GL keeps talking trash about possibilities. GL could have spent £2 million to develop it but did not and was seeking partners to mitigate risk. No takers as its a pile of rubbish.
Brockham remedial work does not cost much in money and time but GL has been ignoring it for past 3 years.
Balcombe - no time spent . wasted energy.
SFBY- millions of excessive spending-missed deadlines and finally we have a successful side track.
Geothermal- tonnes of management time on a pie in the sky trash and God knows how much money and no wonder SFBY ended up suffering via missed deadlines and overspending.
Hopefully, GL and crew are no longer in charge and the new CEO can throw out all the trash GL & crew have been promoting to fund their lifestyles. It seems going that way.
I agree with paying down debt in an organised manner, stop confetti for good as that is not the way to grow the company and the BOD need to learn to walk before they start running. I am under the impression that other major shareholders are also of similar views and hence have brought the change via the new CEO. If GL was in charge, there would be non stop confetti to feed his incompetence.
Gl & the CEO expressed wishes to buy shares as they were grossly undervalued. and we are not in a close period. Its even better value now. Lets see how that pans out.
Can we please have an updated Saltfleetby Reserves Valuation Report. Now that the side track is complete and further commercial gas reserves confirmed, there must be a significant uplift in value.
The company is set to make a profit of £24 million per year out of a single asset and its total market cap is £48 million. It should be trading at 5 times at the very least irrespective of who is buying or selling. Its a question of when the fundamentals will prevail and not if. All the company needs to do is keep milking the cash cow.in the most optimal manner and it is doing just that.
I think/speculate that the "maintenance" is actually disruption caused by installation of permanent production facilities. SFBY is a small venue and systems have to be switched off for health and safety reasons why works going on.