Member Info for JD-Nau

WG, the doomsday scenario is only ever advocated by you. Only you are suggesting that this would happen. You have just claimed that it will happen between October 23 or March 24 at the latest but it won't. Of course the company are not going to let the pressure fall below a critical level as that would be incompetent. It is simply scaremongering from you to suggest that it will.

If they have been deceived by LNE and missed out on deals for Daybreak then they are not fit to run the company. But at the moment both these claims are just allegations. There is no proof that either of these things have happened.

Heid, the first step in this is to prove the Daybreak accusations which are entirely in Kamran's power to do. You said that he is going to publish the Strand Hanson minutes from the call on the recquisition website this week. Is this still the case?

I don’t think that it is ever going to be feasible to go after directors personal assets for a mistake that they made in due diligence. If it were then it would defeat the point of having a limited company and nobody would ever want to be the director of any company in the UK. Unless it were proveable in court that S&S were in cahoots with LN Energy to deliberately get shareholders funds out of RBD and into LNE then I think that there is no hope of this happening.

What would be a more interesting option to explore would be if LNE were deliberately deceiving RBD when it cam to the due diligence process then would it be possible for RBD to recover the funds that have been invested on our behalf. Of course, this would not excuse S&S for the failure of the due diligence and the incompetence of the investment but it would be less painful to the company if the £2.5 million invested were recoverable.

The bit I still do not understand is that the company have said in their RNS that they have approval from the Abruzzo authorities to get the two year production test approved by the end of the year. They must have something in writing from these authorities in order to have made that announcement.

There is definitely something strange going on with the whole Colle Santo investment. If they get approval it is going to be worth a fortune and if they do not it is going to be worthless. The board assure us that the approval is in place but all of the Italian local media says no chance. The big question here is who is telling the truth.

They may be losing pressure at the moment but as BP explained extensively last week it is an issue that can be overcome by reservoir management rather than, as WG keeps traying to maintain, the death of the field.

Obviously all are entitled to their own opinions and I agree with WG that if the field pressure has dropped to an unrecoverable rate AND the company cannot get financing to service their outstanding loans then the company and all of us shareholders are in deep trouble. But I simply do not believe this to be the case.

WG keeps posting information here based on selected figures from the CPR in order to demonstrate the worst case scenario. He also acts like he is posting exclusive knowledge of which only he is aware; despite admitting he has no oil and gas experience. Since he has bee doing this for years and years and has said repeatedly over this period that Angus will not be around in 6 months I find it hard to take his deramping seriously.

Angus are aware of the reservoir issues and are dealing with them. They have an entire team of industry professionals on the job. Equally with the financing they are aware of the upcoming loans and are clearly going to be busy doing something about the refinancing. To assume otherwise is to assume that they simply don’t know what they are doing and cannot run the company and this has not been the case in the past.

I believe that Angus will sort both the reservoir issues and the financing issues out in the near future. WG believes that they will sort neither of these things out and the company will go bust. Time will tell which one of us is right, but I am confident that my investment will come out good. I have seen incompetent boards in action in other investments and Angus are not incompetent. The Angus management team have successfully delivered a working project at Saltfleetby when many said it couldn’t be done. With the additional expertise brought in by the new CEO I have every faith that the problems that some are claiming are insurmountable are going to prove to be anything but that.

To be fair, any abandonment costs would be the responsibility of LNEnergy and not Reabold, but it would mean that all of the money currently invested would have gone down the drain. Let's hope it doesn't happen because this was the company-changing project in the short term.

Thanks Singhie, as ever, I appreciate your information.

I must admit that reading those Italian press reports does concern me that some of the issues that Heid has raised about Colle Santo and the problem of getting permits to produce may actually be correct. However, for the moment I am going to continue to hold out hope that the company have got some tricks up their sleeves as they have been very clear that they expect to get approval for two years of production before the end of 2023 and this will deliver €1 million per month in revenue. It is really important to get this over the line.

So, in other words, you're making it up. Thanks for that intelligent input Sarah.

Why on earth do you think that the company will delist? There is no evidence of any risk of this as far as I can see.

It's at the 52 week low

Personally, I think that the further investment of £150k in LN Energy is a positive sign for the Colle Santo project and also a positive sign for shareholders as I believe that it could be the real company maker for RBD, certainly in the short term. Assuming that the two year production test goes live at the beginning of 2024 and that we take up the full options on buying into 26 of LNE, then this will generate a revenue of €1 million per month of post-tax free cash flow to Reabold and will be an absolute game-changer for the company.

Heid, I know that you have raised some concerns about the granting of this permit, but the RBD have always maintained that they have the approvals in place for it and I think that the acquisition of this extra capital further proves their confidence in this position. After all, you have emailed them a number of times to voice yours and Kamran’s concerns and so there is no way that they are unaware of their existence. The fact that they have invested additional money to increase the company stake in LNE even while being aware of your concerns should give us all confidence that there is nothing to worry about. The due diligence has been done and a game-changing project should be being delivered to shareholders in less than two months.

OofyProsser, I am neither a paid stooge of Angus Energy nor do I work for a broker or a Nomad. It seems to me that these accusations are made with ever-growing regularity on all of the lse forums particularly on here where it seems that anyone who still has a positive view on Angus and its potential runs the gauntlet of being attacked by non-invested naysayers. I have never worked out why this is.

When Richard Herbert came on board he brought with him a wealth of experience including in technical and financing and with Tin Kaye he has a COO with a lot of experience in managing oilfields. They must both have known what they were getting into and therefore I do not believe that the situation is anywhere near as bleak as WG and his allies make out.

I think that it is very interesting that bubblepoint, the only person on this board who actually has oil and gas industry experience, has pointed out the issues with the reservoir are more inconvenient than insurmountable and yet WG tells us everything is ruined, based on nothing other than the CPR reports and his own mystical calculations.

I also think that it is facile to think that Angus are just sitting there waiting for financing problems to hit without doing anything about it. If we are all aware of these issues then I think that it is safe to say that the Angus board are too and are doing everything in their power to sort this out.

Investing is a game of risk. I believe that the board that we have now must be aware of the risks both at a financial and a reservoir level and I believe that they will find solutions to both as neither are insurmountable.

I find WGs amateur research that the reservoir pressure is going to fail completely unconvincing and I note that he caveats a lot of his posts by using the word possibly just before he goes into another spiel about how everything is doomed. Presumably this is so he can disassociate from his one posts at a later date.

Personally, I am going to ignore WG’s warnings. He has made it clear that he believes that the reservoir will fail by summer 2024, which I believe is his 4 months ahead of the CPR. I think that he is wrong. I am happy to put my faith in RH and his BP experience over WG and his crabby grandpa amateur research. Time will tell which of us is correct.

Again WGP whenever anyone disagrees with you , you resort to abuse. It gives out a rather untrustworthy impression of your character, especially as you have proved completely unable to argue against or perhaps even understand any of the technical points that Bubblepoint has made today on reservoir management.

As you have freely admitted today, you have no oil and gas experience and are merely an enthusiastic amateur when it comes to analysing oil and gas shares. Unfortunately I would say that your enthusiasm significantly outstrips your knowledge as has been shown very clearly today. If as you claim, you would like less informed investors to become more clued up about Angus then perhaps you should listen more and talk less, because you are one of them. It has become very clear to me today that for all the noise you make on these boards there is actually very little knowledge or reason supporting your arguments. Your primary speciality appears to be throwing abuse at those who do not agree with your viewpoints and quite frankly it is rather infantile.

Yes, you are correct it is only £4 million, less the £150k that was spent on the £750k share buyback program and hopefully not also less the £750k nil cost options that S&S granted to themselves on the same day they announced the, now aborted, buyback program.

WG, I don't think that Bubblepoint has thrown his toys out of the pram, I think that you have. He has answered every one of the points you raised sensibly and thoroughly, yet you still continue to abuse anyone who disagrees with you.

The conversations today have proved that you know nothing about oil production and you have even admitted that you have no experience in the industry yet you have the nerve to post that you "post to those who have slightly less information or idea as to what’s going on".

Personally, I think that you have no idea what is going on as has been proved today. Sharing your own ignorance with others is not helpful, it is misleading.

They won't run away with the Shell money but I have serious doubts that they will return the promised £4.5 million to shareholders. Look at what happened with the £750k buyback...

Regardless, I still expect the share price to rise when the money arrives.

Headinthesand, I'm pretty sure that Angus are aware of their liabilities without needing you to point them out. I am equally sure that the experienced OG and finance team that are now on board will have been doing something about dealing with these issues, both the sorting of the reservoir the sort-term liabilities. It's like you and WG seem to think that you are the only ones who know what is going on and everybody else, including the board of directors, have no idea.

Regardless of all the smoke and mirrors put out on here Saltfleetby is a valuable asset and I have no doubt that Angus will both sort out the reservoir and deal with any funding required. They have a cash generating asset and that makes finding finance much easier than it was to develop the site in the first place, and they managed that didn't they.

Unfortunately, most of us, myself included, bought at prices significantly above where we are today. Hopefully the Shell money will come in at the end of this month and set us up on a more positive trajectory.

Yes, the drill must be close to being finalised. Hopefully we will have some upwards pressure on the share price when the schedule is announced.

To chip in here again, I have to say that I see nothing wrong with Bubblepoints posts on this issue. They make perfect logical sense and he agrees that the pressure will be an issue if Angus do nothing. Of course, Angus are not going to do nothing.

It's obviously an annoying problem to have to fix, but it is neither insurmountable nor unaffordable as far as I can tell.