Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Inactivity on site has probably been caused by BOD transition. JT is still operations director, if he had resigned there would have been an RNS issued. I think/feel that there has been a lot of disagreement between JT and PV as you would expect considering the situation. Now that PV has gone I think we will see concerted activity at Brockham to get it flowing asap.
I think a lot of delay has been caused by the lack of flow from Lidsey last year. The well there was expected to have a flow rate in the hundreds, instead initially they had 40bpd. We were then told, after a Lidsey workover, that they had 212bpd combined between Brockham and Lidsey in an RNS, so about 191bpd should have been coming from Lidsey, but according to the OGA website up to September last year Lidsey only flowed at a maximum rate of 25bpd?
Whatever happened, they wouldn't have had the funds to pay for the future proposed programme. So we had time delays and fund raising.
My feeling is that JT's shares situation may have had something to do with trying to raise money for Angus? Only my opinion and only a theory.
It took about eight days to get oil to surface at Horse Hill in 2016 and UKOG informed us of the situation as they went. ANGUS don't seem to like telling us any more than is absolutely necessary? This post is only my opinion.
I smell a rat here. Not sure exactly what it is but something I feel is not going according to plan. There is too much potential disruption with the BOD. VP promises lots of things that don't happen. His schedules for various events is shambolic. Both JT and PV have unanswered issues that need explaining. One of the most important issues for me is that on the 29th March 2018 there was an RNS issued which stated that there was a combined production of 212bpd from Brockham and Lidsey. I think Brockham flow rate was about 21bpd which means Lidsey was producing about 191bpd. But when you look at the OGA portal showing production from Lidsey in 2018, the highest production rate was 25bpd?? So what's going on? What happened to the other 166bpd that was meant to pay some or all of the AGUS costs? Are we being misled constantly?
https://itportal.ogauthority.co.uk/pprslive/production-data?start_date=Sep+2018&production_type=OIL&production_unit=OIL_FIELD_UNITS&operator=ANGUS+ENERGY+LIMITED®ulatory_jurisdiction=LANDWARD
Who was it on here yesterday that said there was a rumour that PV was going to walk? Would be good if he did seeing as he's mainly responsible for the share price collapsing. Mind you he was also the main reason for the share price being so high. So what was really going on during that period?
I think that there is a lot more going on here that will be revealed in due course. Personally I would chose JTP over PV. I felt misled with the predictions on the oil flows from Lidsey which turned out to be wildly inaccurate. I sold out at the time with what for me was a large loss.
Who was it that was wildly over optimistic about production at Lidsey? What happened with the share price once the real production figures were announced?
I would say that it's pretty bad management having to raise money so soon after the last time. Has the cash burn rate gone up dramatically recently or are those in charge very bad at maths?