Member Info for Mirasol

"I just make use of the figures for the Loxley gas field SS made available to us"

Ocelot - you never address the elephant in the room . SS has a long record of giving us numbers none of which have ever been attained. Why would anyone invest based on his numbers?

" Utterly mindless scaremongering"

No - a real possibility - and the market agrees - why else is this stock below the offer price by SOU even now??

You don't understand do you?

if the Sidetrack fails or the gas is below the levels needed to meet the hedge ANGS will have to BUY gas in the market - at current prices - to make up the hedge. At that point they will run out of cash fast - and no-one will lend to them as they have the hedge tied round their necks...................... The lenders just take ANGS out for nothing and keep the same people (excepting JTP and GL I'd guess) -but the shareholders are wiped out. Look at N Yorks potash.

No-one ever seems to recognise that we'd have been better off to take the SOU offer - 1.5p pre dilution............. and what is today's price gentle folk??

"I have repeatedly asked the merchants of doom of they are still confident that angs will go bust?"

I don't remember you doing that my friend but since you ask I think its 50-50 that the lenders will take over the asset and we'll be left with nothing

Reservoir performance figures continue in line with trend over the last year - water cut increases by 1-1.5% a month, reservoir pressure declines by 6- 7 psi per month and production drops slowly

"Is there a decommissioning provision? Around $30m to $40m would be prudent. Exit level for ye 2023 would see cash pile nearer $500m assuming oil prices remain high."

the year end 2021 presentation (28 April 2022) showed they were carrying around $45 million for Lancaster decom and around $17 million in "restricted funds relating to the AM ". Of that total $ 33m were held in Trust.

"Is there a decommissioning provision?"

IIRC yes - it had to be renegotiated before they got the last renewal of their production permit

"It's literally incredible that this is apparently not understood..."

Of course it is - they aren't real investors - they sit in a tiny office handing out abuse - they've never seen anything on finance etc - see Caravan yesterday who believes that the hedge will be renegotiated in t a "fair to everyone" deal

:))))))))))))))))))))

" Really I think now your in another world. Cheers."

have you ever met or dealt with the lawyers with these outfits? Man, they make the Mafia look like Mother Theresa

"But it won’t pay to be greedy"

Its not being greedy - its their reward for taking the risk - that's what hedges are all about. And what will it look like to the next hedge they enter into with someone else if they let ANGS off the hook now?

No - I remember the sidetrack - I was only talking about caravans idea that the hedge itself could be renegotiated - at a benefit to ANGS - it can't and won't.

Yes if the Sidetrack works then ANGS will be doing very well - but that has nothing to do with the legally binding hedge which is in place

"Or look to terminate the contract"

they'd have us rinsed in the High Court in seconds - the agreements will be bomb proof

"If they are responsible. Then they would want all involved to do well"

they are FINANCIERS, Bankers - they took and are still taking a big risk - what do they owe GL or the shareholders? Nothing at all

they have their own owners and shareholders remember? They expect them to get the maximum income

"Wow. Soon it will pay to renegotiate the hedge. Or pay to get them off our back."

they can do the sums a lot better and faster than ANGS

they've got a great deal if the gas flows - why would they re-negotiate it for anything less than the money they would have made?

" I know 85% utilisation used to be considered the top bench mark for manufacturing facilities, it there an equivalent bench for oil & gas production?"

Once it u p and running gas can be 95% oil 90% - but older facilities and lack of maintenance can reduce up time

https://energynorthern.com/2020/02/18/downtime-in-north-sea-reduces-by-19/ shows that average N Sea UK was around 83% in 2019

https://www.offshore-energy.biz/uk-player-frustrated-by-production-shut-in-at-north-sea-gas-project/ shows one that isn't so good

"If you remember, the resolutions sailed through last year's GM without any problem."

But SS was rattled enough to agree to shell out £ 1000 a month to buy stock from his own pocket IIRC

Can we please have an update on all the relevant permissions needed for current and near future work. Asked on 14 June 2022
We will answer this question in the ordinary course of our Q&A, but as regards our recommissioning project at Saltfleetby we note that on 22 March 2022 we have already answered this question as follows:

“Angus Energy plc (AIM: ANGS) is pleased to announce that the Environment Agency has issued its Variation Notice for the existing Saltfleetby gas field permit. The site permit now encompasses the new activities of processing and compressing of gas for direct export to National Grid. No further regulatory or planning permissions are required before First Gas.”

Cynders- ANGS could be bust by next month if they don't get enough gas to meet the hedge

"I see the 100 page glossy brochure as much more important and pogniant"

Meaning of poignant in English

poignant - adjective
UK /'p??.nj?nt/ US /'p??.nj?nt/

causing or having a very sharp feeling of sadness:

The photograph awakens poignant memories of happier days.
It is especially poignant that he died on the day before the wedding.