Member Info for Mirasol

I'd also suggest you look back at the RKH campaign that found Sea Lion - the day to day running of the drilling and the Stanley base was outsourced very successfully over a couple of years of drilling, all reporting to a tiny team in the UK. Navitas already have far more experienced staff in greater numbers than RKH did at the time. I really think they're doing it right. People like Paul Drayton will be in charge - he'll be managing it for sure - but the 24/7 ops will be done by the contractor.

ZYX - I agree - but setting up a full scale, all singing all dancing operating company from scratch isn't easy - or wise.

You have to hire people, bed them in and they have to get to know each other. Navitas are doing quite well - they started 2 years ago from scratch, hiring mainly ex Murphy guys who probably know each other and have the same basic company culture. They're adding steadily but not getting lot of people on permanent contracts until FID is in place. My guess is that they'll absorb people from the contract drilling operation as time goes on - same with the ops in FI. It's not as if there are thousands of jobs out there for people to move to right now.

They seem to be planning long term, which is very good, rather than going wild before they really know what, and who, they 're actually going to need.

11-Aug-25 0.0907 mcm per day

12-Aug-25 0.1242

13-Aug-25 0.1182

14-Aug-25 0.1048

15-Aug-25 0.1354

16-Aug-25 0.1453

17-Aug-25 0.1380

18-Aug-25 0.1381

19-Aug-25 0.1398

20-Aug-25 0.1114

21-Aug-25 0.1371

22-Aug-25 0.1160

23-Aug-25 0.1358

30 day running average 0.1190 mcm per day

The new compressor and the late July workover have clearly improved matters somewhat. Production is running reasonably consistently at at mid February levels but still way under forecast, at only 35% of the latest forecast we have (the 2023 CPR ).

ZYX is correct in his description of what happened

The problem is of course, that there is no actual Fund containing money for decommissioning.

Governments of every stripe took all the cash and spent it as fast as possible knowing that the final bill wouldn't be their problem.

Where do you think the money that powered the glory days of Thatcher & Blair came from? Tax cuts, money for the NHS, everyone to Uni, higher pensions etc etc . It was a magic money-tree for the UK. The Norwegians put some of it in their piggy bank - but not here . Spend, spend, spend

Now the bills are coming in and people are starting to scream.

" have you seen a notice stating that “Other material considerations" include the need to obtain approval from the market authorities so that the offeror is not obliged to make an offer for all of Angus's share capital.”?"

No, but before Ocelot wades in, it's a fact that any RTO would require conformance with the Takeover Code. That's a big document with many, many provisions and I'm sure that the legal eagles will be crawling all over it. IIRC Egdon managed a waiver for HEYCO to own more than 28% of their shares for a while before a final offer for all the stock was made.

It's going to be complex for sure

I try and correct obvious errors and out and out ramping & deramping.

Someone complained that they couldn't be bothered to read the documentation - on AIM stocks that's like handing your wallet over to a stranger. If you don't do your own research you are asking for an unpleasant surprise in the future. RKH management are better than the average on AIM - at least they came through with the promise to allow PI's to participate in the raise - but if you aren't willing or able to figure out what the terms are you shouldn't be here but in a tracker fund or a big outfit like BP.

I speak from long experience of investing on AIM, and in RKH

RNS Number : 2463J

Angus Energy PLC

19 May 2025

19 May 2025

Angus Energy PLC

("Angus Energy", the "Company" or together with its subsidiaries, the "Group") (AIM:ANGS)

Potential Acquisition by Reverse Takeover and Suspension of Trading on AIM

Following recent market speculation, Angus Energy (AIM: ANGS) announces it has entered into a non-binding agreement to purchase a group of producing assets located in the Gulf of America ("Potential Transaction"). Given the nature of the Potential Transaction, this would constitute a reverse takeover under Rule 14 of the AIM Rules for Companies and accordingly, the Company's shares have been suspended from trading.

Rationale for the Proposed Transaction

Completion of this transformational transaction would represent a major strategic development for Angus Energy, with a significant increase in reserves, production and positive cash flow. The transaction diversifies Angus away from the challenging UK energy sector into assets in a highly supportive oil and gas jurisdiction, with stable and reliable production and low decline.

As part of the acquisition and reverse takeover process, approval of the Company's shareholders in a General Meeting will be required under the AIM Rules. As such, a further announcement with full details of the transaction will be issued at the appropriate time once binding contracts are entered into and an admission document published and sent to shareholders with a notice of general meeting. The Company is working towards finalising the asset purchase agreement and further details and timing will be communicated in due course.

At this stage, the Potential Transaction is non-binding and subject to completing due diligence, funding and other material considerations and there is no certainty that it will be completed, and the timing thereof cannot be determined.

etc etc etc

RKH took over 12 years to recover and they were sitting on 500 mm bls of proven oil.

ANGS aren't but if yr willing to wait until 2037 to get yr money back fine

The RTO falls through?

What's Plan B??

"I’m not going to torture myself combing through 32 pages of fine print."

then don't come on here in the future and complain you'be been stiffed

|if you invest in any stock you have to read the small print

if you can't be bothered it's better to go to Ladbrokes

And RKH have been in the brown stuff for 15 years..................... but they did find a lot of oil - as opposed to most other AIM companies

Ah yes - remember all those pumpers from the past who advocated that........

I'm keeping an eye on PPP - looks like the road map for both UKOG & ANGS final struggles

Thanks for the link Nick - that really explains it . Energean contractor plus UK/N Sea expertise. All the wells post 2005 have been effectively managed out of Aberdeen I believe so it makes a great deal of sense to go down this route. They'll have all the background, and the contacts, with the NSTA, HSE, BGS etc etc

They were bought by some VC - I think the founders stayed on for quite a while and retired about 2-3 years ago from the Board. I think one of the founders sons may run it now??? They've certainly expanded as well, taking over other outfits.

They always had a very good reputation.

Rumour over on ADVFN that the drilling management will be Elemental out of Aberdeen.

IIRC they used to be called Norwell - lots and lots of serious world-wide experience going back to the '80's

HI 100 - without access to the actual spreadsheet they used you can't be absolutely sure

NPV is normally life of field through to , and including, final abandonment

rather odd to show it as pre-tax but I guess it all depends what clever tricks they come up with to minimise the tax burden.

They reference the NSAI report which states:-

Gross contingent revenue shown in this report is Rockhopper's share of the gross (100 percent) revenue from the properties prior to any deductions. Net contingent cash flow is after deductions for Rockhopper's share of state royalties, capital costs, abandonment costs, operating expenses, and estimates of Falkland Islands corporate income taxes. The Falkland Islands corporate income taxes have been calculated using a simplified model provided by Rockhopper. The net contingent cash flow has been discounted at an annual rate of 10 percent to indicate the effect of time on the value of money; the contingent cash flow, whether discounted or undiscounted, should not be construed as being the fair market value of the properties.

As requested, this report has been prepared using Base Price Case oil price parameters specified by Rockhopper. The oil price is based on a Brent Crude price of $70.00 per barrel and is adjusted for Navitas's estimates of quality, transportation fees, and market differentials. The adjusted oil price of $67.50 per barrel is held constant throughout the lives of the properties. Sensitivities using Low and High Price Cases are further detailed in the appendix to this report.

"Those who cannot remember the past are condemned to repeat it.”

George Santayana, The Life of Reason, 1905. From the series Great Ideas of Western Man.

Sorry that's 35,000 bbl a day of CAPACITY - ie storage - not the amount she can process in a day

Https://www.bluewater.com/wp-content/uploads/2019/06/Data-sheet-Aoka-Mizu-updated.pdf

shows current capacity of 35,000 bbl fluid (oil & water) a day or around 12.7 mmbbl a year

Good spot Mogger.

Navitas will have a very good idea of the timescale needed. I'd guess they, Bluewater and the Lancaster production team reckon they only need 90 days to organise the Lancaster shutdown now. Pencils have been sharpened - which is a good habit which other companies could profitably follow.