focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
I’m just glad Herbert partially unwound the hedge to take advantage of these amazingly high winter gas prices (currently 62p), he really is a strategic genius.
Partial Hedge Unwind
The Company believes that the winters 23/24 and 24/25 will present the possibility of price spikes as geopolitical tensions and the potential for cold snaps remain. As a consequence, the Company has reduced its future hedge exposure, taking advantage of the recent sell off in gas prices. As announced, the Company has unwound 50% of its hedge position in the second half of 2024 and the first half of 2025. Angus has agreed to settle the following volumes at the following fixed prices: in 3Q24, 1,840,000 therms at GBP1.226/therm; in 4Q24/1Q25, 3,640,000 therms at GBP1.37/therm; in 2Q25, 1,820,000 therms at GBP1.07/therm. This action will provide the Company with exposure to price upside during this period, while keeping 50% of current hedges in place. Settlement of these transactions will take place in the future in the normal way.
3rd January:
We are working to finalise plans for a Storage Project at Saltfleetby and expect to be able to announce these plans and a partner shortly.
14th Feb:
Still nothing.
Crazy, just how bad a company Angus is. Never kept their word, forever disappointing and seemingly going into administration once the 19th feb comes and goes, without a refinancing deal.
Anyone seen Richard Herbert?