Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
One wishes him every success.
But they are funds that will be stringently ring-fenced. The benefit to UKOG's other projects will come if they help to raise the share price and facilitate fund raising for those projects.
From AJ Lucas's interim report for period ending 31/12/23:
On the Balcombe licence in Southern England, operated by Angus Energy and in which we hold a 75% interest,
the decision by the Planning Inspectorate to overturn the local Council refusal and grant permission to flow test
the Balcombe well was itself subsequently appealed by a local opposition group. That appeal was turned down
by the High Court in London in October 2023. Since then, the opposition group has sought to appeal the High
Court’s decision. We await a response from the Court of Appeal as to whether it will consider the case.
22 February 2024|Categories: Flash Blog|Tags: Angus Energy|0 Comments
A flash blog today, I am travelling up north for the SEF annual jamboree, I have a number of one one one meetings scheduled for today and tomorrow. (from Malcy's blog dated yesterday)
Already corrected, deltavegatheta. Well-spotted, all the same!
13. The Company, pursuant to regulation 41 of The Uncertificated Securities Regulations 2001, specifies
that only those ordinary shareholders registered in the register of members of the Company 48 hours
before the meeting, being 11 a.m. on 1 March 2024 shall be entitled to attend or vote at the meeting
in respect of the number of ordinary shares registered in their name at that time. Changes to entries
on the relevant register of securities after that time will be disregarded in determining the rights of any
person to attend or vote at the meeting.
"The Company has entered into a loan agreement with the Trustees to fund the subscription of the EBT Shares by the Trustees". (yesterday's RNS)
What are the terms of the loan agreement?
The Trustees are sitting on an immediate loss of about £75k. Has UKOG offered to indemnify the Trustees against any eventual loss?
Re storage, reminder of this answer to an Investor Question asked on 01/08/23:
Thanks for the clarity in your last RNS, can you confirm what sort of annual revenue the storage could add to Angus’ income? Asked on 1 August 2023
The traditional estimate for assessing the income generating capability of a storage facility was to take the winter summer spread and apply it to the amount of gas capable of being injected/extracted on a seasonal basis. In this instance, Gazprom selected this field as it was/is the largest UK onshore gas field and they estimated between 700 and 800 million therms as working capacity. The next biggest onshore storage facility is less than half the size of this field.
Gazprom decided not to proceed with the project in 2012 because the seasonal spread, traditionally about 40p (2006-2010) shrank to almost 5p (2011-2014). Taking only 10p as the spread available to the Operator and the annual income generated on 750m therms would equal £75m.
However much has changed since 2019. Volatility has risen, with lows of 7p and highs of 455p and with very limited Russian supply to Europe there is every reason to believe that volatility will remain elevated and not necessarily predictable on a seasonal basis. Second there is growing interest in CCUS and H2 storage. H2 storage is likely to present similar economics to natural gas but CCUS is a very different economical proposition – a one-off disposal but at vastly higher prices per tonne.
The economics show great potential profit and at this stage all that Angus is seeking to preserve is some optionality for its shareholders over this income stream whilst advancing our engineering designs and consultations with stakeholders and initial permissions from planning bodies.
This is a very smart deal, as I said so at the time and it is good that has closed, Angus is now stable and with the repayment of the bridge loans and Forum and transfers to Trafigura leaves the remainder available to cover working capital at Saltfleetby and Brockham.
It also says, as below, that Angus is getting involved with Trafigura with regard to gas storage at Saltfleetby. This is something that is to be encouraged and could be a significant growth area for the long term at Saltfleetby.
https://www.malcysblog.com/2024/02/flash-blog-angus-energy/