Member Info for ocelot

And we've broken it in convincing volume:

AIM: 20.1m;

Aquis: 7.6m

5.3m of cancelled trades. 18.4m - 5.3m = 13.1m.

Bubblepoint,

Thank you for your post.

It looks as if it is something which requires a great deal of preliminary work:

-- Work on gas storage feasibility to be accelerated with funds from the new facility and revised subsurface mapping (from yesterday's RNS)

Hi, Can you update shareholders on the progress of talks with the 3 interested parties ref: storage at Saltfleetby. Do you still anticipate a deal will be concluded by year end? Asked on 2 October 2023

We continue to engage with interested parties on the storage potential of the Saltfleetby Field and will update investors when there is solid progress to report but at any rate with an update before year end. We continue to see high levels of interest in the storage project.

When George Lucan was in charge at Angus, he did describe Loxley as an attractive asset.

Yesterday Angus announced terms of agreement of their £20m refinancing facility which, when finalised in the near future, will provide them with additional funds to invest.

For the present, their focus is entirely on Saltfleetby (but that may change at some stage).

Imho, your view is too static, Bubblepoint.

A lot can happen in a year, including cash being generated.

Personally, I've nothing against placings, provided they are earnings or asset per share enhancing

Bubblepoint,

Think it may prove to be in the nature of a master stroke: as Malcy quite rightly points out, it "gives capex support for the foreseeable future", it sets them up for the future.

A very smart move by Angus who in one swoop sign a new £20m debt facility with Trafigura over 5 years with a reasonable rate of 8% over SONIA, way lower than before and an offtake agreement. This pays off the debt and gives capex support for the foreseeable future, sweet as they say…

Biggest volume day (44.9m at present) since 10/07.

4th biggest gainer on the market.

Angus Energy PLC - UK-focused onshore oil and gas developer - Agrees a GBP20 million debt facility with Trafigura PTE Ltd to refinance all its existing debt, as well as to fund additional capital expenditure projects to raise production at Saltfleetby field. The debt facility has a five-year amortising term with a one-year repayment grace period. It has an interest margin over sterling overnight index average of 8%, compared to 12% on existing senior debt and 15% on bridge facility. Trafigura expects a closing date in January. Angus adds that its existing hedge contract will be replaced with a fixed price offtake, with Trafigura acting as offtaker. Says the new funds will accelerate work on gas storage feasibility.

What is true of GROC is also true of Alba, imho.

SB signed off with a comment along the lines of:

"... because of current market circumstances, our share price makes for a very rare investment opportunity".

The time pressure is off, the remaining bridge facility will be repaid out of the refinance facility at a reduced premium over Sonia.

If there is an equity issue now, it won't be because of the bridge facility, it will be because management seeks to seize opportunities elsewhere.

That is all positive.

Bubblepoint,

They have done what they set out to do, to raise £20m. These funds are over a 5-year term and at a reduced premium to Sonia.

In my book, that is all good.

In addition, the source of the funding is Trafigura, a major player in the world of commodity trading.

PS: and that injection of additional funds is being made by a big name company.

The Refinance Facility will be used to repay existing senior and bridge debt (presently c. GBP5 million and GBP6.7 million respectively) and reduce the deferred consideration due to Forum Energy (presently c. GBP5 million) as well as to initiate expenditure on a fourth well at Saltfleetby to be completed by Q1 2025.

£20m - c£5m - £6.7m = £8.3m - say £2.5m to Forum Energy = £5.8m = useful injection of additional funds.

Medium term finance (5 years) for a long-term project, makes sense.

£20m, Trafigura, rate over Sonia down from 12% to 8%, appointment of new subsurface and wells lead from Star Energy, formerly IGas.

Excellent news, congratulations to all concerned!