Member Info for ocelot

In the near term, it would be helpful if, in no particular order:

PPP returned from suspension;

the terms of the HH farm-in are amended to the agreement of HHDL's minority shareholders, principally Alba; and

Angus progresses the extended well test at Balcombe.

Https://www.bbc.co.uk/news/science-environment-67077510

On the back of production since 30/08/22 and the CPR, that current rate of interest does look high: let's hope they can bring it down to a more reasonable level.

Footnote at the bottom of p1:

3 £0.138m and £1.050m loan repayments were made in September 2023; and circa £0.34m interest.

Re debt, the problem is less one of the absolute amount of the original facility and more one of its cost (p67: 12% over Sonia of 4% = 16%): no wonder they seek to refinance the facility.

Ms Coutinho should take another look at the Energy Profits Levy if she is concerned about UK oil production forecasts.

Reminder of what was said about Brockham and Lidsey in the Interim Results RNS of 30/06:

Brockham

The Field has been shut in during the period, awaiting essential maintenance and overhaul of equipment. Plans are being made to restart production in the second half of 2023 ...

Lidsey

The Lidsey Field has been shut in during the period, waiting on the resumption of Brockham production in order to evaluate options for combined operations.

There was a time under GL's stewardship when Lidsey was attributed a value not dissimilar to that of Saltfleetby (this was before the purchase of the additional 49%) - see the presentation of 18/06/21.

The sum of the parts evaluation was £15m after a prudential discount of 80% (so £75m before the discount).

The last we heard about Lidsey (unless I'm mistaken) is that there were discussions taking place with the neighbouring licence holder.

https://www.angusenergy.co.uk/wp-content/uploads/2021/06/ANGUS-ENERGY-PROACTIVE.pdf

Hear, hear, Bridgedogg1!

Now that we know management is looking to re-activate Angus's oil fields in Southern England, we may be looking at a more sustained flow of news.

For the re-injection well, let's wait for the Supreme Court judgement, it can't be far away now, maybe just a matter of days (or even hours!).

I know some worry about debt but I'm still not one of them: imho, the size of the debt isn't excessive given the size of the asset and, indeed, the CPR figures of this morning.

Very glad to have received some indications in the Malcy interview re management's intentions concerning the oil assets.

Bigger company. Bought 49% of Saltfleetby on 24/05/22.

From 20:58:

"we are reviewing the opportunities there to re-activate them" (the oil fields in the Southern part of England) and to move the Balcombe project forwards".

It's from 20:58 that RH effectively provides the strategy for the oil assets:

"we are reviewing the opportunities there to re-activate them" (the oil fields in the Southern part of England) and to move the Balcombe project forwards".

3 hours ago.

Original £12m debt down to £6.3m.

Reviewing the oil assets, sounds as if they are looking to get them producing.

Continue to scrutinise growth opportunities.

Amen.

Agreed, K3VMC.

If you're going to compare to Northern Ireland, which state is the equivalent of Iran?

Just a silly comment but whenever I see the moniker "Stevesand" I think it should continue "... and who else's?".

The new Energy Profit Levy regime for the oil and gas sector includes an investment allowance for oil and gas extraction activities. This allowance is set at 29% for most investments, but rises to 80% for decarbonisation expenditure.

Agreed, Itwillcome, the Angus RNS on Balcombe is positive and encouraging:

The Company (Angus) presently has a 25% interest in the Licence (Balcombe) and is in discussions with the 75% majority partner regarding that interest and the work programme with regard to the project's various stages.