Member Info for ocelot

UKEn: Energy Secretary Grant Shapps tells lobby journalists: “I think hydrogen will be used for storing energy – you won’t have to switch off wind farms at night when you don’t need power because you can turn it into hydrogen and use it later.” 👋👋👋#energy #hydrogren

May focus attention on the Kimmeridge:

https://drillordrop.com/2023/06/01/date-set-for-balcombe-v-gove/

That's now become this week.

Angus is the operator with a 25% interest.

Betting on a tighter oil market has been a bad trade for most of this year. But there are signs it’s finally paying off.

After languishing for months, crude surged above $80 a barrel in London last week as fuel demand in China and elsewhere recovers from the pandemic to reach new highs. That’s happening just as production cutbacks by Saudi Arabia and its OPEC+ allies are set to rapidly drain storage tanks around the world.

“We’re expecting a sharp tightening of the market,” Toril Bosoni, head of oil markets at the International Energy Agency in Paris, said in an interview with Bloomberg television. “As demand increases seasonally, we do think there’s a risk that prices will continue to increase into the third quarter.” ...

https://www.bloomberg.com/news/articles/2023-07-16/oil-surge-to-80-shows-long-awaited-market-tightening-is-here?srnd=premium-europe&sref=Em01M8Hr

Mysteron,

Are your figures in one and the same currency? The 25m debt is in dollars.

Think they've been investing heavily in Saltfleetby, both financially and in terms of management time.

Obviously, the figures we have are through to 31/03 so we can't see in any detail what has happened since the sidetrack kicked in.

Think they are gearing up and, personally, am looking forward to their next moves.

Sorry to see GL leave, but believe he is leaving the company in a very healthy and promising state.

This figure can also be found in note 7, Oil and Gas production assets as the additions in those 6 months, to give:

Cost or valuation at 31/03/23: 92,313

Depreciation and impairment: 6,657

Net book value at 31/03/23: 85,656

Bubblepoint,

Cash flow for the 6 months to 31/03 indicates:

Acquisition of fixed assets and oil

production assets (10,025)

Maddog,

20 - 7.35 - 3 - 6 = 3.65. You've omitted the £6m facility.

Desree's question of 12.45 (adjusting for $25m not £25m) is answered in the RNS:

Last month, the Company entered into a further non-binding, conditional Term Sheet with Aleph Commodities Limited for a loan facility of up to US$25 million for an 18 month term with an all-in coupon of 15% per annum fixed ("Global Refinance Facility"). The proposed Global Refinance Facility is extendable at the Company's option for an additional period of 18 months, for a total tenor of 36 months. This facility, if it proceeds, would be intended to refinance the c. GBP7.35 million outstanding under the Senior Facility as well as the GBP3 million and GBP6millon Bridge Facilities.

Wrong currency: loan facility of up to $25m not £25m.

Suggests GF may have done well to get Alba's raise away as quickly as he did.

"The days of inexpensive capital are undoubtedly behind us, a reality that UK small caps grasp more than anyone as they struggle to secure affordable working capital in the market.

This challenge was embodied by MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) and Versarien plc, two companies that acted on the advice of the legendary Freddie Mercury, who famously claimed, “The show must go on.”

On Friday, MGC Pharmaceuticals raised £700,000 by issuing new shares at 0.12p each, a move that meant a 57% discount from Thursday’s closing price. Predictably, the share price fell by a similar margin.

Versarien PLC (LSE: VRS) followed suit, securing £650,000 by offering shares at 1p each, marking a 40% discount on Thursday’s closing price, leading to a near-identical drop in share value.

Investors’ willingness to fund these companies, despite the financial climate, attests to the solid fundamentals of MGC Pharmaceuticals and Versarien ...".

https://www.share-talk.com/share-talk-weekly-small-cap-movers-shakers-saturday-15th-july-2023/

Https://drillordrop.com/2023/07/14/george-lucan-to-step-down-as-angus-energy-chair/

(the verbatim text of Ruth Hayhurst's interview with GL in 2019 was the fullest written interview of him I have seen)

Alliance News coverage:

Angus Energy PLC on Friday announced a refinancing package, a potential new revenue stream and the departure of a senior executive.

The UK-focused onshore oil and gas company confirmed it has agreed the terms for the proposed £6 million junior debt facility, announced previously. This will enable it to meet a £3.5 million payment due for financial hedges not settled in 2022 due to late start-up of gas production at the Saltfleetby Field. Additional funds will be used for general working capital and operating expenditures at Saltfleetby. Terms are in line with a previous £3 million bridge facility, Angus Energy said.

In addition, Angus has agreed a $25 million loan facility for an 18 month term with an all-in coupon of 15% per annum with Aleph Commodities Ltd. This facility, if it proceeds, would be intended to refinance the £7.4 million outstanding under the senior facility as well as the £3 million and £6 million bridge facilities. The company explained the improved financing terms will strengthen its balance sheet.

Angus Energy also said interest has been expressed by three major integrated gas players in long-term gas storage at Saltfleetby. The monetisation of the gas storage would provide an additional revenue stream, and the company expects to select a strategic partner on the project by the end of this year.

The company also announced that Executive Chair George Lucan intends to step down with effect from August 14. The search for his successor is currently in progress.

Shares in Angus Energy closed up 24% at 1.02 pence in London on Friday.

Top percentage gainer on the market!

The improved financing terms, including the bullet repayment profile will strengthen the balance sheet of the Company and provide flexibility to deploy cash generated for distributions, organic and inorganic growth opportunities.

--------------------

The "institutional" profile of the company is being raised.

It was news due originally for last week. They wanted to get it out before another week passed, imho.

Https://www.londonstockexchange.com/news-article/ANGS/update-on-financing-and-board-change/16042405

George is leaving on a high note. Thank you and all the best for the future.

Doesn't stop people from making films.

Let's leave it to the audience to judge for themselves.