Member Info for ocelot

£35.912m of book net assets at 30/09/22.

£16.4m of off-book tax loss carry forwards at 30/09/22 with a potential value of £6.56m

£124m of Loxley net present value at 10% annual discount rate.

And then there is the drilling of Pinarova-1, HH in the process of being relaunched and Portland.

https://www.kitco.com/charts/livegold.html

+ $29.07, + 1.44%

Resan is more important to AME than I had appreciated:

The main exploration focus (this year) for exploration will
be on Resan. If the shallow play is successful here it will be followed by a second shallow well in the year ... (p15 of the annual report)

And this from the Chairman and CEO's statement on p12:

The Resan exploration licence where AME has currently a 50% working interest and is operator,
completed the planned 2D seismic program from 2021 that was suspended over the winter. In
preparation for this second phase, the previously drilled seismic shot holes were, as a matter of course,
inspected, and oil seeps were observed in two of them. When the remaining seismic lines were shot
and interpreted the data suggested a relatively shallow play which ties to oil shows reported in nearby
geothermal well. This potential accumulation is around 500-600 meters making it a quick and cheap
target to test. The JV agreed to prioritise the testing of this structure with an exploration well expected
to spud 7 April 2023.

... During the 2D seismic data acquisition program in 2022, light oil seepages (41-47 API) observed in
several explosive shot holes. Oil shows were also observed at the Germik base limestone interval during
drilling a nearby geothermal well (Kezer-1) in 2019. Emulsion came to surface during lowering the 9
5/8” casing to top of Hoya formation. Additionally, after identifying near surface amplitude anomalies
associated with positive indicators from post-stack seismic attributes on one of the legacy 2D seismic
lines running across both the shot hole and the geothermal well, shallow amplitude play concept has
been developed.
During 2022, extensive geological field studies were carried out in the Resan-Basur area
to understand and explain the structural elements in detail. All the surface geology data has been
combined with the seismic-well data interpretations to redefine the prospective areas for drilling ...

From p32 of AME's 2022 annual report in the post below:

Since discovery of the Oymantepe oil field by AME in 2014 in the East Sadak license, the Resan
license has become AME’s one of the core assets. The license offers a huge potential for exploring oil
in multiple play concepts with its proven Cretaceous hydrocarbon system; thrust structures along the
Tilan-Basur-Resan axis, Mardin “Leads” in tectonically more stable Eastern part of the license, and the
shallow amplitude plays in Eocene-Oligocene age formations ...

Pinarova-1 ... is designed to test a working hypothesis ... that the active 41.7° API light oil seep found last summer in a seismic shot hole above the Pinarova structure, is directly fed by and connected to an underlying light oil accumulation of some 9 km(2) areal extent within Eocene Hoya group limestones ...

The drill is progressing at pace. Let's see if they can prove up their working hypothesis.

and volume is up to 164.1m shares traded.

better trade: 25m at 0.0628p.

Share price looks solid enough: if anything, the director's share disposal may have created a marginally cheaper buying opportunity.

"Don't panic, Mr Mainwaring".

ZYX098,

Agree with you re the effects on the industry and, indeed, on the UK's image for reliability.

Volume was about 5.5m at 10:30 so it HAS picked up some momentum in the last hour.

Volume of 16.0m.

Is it my imagination or has the stock picked up some momentum as the morning's progressed?

Mind you, of course, it's better to be in a position where one has the Levy to pay than not!

ZYX098,

Oil and gas producers in the UK are making extraordinary profits and this is expected to continue. In response, the government is raising the rate of the levy from 25% to 35%, bringing the headline tax rate for the sector to 75%, and extending the duration of the levy.

https://www.gov.uk/government/publications/changes-to-the-energy-oil-and-gas-profits-levy/energy-oil-and-gas-profits-levy

If you're confronted by these kind of punitive rates of tax, then you try to do all you can to reduce them. In the case of the Levy, the obvious thing to do is to invest in the UK.

There are a number of signs of confidence in the drill from the teams involved. AME's tweet of 9.25 am this Monday, 10/04, was a very rare tweet from them: scroll down and the 3rd tweet from the top is dated 29/05/19.

Drilling Pinarova-1 Exploration Well in License M47-b1, b2

From Angus's Investor Questions (the answers are provided by George Lucan):

1/ UK government recently announced new Investment Allowance/Tax relief
The new … Investment Allowance will mean businesses will overall get a 91 pence tax saving for every 1 pound they invest, the Treasury said.
can you confirm that ANGS will benefit from this as well, ie perhaps ANGS can get tax relief to recover the cost of sidetrack drilling and future operations? Asked on 2 October 2022

We are awaiting a full report on the Energy Levy from our tax advisors. Our understanding is that the levy will apply to Angus but that in our first financial year capex incurred since the levy became active is such that little or no tax should be payable. Thereafter yes, we do intend to bring forward drilling wherever possible as we understand that 91 pence in every pound of E&P is paid for by the state. Principal targets are the southern lobe of Saltfleetby and at least one other onshore possibility.

2/ Give the lessons learned and valuable experience gained from SFB, would the Board consider farming into or acquiring UKOGs Loxley gas asset? Given SFB cash flows and experience Angus would have to be viewed as very attractive partner for UKOG which could to be reflected in favourable T&Cs of any deal. Asked on 1 September 2022

Loxley looks to be an attractive asset and we will always look at attractive assets at the right price.

petroleum1,

I hope I didn't give the impression I know anything about 88E because I don't.

My comment related to flows of money between some AIM-listed O&G companies. I have a good memory of a sharp rise in UKOG shares. The reason wasn't immediately obvious ... until one realised 88E was down sharply and money was coming out of the latter and going into the former. Weight of money, that was the simple explanation for UKOG's sharp rise on that occasion.

No, kindly disregard my post of 16:44, jumped to my conclusion too quickly.