Member Info for ocelot

in my post of 13:04: purchase of gas NOT oil from Angus.

So, if Angus were able to take a precautionary measure, it's because the hedge provider had themselves acted in a precautionary manner.

Yes, I read "contango" to mean roll forward.

One clear conclusion to be drawn from yesterday's RNS comments re the hedge is that the hedge provider had not themselves hedged their purchase of oil from Angus. They have kept things simple awaiting delivery. It would have been a different story if a series of hedging transactions had been built on top of the original hedge.

Drill or drop has published an article under the headline: "Climate activists condemn surging oil and gas profits".

When will climate activists condemn themselves?

They are, to a significant degree, responsible for surging gas and oil profits, because their lobbying has discouraged investment in oil and gas.

Further, their lobbying has, entirely predictably, strengthened the hand of the world's principal oil and gas producing countries, one of which is governed by Vladimir Putin.

Local support for fracking? To me, that looks like an invitation to the protestors to turn up in force.

So, for myself, think they are the remnants of the shareholder action group which, after Brockham, had the ambition to bring legal proceedings against management but failed to do so and took to these boards as a cheaper alternative.

asher7,

Hits and Co have been uniformly negative on Angus for years.

If they were traders, there would be times when they would ease off on their negativity because they would want the share price to rise.

I've been here since Spring 2019 and at no time have they eased off on their negativity.

A filtered poster can pose a straight question but Ocelot can't answer it because he can't see it.

Centrica Plc will stop selling power and natural gas to its biggest business customers as surging wholesale energy costs erode profit margins at the UK utility.

The company will only supply clients consuming up to 10 gigawatt-hours of electricity and 1 million therms of gas, according to a person familiar with the matter. That means gradually getting rid of about 200 customers and not taking any new businesses outside the criteria, the person said ...

https://www.bloomberg.com/news/articles/2022-07-29/uk-s-centrica-to-stop-selling-energy-to-its-largest-clients?srnd=premium-uk&sref=Em01M8Hr

Centrica Plc will stop selling power and natural gas to its biggest business customers as surging wholesale energy costs erode profit margins at the UK utility.

The company will only supply clients consuming up to 10 gigawatt-hours of electricity and 1 million therms of gas, according to a person familiar with the matter. That means gradually getting rid of about 200 customers and not taking any new businesses outside the criteria, the person said ...

https://www.bloomberg.com/news/articles/2022-07-29/uk-s-centrica-to-stop-selling-energy-to-its-largest-clients?srnd=premium-uk&sref=Em01M8Hr

A reminder of the Xodus volumetric study RNS of 21/09/20:

https://irpages2.equitystory.com/websites/rns_news/English/1100/news-tool---rns---eqs-group.html?article=31198564&company=ukog

Ibug,

Professionals offer their time and services in return for remuneration.

Personally, I am not surprised UKOG paid for the Loxley report.

As a precautionary measure, the Company has worked with its hedge provider to roll a portion of the Q3 2022 hedge into Q1 and Q2 of 2023. This has allowed the Company to take advantage of the very high forward gas prices and contango to lock a higher average forward sale price at no up-front cost to the Company.

That sounds like a bit of a coup to me! and suggests very constructive relations with the hedge provider.

Ibug,

Because you think they should have obtained a free report?

Progress Update at Saltfleetby

Angus Energy (AIM: ANGS) is pleased to announce the following progress update at its wholly owned Saltfleetby project:

The commissioning sequence continues but has been delayed by issues arising from communication between different elements of the computer controls on site.

These issues were substantially resolved last night by specialists engaged by the Company and its contractors such that we can now resume the commissioning sequence and move towards commercial production.

As a precautionary measure, the Company has worked with its hedge provider to roll a portion of the Q3 2022 hedge into Q1 and Q2 of 2023. This has allowed the Company to take advantage of the very high forward gas prices and contango to lock a higher average forward sale price at no up-front cost to the Company.

In that case the value is 0 as they are not producing any gas.
--------------
Ibug, are you seriously suggesting that an oil and gas project only acquires value when it begins production?

For those who can't be bothered to follow the thread (you have my sympathy!), this the post to which gwilliams71 responded in his post below of 12:00:

gwilliams71,

You write of my posts as if they are the only posts to be posted on this board.

If you write of my posts in the context of this board, you will see that I have absolutely no need to acknowledge downside risks because there are so many other posters who do precisely that, including yourself.

The pre-planned farmout programme is taking place in the context of current gas prices.

The front month has today shifted from August to September, 369p at present:

https://www.theice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5253323

Ms Finch isn't Loxley, she is HH and Surrey CC.

1/ "Drilling success at Basur is anticipated to provide UKOG with additional working capital in H1 2023". (placing RNS of 27/07/22).

The relatively modest placing of this Wednesday enables them to progress Basur.

2/ re Loxley, " ... the Company will now implement a pre-planned farmout programme, whereby the Company's costs would be either fully or part carried by any farminee". (operational update RNS of 20/07/22)

3/ Portland is one of the projects which "By their nature, ... have a longer lead time to cash generation than Basur".

4/ HH: imho, seems to have slipped down in their order of priorities.