Member Info for ocelot

Sun is shining in SW London, RT003, ... and on prospects for Angus.

The board of directors of Angus (the "Angus Board") unequivocally rejected the indicative proposals. (From SOU's RNS).

Looks like a low-ball and opportunistic offer, but the starting gun has been fired.

$87.80

Hear, hear, HH1AN2, I, too, appreciate Adrian's efforts.

Makes me wonder just how MUCH Gas is actually down there. Has it been wildly UNDER estimated perhaps ??
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RT003,

That's why this IQ and answer are so intriguing:

When will the full remap images of Saltfleetby be available, and would you buy/lease further equipment to enhance production from other areas of the licence. Thankyou. Asked on 8 November 2021

We are waiting on input from partners on our interpretation and will update on that and discussions with neighbouring licence holders as soon as it is received.

Consequently, it doesn't look as if Angus is going to remain entirely in its present shape for very much longer.

Until this morning's RNS, I had thought there was the possibility that nothing would emerge from the sale process, that Angus would walk away because of a lack of a compelling bid.

But at least 6 bona fide approaches changes that, it would be difficult, if not impossible, for Angus to walk away in those circumstances.

Sorry, misread that, 1.125p so within the spread.

1m at 1.225p, above the offer.

Northman1,

Take a look at the revised CPR of 26/10/21:

https://www.angusenergy.co.uk/wp-content/uploads/2021/10/Angus-Energy-Saltfleetby-Reserves-Valuation-Report.pdf

Saltfleetby is an established field with an updated CPR, but I suspect UKOG might also find itself being approached if only Loxley could make some regulatory progress.

Angus has announced this morning having received at least 6 bona fide approaches for Saltfleetby and/or the company.

In fact, the RNS speaks of AT LEAST six bona fide approaches.

6, in 1 full working week and 2 working days.

That was my reaction, too, DoneK!

George Lucan, CEO, commented:

"We are pleased with the expressed level of interest in the Company or in its principal asset,and will proceed with our formal sales process with due professionalism, expediency and confidentiality to achieve the best possible result for all of Angus' shareholders."

The Company is pleased to announce that it has had at least six bona fide approaches to participate in the FSP and/or other indications of interest in a potential offer for either all of the shares of the Company or the Company's licence interest in the Saltfleetby Gas Field ("Parties"). In accordance with the Company's announcement of 6 January, the Company considers it inappropriate to identify the Parties but the Company will engage with and evaluate each expression of interest until a firm proposal can be agreed and announced ...

When SE Turkey was first announced, Brent was at $40 and the prospective operating margin was $25.

At $86.38, Brent has more than doubled and the prospective operating margin, at $71.38, has almost trebled.

... and including 4.5m of cash-settled derivatives bought in the offer period.