Member Info for ocelot

Today it is Angus, tomorrow it might be you…

https://www.malcysblog.com/2022/01/oil-price-angus-advance-sdx-and-finally/

(with thanks to Heid, who posted this on the UJO board)

https://drillordrop.com/2022/01/06/minister-to-decide-planning-appeal-on-dunsfold-gas-site/

It's a bit OT, but not entirely:

the Secretary of State has called in UKOG's appeal against Surrey CC's decision to refuse its application re its Loxley conventional gas appraisal drilling project.

This should ensure that national policy is applied in deciding the appeal and suggests that the government is keeping a close eye on onshore natural gas projects.

Shouldn't that be Lady of Aim?!

Loxley planning appeal update

UK Oil & Gas PLC (London AIM: UKOG) has been informed by the Planning Inspectorate that the Secretary of State ("SoS") for Levelling Up, Housing and Communities has recovered the Company's appeal against Surrey County Council's decision to refuse planning consent for its wholly owned Loxley conventional gas appraisal drilling project ("Loxley"). The final appeal determination will now be made by the SoS utilising the Planning Inspector's report and recommendation...

... a series of approaches with interest in ... some or all of the Company's 51% interest in the Saltfleetby Gas Field asset;
... the Board has received indications that certain parties may be interested in making an offer for the Company.

In Angus's case, far from acting as a leading indicator, the market seems to be acting as a lagging indicator, it is players in the industry who value the company's assets and prospects more highly than the market.

Drill or drop's article:

https://drillordrop.com/2022/01/06/angus-energy-up-for-sale/

Reminder of the revised CPR of 26/10/21 (abridged details from p57)

Table 6-14 P50 Post-Tax NPV £m including loan terms; effective date and
discounting date October 1st, 2021
Mid-Year Nominal Net Present Values
as at 01-Oct-21 (GB£ m)
Disc Rate, AEWB Post-Tax
0% £55.9
5% £45.8
10% £38.5

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

https://twitter.com/angusenergyplc?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

The thread re the Angus RNS of this morning has been removed.

Tis no matter, market participants can make the read-across themselves.

The market's biggest percentage gainer so far today.

Sum of the parts valuation of 18/06/21:

£43m or 3.93p per share (on the basis of the current issued share capital) after prudential discounts of 80% and 90% against, respectively, Lidsey and geothermal.

Since then, the revised CPR has increased the value of Saltfleetby by more than 50% and Lidsey has made further significant progress.

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

It's only the 3rd trading day of the year.

When I saw that an RNS had been released, I thought it might be concerning the EA's permission for Saltfleetby.

It certainly looks as if 2022 is going to be a year full of developments for ANGS! And that management is going to do all it can to achieve a more appropriate valuation of the company's assets and prospects.

... an indicative non-binding offer for, some or all of the Company's 51% interest in the Saltfleetby Gas Field asset ... is under consideration.

Only ANGS and its advisors know the level of this offer but this morning's RNS shows they are taking it seriously and keen to flush out any rival offers re Saltfleetby and, indeed, any offers for the company as a whole.

Stringent disclosure requirements, will they reveal anything of interest?

Thank you for your post, realmpedwad.

My source of information was Drill or Drop. I may have misinterpreted the content of Ruth Hayhurst's article, below, although I've just read it again and it contains no mention of an "inspection" and the overall tone was consistent with the idea of a protest:

https://drillordrop.com/2021/12/22/residents-put-toes-on-the-line-in-fight-against-gas-drilling-near-surrey-village/

As far as I am aware, the council's officers approved the plans for road usage.

The 165m warrants in all entitle holders to the same number of new shares and are valid for 2 years from about January of last year, so remain valid for about another 13 months.

Should the share price rise and holders of warrants seek to exercise them (from 1.20p), the company does need to be in a position to issue the relevant shares.

Perhaps the proposed increase in management's authority to issue new issues is, at least, in part, in anticipation of this eventuality.

Residents are planning an event on 8 January to demonstrate that large lorries will need to cross common land without permission to reach the proposed site.
--------------
It does raise the questions, who are they protesting against and why now ?

They do seem to be assuming the forthcoming appeal decision will be in UKOG's favour.

The U.K. government is giving itself until April to find a solution to soaring gas prices since that’s when consumers would start feeling the bite of a new price cap on utility bills.

Energy regulator Ofgem is due to announce a new price cap Feb. 7, but ministers believe they have a couple more months to gauge whether any assistance is needed to help alleviate the impact, according to a person familiar with the matter who asked not to be identified because the discussions are private.

Business Secretary Kwasi Kwarteng will meet with utility bosses Wednesday. The measures under discussion include an industry proposal for loans to help suppliers delay some of the April increase, as well as cuts to the Value Added Tax charged on bills...

https://www.bloomberg.com/news/articles/2022-01-05/u-k-sets-april-deadline-for-solution-to-soaring-energy-prices?sref=Em01M8Hr