Member Info for ocelot

Yanis,

For myself, £750k is neither here nor there in the grand scheme of things, because Saltfleetby is valued on a different plane from this (and Lidsey appears to be progressing most encouragingly, too).

GL and ANGS management have my confidence, if they consider it is the appropriate time to raise £750k then I accept their decision.

Yanis,

You complain about placings galore, but you have been accumulating stock in order to reduce your average buy-in price.

What is it about Friday's placing that marks it out for you from previous placings?

The previous placing to Friday's (putting side the 10% additional placing for GP (Jersey) Limited) was in January, at the beginning of the year.

ANGS have raised just £750K. Isn't this confirmation of the company's modest level of, and tight control of, overheads?

Page 27 of annual report:

GL's salary: 2020: £120k; 2019: £82k.

BDO's AIM Directors' Remuneration Report 2021:

median salary for CEOs: £325k.

If we just look at the placings, one can see how ANGS has been constrained by its lowly share price:
prior to the Brockham RNS of 28/06/19, it raised £5.2m in 2 placings;
since that RNS, it has raised £3.65m in 5 placings (counting the additional placing with GP (Jersey) Limited as a separate placing).

... including work to resume production at Lidsey during Q1 2022, subject to regulatory approvals; ...
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Isn't the implication that ANGS are confident in their ability to bring on board a partner?

Could there be a follow-up RNS re Lidsey in the nearish future?

The net proceeds of the Placing will be applied towards:
...
-- Planning and regulatory matters in respect of its current oil fields, including work to resume production at Lidsey during Q1 2022, subject to regulatory approvals; ...

And, there is a big stench in the air over this placing … buy out rumour pumped whilst the SP is dropping … then placing news.
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If that was a pump, it was a poorly executed one. Volume on the morning of the repetition of the rumour, Thursday, was nothing to write home about, the impact of the rumour was close to zero.
Debt facility in place, £750k of equity raised, time to turn towards the future, imho, both in terms of Saltfleetby and of Lidsey.

May well have been the last placing undertaken at these kind of share price levels.

Crocqman,

On UKOG, there are quite enough posters to express negative opinions and it is a very polarised environment which does not encourage free debate.

On ANGS, companies have overheads to pay, time costs money, I think GL has done all he can to limit the size of the raise.

This is now done, on 3rd December. They are aiming for 1st gas by the end of February. To my eyes, it is all looking good. £750k is very little when one thinks of the values being attached to Saltfleetby on this board yesterday and the day before.

George Lucan, CEO, comments: "With design and build of all major equipment in place, we have reassessed the budget for construction and installation and in particular the supporting infrastructure for electrical, control and instrumentation and safety and emergency shutdown systems. In view of regulatory requirements for safety and protection of the environment there is a risk that these will exceed budget and as a prudential measure we will be increasing the contingency reserve in order to remain at all times within debt covenants and avoid any delays to our timetable."

Result of Placing

Angus Energy Plc (AIM:ANGS) is pleased to announce that, further to its announcement of 3.43 p.m. (London time) today, it has successfully completed and closed the Placing.

The Placing has raised, in aggregate, gross proceeds of GBP750,000 through the placing of 115,384,611 Ordinary Shares (the "Placing Shares") to certain institutional and other investors at a price of 0.65 pence per share...

No change in the share price since the announcement, so already in the share price.

PS: if there was any truth in the rumour of these last 2 days (and it did sound feasible), then this placing strengthens ANGS's position in any discussions.

Agreed, EchDelta, prudent management, providing themselves with a cushion for the coming months.

Relatively small amount, relatively limited discount, even taking account of yesterday's share price decline.

... to certain institutional and other investors ...
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Could we see a a respected II come in?

Reasons for the Placing and Use of Proceeds

The Company is undertaking the Placing to progress its corporate and operational strategy and the net proceeds will therefore be applied towards:

-- Increased contingency for its Saltfleetby budget;
-- Geothermal subsurface and potential site acquisition work (5 target sites identified)
-- Planning and regulatory matters in respect of its current oil fields, including work to resume production at Lidsey during Q1 2022, subject to regulatory approvals; and

-- Working capital and general costs.

Angus Energy Plc (AIM:ANGS) is pleased to announce its intention to raise gross proceeds of approximately GBP800,000 by means of a placing (the "Placing") of new Ordinary Shares (the "Placing Shares") to certain institutional and other investors at a price of 0.65 pence per share (the "Placing Price").

The Placing Price represents a discount of approximately 10.3 per cent. to the Closing Price of 0.725 pence per Ordinary Share on 2 December 2021, being the latest practicable business day prior to the publication of this Announcement.
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£800k, the call is a relatively limited one, under £1m.

https://drillordrop.com/2021/12/03/new-crimes-added-to-policing-bill-as-government-targets-environmental-protest/

Will the Loxley appeal decision be communicated next week?