Member Info for ocelot

Nevertheless, the fact that SS has not bought any shares for his own account tells us very little indeed about where the share price may be heading.

Sageman,

SS held no shares when the share price rose from 0.80p to 11p.

Don't think Zak Mir predicted anything for the end of April, he tends to speak in terms of the next few months or something like that.

Penguins,

Yes, my post was about experienced and professional teams in UKOG and AME who have sought to put the chances of success on their side.

Your post spoke of UKOG "paying 100% of the cash for both" (1st drill + seismic) to which I responded.

UKOG is currently amongst the market's principal gainers and largest volumes, that is an encouraging combination!

UKOG's payment of 100% of the 1st drill and seismic instead of 50% constitutes the premium for entry into 50% of the licence.

The premium is, therefore, a maximum of $2.5m, 50% of the capped figure of $5m.

To my eyes, that appears to be a perfectly reasonable amount.

It's why investors invest in an oil explorer, isn't it? to explore for oil, it's why we are all here on this board.

There are no guarantees, we all know that, but, in UKOG and AME, we are dealing with experienced and professional teams who have sought to put the chances of success on their side.

Gold climbed to the highest in more than three months as bond yields dropped and U.S. retail stalled, while parts of Asia grappled with a spike in coronavirus cases ...

After slumping in the first quarter, gold has been on the mend amid uncertainty over the pace of the global recovery from the pandemic, rising inflation expectations and assurances from the Fed that monetary policy will remain accommodative. Investors may be warming up to the precious metal again, with hedge fund managers increasing their net bullish gold bets to the highest in three months, while data compiled by Bloomberg show holdings in bullion-backed exchange traded funds climbed for a sixth straight day ... (from a Bloomberg article of this morning)

$1,854.56

Agreed, maddog.

It's been a long time in preparation, but better days are approaching for Angus's share price (imho).

WG818,

For Angus, I will rely on Angus's accounts, the most recent of which are those to 30/09/20.

Note 20 explains their policy re decommissioning costs (as does note 3.14).

It says SEL's last accounts were made up to 31/12/18.

The last accounts of ANGS were made up to 30/09/20.

From note 20 to Angus's accounts:

The Group makes full provision for the future costs of decommissioning oil production facilities and pipelines
on the installation of those facilities. The amount provision is expected to be incurred up to 2029 when the
producing oil and gas properties are expected to cease operations.
These provisions have been created based on the Group’s internal estimates and expectation of the
decommissioning costs likely to incur in the future. For the period under review, the directors have assessed
that the discount rate and inflation rate to be applied to the current cost of decommissioning to be similar.
On this basis, the current cost is considered to be similar to the discounted net present value.
As described in note 12, the additional provision was relating to the acquisition of Saltfleetby gas field during
the year.

... as the accounts showed £12.8 million De0Comm costs.
--------------------
WG818,

The accounts of which company as of which date, please?

Reminder of the RNS of 18/08/20:

Reduced Decommissioning Liability

In accordance with the Company's policy of maintaining a minimal well stock sufficient only to fulfil its production aims, Angus Energy plc (AIM : ANGS) is pleased to announce a further review of its abandonment liabilities at the Saltfleetby Gas Field.

Specifically the Company has obtained firm quotation for the abandonment of Wells 6 and 7 for an aggregate total of GBP335,000 ex VAT. Together with the GBP70,000 of costs of abandoning Wells 1 and 3, already successfully completed, the total cost of decommissioning four of the field's eight wells will be less than GBP405,000 as against an original gross estimate of GBP1.75 million for decommissioning all eight wells (excluding GBP0.75m of site restoration costs) of which Angus share is 51% ...

GBP1.5 million of the £12m debt facility goes toward an abandonment reserve for the Field. (RNS of 23/09/20)

And £2.4m toward a reserve for the planned sidetrack.

Penguins,

We are all impatient to learn more about Basur-3. The spud is not far off now, so there is not much longer to wait.

Reminder that the IPO, back in late 2016, was at 6p and that Angus is not all about Saltfleetby, even if Saltfleetby is, understandably, the focus of attention at the present time.

What if they are right to be excited about Lidsey?

Agree.

The share has been stuck in the doldrums for so long, when it does, at last, begin to rise, think it may surprise by how far it rises and for how long it continues to rise.

The oil field (HH) has behaved like a talented but troublesome teenager: plenty of promise but with the expected problems too. In addition to the constant and mounting regulatory workload, the oil field's geology has proved unexpectedly complex. The team is determined to find technical solutions to make it the economic success story we want it to be. (from the Chairman's statement from the Annual Accounts RNS of 16/04/21).

We shall see, but the near-term focus is, of course, on Basur-3.

The planned HH-3 and HH-4 infill wells are also designed to boost production as we move forward in developing our asset. (RNS of 16/04/21)

The Kimmeridge HH-4 well, also situated updip of both HH-1 and HH-2z, is likely to be a highly inclined or "slant" well, designed with a lateral orientation approximately orthogonal to the known regional open natural fracture direction, so as to maximise the number of open fractures penetrated. (RNS of 15/01/21)