Member Info for ocelot

... it is the stated intent of all parties to conclude legal documentation, perfect security and satisfy conditions precedent, ... with a view to making disbursements during the month of March.

And it's the 22nd February today.

No shortage of projects, no shortage of potential financial backing, ANGS is changing before our eyes.

We will be following this announcement with updates on our other assets over the coming days."

"Other assets" in the plural suggests more than Balcombe.

The Mandate includes a 45-day exclusivity period for this joint financing effort until 5 April although it is the stated intent of all parties to conclude legal documentation, perfect security and satisfy conditions precedent, including, inter alia, regulatory approval of the Field Development Plan by the OGA, consequential amendments to the Farmout Agreement, the Joint Operating Agreement and the existing Knowe Properties Loan Note, with a view to making disbursements during the month of March.

In fairness to GL, it is quite complicated involving a number of different parties.

Additionally, the group of investors has expressed a strong interest in funding Angus's planned geothermal and solar projects, in continued support of the Company's Energy Transition plans and revenue diversification.

First mention of a solar project.

George Lucan, Angus CEO, comments: "We are very pleased to have attracted the support of a group of institutional investors and family offices some of whom have also expressed genuine interest in funding Angus's pipeline of Energy Transition projects. We look forward to closing this Loan Facility within a realistic timeframe and thank shareholders for their continued support in developing our portfolio of assets in line with the highest ESG standards. We will be following this announcement with updates on our other assets over the coming days."

The higher the oil price, the higher the prospective operating margin in Turkey. From the RNS of 23/07/20:

Any future oil production is therefore expected to be economically robust at current $40/bbl oil prices as front end capital costs per barrel are relatively low and expected operating costs, derived from those at AME's nearby East Sadak field, are forecast to be comparable with UKOG's Horse Hill field operating costs at around $15/bbl. An equivalent production stream in Turkey will therefore pay back far quicker than in the UK.

Goldman raised its price estimates and is now predicting Brent will reach $70 a barrel in the second quarter and $75 in the following three months, $10 above its previous forecasts, according to a note...

Brent oil resumed gains as the market assessed the fallout from the big freeze across Texas, with Goldman Sachs Group Inc. predicting prices will advance into the $70s in coming months.

Futures in London rose back near $64 a barrel on Monday after faltering at the end of last week as U.S. production slowly resumed following an easing of temperatures. A robust recovery from the Covid-19 outbreak had pushed prices to the highest settlement in over a year on Wednesday and Goldman sees the rally accelerating as demand outpaces supply from OPEC+, shale and Iran...

https://www.bloomberg.com/news/articles/2021-02-22/oil-advances-as-markets-assess-texas-return-before-opec-meet?cmpid=BBD022221_OEU&utm_medium=email&utm_source=newsletter&utm_term=210222&utm_campaign=openeurope&sref=Em01M8Hr

Angus Energy plc (AIM: ANGS) welcomes West Sussex County Council Planning Officer's decision to recommend approval of the Company's application for a one year extended well test at the Company's oilfield site at Balcombe on PEDL244. The Planning Committee Meeting will be held remotely on Tuesday 2 March at 10.30 am at which time a decision will be made.

On p55, after the conditions, appears this declaration:

INFORMATIVES
A. The Minerals Planning Authority has acted positively and proactively in
determining this application by assessing the proposal against all material
considerations, including planning policies and any representations that may have
been received and subsequently determining to grant planning permission in
accordance with the presumption in favour of sustainable development, as set
out within the National Planning Policy Framework.

Appendix 1 is on pp51-55

It requires further testing and more wells, doesn't it?

UKOG's HH flowed, but Broadford Bridge didn't.

Angus's Balcombe flowed (during a short, 7-day test) but Brockham didn't.

As of yesterday evening, it is no longer the planners who are a problem.

By withdrawing their original application and submitting a revised one, ANGS have obtained a positive recommendation for their ewt from WSCC's Head of Planning Services.

Well done, Angus!

It will be interesting to see another test of the Kimmeridge, ...
-----------------
Fully agree.

In a report published this evening, planners concluded the well test would contribute to national energy security and supply and was in the public interest.

They said there would be some adverse impacts. But these could be dealt with by planning conditions. Apart from Balcombe Parish Council, there were no objections from statutory consultees, they said.

They concluded the proposals were acceptable and recommended planning permission, with 14 conditions.

https://drillordrop.com/2021/02/19/planners-back-balcombe-oil-well-test/

There would be no ewt application without the flow rate.

Reminder: extract from "other correspondence" of 14/12/20 on WSCC's planning application file:

You state that previous exploration indicated “flowrates of 1599.6 bbls/day (254 m3/day)
per day”. I assume this was from the 2018 7-day flow test. How accurate is this, given
that this flow test wasn’t 100% successful?

The previous flow period was indeed in the Autumn of 2018, and flow was intermittent and variable
because of slugging of liquids lost to the well during drilling and other operations. The rate referred
to a period of consistent and stable flow of reservoir fluids. The measured rate is reasonably
accurate given the high spec equipment on site that metered the return of fluids from the well.

Reminder: extract from "other correspondence" of 14/12/20 on WSCC's planning application file:

You state that previous exploration indicated “flowrates of 1599.6 bbls/day (254 m3/day)
per day”. I assume this was from the 2018 7-day flow test. How accurate is this, given
that this flow test wasn’t 100% successful?

The previous flow period was indeed in the Autumn of 2018, and flow was intermittent and variable
because of slugging of liquids lost to the well during drilling and other operations. The rate referred
to a period of consistent and stable flow of reservoir fluids. The measured rate is reasonably
accurate given the high spec equipment on site that metered the return of fluids from the well.

WSCC's Head of Planning Services has recommended acceptance of Angus's ewt of its Balcombe horizontal (the planning committee is schedule for 02/03)

Recommendation
It is recommended that planning permission is granted subject to the conditions and
informatives set out at Appendix 1.