Member Info for ocelot

Not sure what you consider to be "hopes & prayers" in my post of 13:37, presumably the comment that "positive discussions with Trafigura and re the potential RTO are ongoing".

To my eyes, this is simply a statement of the reality. Until we know the conclusion of these discussions, all we can do is speculate.

Think that was the last letter of support, from the Solent Cluster (RNS of 09/09/24).

Would be good to see a new one.

Bubblepoint,

Daily production rates are improving from their earlier lows, the historic low hedges expired on 30/06, positive discussions with Trafigura and re the potential RTO are ongoing, the shares remain suspended - all shareholders can do is exchange views and wait to learn more.

Mirasol,

Everybody accepts that production has not met expectations.

In relation to the CPR, it is then a question of examining the assumptions on which it was based, (which is why I ask you for your page references) and understanding why the discrepancy arose.

Mirasol,

You have not provided the page reference(s) to the 91-page CPR.

Note; I have calculated the 12-day average because it obviously exceeded the 30-day average of 0.1297, 9 of the 12 daily figures exceeding the 30-day average.

The average for the last 12 days was 0.1350, that for the first 18 days: 0.1262.

12-day average of the production figures posted: 0.1350

Page reference please.

Mirasol,

It's a document of 91 pages. Can you be more precise, please?

From Citywire's round-up of the morning press:

Financial Times: Tether, the world’s largest stablecoin company, has held talks about investing in gold mining.

The October 2023 CPR is available on the website at Investors/Results, reports and presentations. As you would expect, it contains a number of caveats:

https://wp-angusenergy-2024.s3.eu-west-2.amazonaws.com/media/2024/08/CPR-AEWB-Saltfleetby-Gas-Field-Effective-Date-1st-August-2023-Report-Date-13-October-2023.pdf

Book value of Exploration and evaluation assets: at 31/03/25, unaudited: £5.457m; at 30/09/24, audited: £5.456m

Book value of Oil and gas production assets: at 31/03/25, unaudited: £69.048m; at 30/09/24, audited: £70.951m

"There is no value to the PI's - any value is all swallowed up by the debts owed to Trafigura et al ."

At 31/03/25, debts to Trafigura in £k : current: 4,630; non-current: £13,922 = total of 18,552

deferred consideration on Saltfleetby: 1,887

Total of debts to Trafigura et al: £20,439k

Mirasol's valuation of Angus's exploration and evaluation and oil and gas production assets at 31/03/25: £20,439k

Not to belabour the point, this is a unique approach to the valuation of exploration and evaluation and oil and gas production assets.

PS: my comments about doom and gloomsters only relate to those I have not filtered.

"What value do the doom and gloomsters put on Angus's assets?" (my post of yesterday, 05/09, at 09:33)

There has been no response to this question for the present.

(Mirasols's posts focus on criticising the last CPR but do not answer the question posed).

Mirasol,

How do they "run scenarios of different production rates" before arriving at "in place and recoverable reserves"?

Mirasol,

Without being an expert, I think it more probable that the problems are confined to production.

If that is the case, then there are initiatives that can be taken including the drilling of a 4th, royalty-free well. None of these initiatives will be free. But the potential reward may well justify the risk.

... Between August 2022, when Saltfleetby was brought back onto production, and July 2023, 2 bcf of gas were produced. A revised Competent Persons’ Report (CPR), published in October 2023, concluded that on a P50 basis, a further 27 BCF of reserves could be produced from the reservoir over the future life of the field. Since the report data set a further 3.5 BCF of gas have been produced, up to the end of 2024, indicating that there are about 23.5 BCF of remaining reserves in the field in December 2024. This would represent an ultimate recovery factor for the field of about 85%.

It is interesting to note that at gas prices prevailing in 2024 of 110p/therm, the gas reserves in Saltfleetby field have a market valuation of close to £267 million ...

Website, Operations/Saltfleetby

In his post of 11:12 on 03/09, simonalexsmith reckoned my valuation of Saltfleetby at, say, c£200m as being very conservative.

I agree with his comment. My valuation was based solely on Saltfleetby's currently estimated gas reserves and and took no account of its potential storage value.

Is it possible Trafigura and the owners of the producing assets in the Gulf of Mexico/America see more value in Angus than this board's doom and gloomsters and the market at the time of its trading suspension?

What value do the doom and gloomsters put on Angus's assets?

UK Oil & Gas PLC (London AIM: UKOG) wishes to advise that the Company now plans to publish its audited 2024 Annual Report and Accounts along with its Interim results for the six-month period ended March 2025 no later than early September 2025. (RNS of 29/07)

Must be very close to the auditors signing off the accounts now and the annual report being published (together with the interim accounts).

Could they release the figures during the course of tomorrow, so that the market has the weekend to digest them, or will it be for next week?