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Production is not where we hoped to see it but, for the very first time in the Saltfleetby project, and from today, gas prices will reflect market prices.

Let us see what this does for cash flow.

Another quarter has passed so the first deferred principal payment to Trafigura is at risk of being joined by a second such payment.

Or could improved cash flow enable Angus to avoid deferring payment a second time?

A detailed report from Angus at a time when the position for the company looks particularly good but the resignation of the CEO may just hold back new investors until things are clarified, I remain very positive.

https://www.malcysblog.com/2025/06/oil-price-savannah-serica-angus-zephyr-deltic-chariot-uog-coro/

June 25: 1.25m therms hedge at 29.25

July 25: 1.085m therms hedged at 86.05p, 194% higher.

Drill or Drop signals doubt over ANGS's cash flows.

It should be noted that similar doubts were expressed in the interim results for the previous year (with the exception, obviously, of the need to restructure Trafigura's £20m debt facility).

Https://drillordrop.com/2025/06/30/doubts-over-angus-energy-future-cashflows/

(may have already been posted by a green box)

UK Oil & Gas PLC (London AIM: UKOG) announces that, due to delays in publishing its annual report and accounts for the year ended 30 September 2024, the Company's interim results for the period ended 30 March 2025 have also been delayed.

The audit of the Company's 2024 Annual Financial Statements is now well advanced and the Company expects to publish the report before the end of July. The Company will then seek to publish interim results for the period ended 30 March 2025.

Don't think their audit got as far as expressing their opinion.

"the simplest explanation is that the previous auditors couldn't sign the company off as a going concern".

But the previous auditors had already qualified their opinion on that score in the last published accounts:

"Material uncertainty related to going concern

We draw attention to note 2b in the financial statements, which indicates that the group will require additional funding in the

coming twelve months to meet their ongoing cash requirements. Whilst the directors anticipate that such funding may be

obtained from a number of sources, there can be no certainty that such sources of funding are obtained in the timeframes

necessary ..."

But the curious thing is that management itself triggered the suspension by appointing new auditors more than 3 months after the end of the financial year.

Did/do management believe they may have found an alternative source of funding to that of placings on the market?

Mirasol,

Companies don't wait to clear all their debt before expending cash - the world economy would grind to a halt if they did!

"The cash in the bank in the interims won't pay for them ..."

Agreed, but the interims were to 31/03 and tomorrow will be the first day of a new quarter when, for the first time since the original debt facility of £12m, the low historic hedge will no longer limit revenue and thereby provide a strong financial incentive to increase production.

Indeed, operating profit is up 57% on revenue down 6.8%.

Operating profit of £3.367m and profit of £0.757m on revenue £11,302m. Any increase in the gas price realised should flow straight through to operating profit.

Note the decline in admin expenses in the half, down by 25%.

The low historic hedge of 29.25p expires today, we will see the positive impact this makes in ANGS's future operating figures.

Note 11 of this morning's RNS provides details of hedges struck under the Trafigura facility as at 31/03/25: the highest price is 123.08p for January 2026.

... we believe the RTO under consideration, along with other M&A opportunities currently under consideration, could significantly strengthen and expand our operational footprint by increasing reserves production and cashflow, and create a path toward growth and renewed shareholder value. At present, discussions pertaining to the RTO are at an early stage ...

Well tests identified a number of in-wellbore production enhancement opportunities which are being progressed to FID ("Final Investment Decision"). These opportunities, targeted for Q3 2025, include coil tubing workovers which are necessary to enhance production ...

Angus is evaluating the drilling of a new well which has received full regulatory approval, adding a fourth producer to the field to accelerate production and increase shareholder value. The well is in the preliminary design phase with a target drilling date of Q1 2026, subject to funding and pending delivery time for long lead items. The target drill date would allow for 2 and up to 6 mmcf/d of incremental field production in Q2 2026.

You won't find Goldman Sachs and UBS acting as Nomads on AIM.

"At this stage, the Potential Transaction is non-binding and subject to completing due diligence, funding and other material considerations ..." (RNS of 19/05).

Imho, due diligence should have been conducted by now.

Re "other material considerations", I believe they appointed SP Angel Corporate Finance as their Nomad in order to facilitate future external growth initiatives.

Mirasol,

"... the Company (Beacon Energy) has signed a non-binding Heads of Terms and has entered into a period of exclusivity with a third party in relation to the potential acquisition of an interest in an onshore gas development asset located in Europe ... (yesterday's Final Results RNS).

The statement speaks of "a third party", it does not speak of an AIM company and it speaks of Europe, not of the UK. If I've missed something, please cite the relevant text.

Agreed, Mullins.

3 months in which to release the interim results to 31/03 takes us to this coming Monday, 30th June.

Re the RTO, we have no idea how long they had been negotiating before they were obliged to suspend trading in the shares but it was sufficient to conclude a non-binding agreement.

Mullins,

It appears to have no assets in the Gulf of Mexico so appears to have nothing to do with Angus's RTO.