Member Info for ocelot

Does Beacon Energy (BCE) own any producing assets in the Gulf of Mexico?

18 karat gold is a relatively high purity of gold (75% pure), used typically for jewellery purposes. Pure gold is naturally soft and for virtually all practical applications, gold must be mixed or alloyed with other harder metals. Therefore, most items referred to as gold are not pure but are in fact gold alloys, and 18 karat gold is one such alloy ...

She (the council’s planning development manager, Sian Saadeh) said the restoration issue would be considered when the council redecided the quashed planning permission.

https://drillordrop.com/2025/06/26/horse-hill-one-year-on-no-site-clearance-date/

Thanks to jammydodger2 on the other site for signalling this article.

See no reason to doubt what Angus themselves said in their RNS of 07/05:

"Production variability during the first quarter of 2025, before the booster compressor was commissioned, has resulted in the first principal repayment of £1.25 million, being deferred as part of ongoing discussions with Trafigura about resculpting the repayment schedule".

In addition, payments for the booster compressor will have been made as the project progressed and on delivery.

It's a curious suspension this one, triggered by UKOG appointing new auditors more than 3 months after the end of the financial period.

It would make sense if management have been using the suspension period to seek additional finance from new sources.

Reminder of the proportions from the 13/03 RNS:

Since the completion of the first phase of blasting, the focus has been on processing and refining. From the processing of 11.6 tonnes of newly blasted ore, 108.6 kg of concentrates have been sent to the Company's usual third party refiner and all these concentrates have now been refined, recovering 11.58 grams of gold ...

Bubblepoint,

After the 8% royalty, they receive 92% of net gas revenue.

Net gas revenue is a function of quantity and of price.

One of those 2 variables has not been performing as anticipated (and it isn't price)

If we look at the cash flow statement for the year ending 30/09/24, then

Net cash flow generated from operations was £3.126m

Cash and cash equivalents at 30/09/24: £2.163m.

Await release of interim figures by the 30th for the figure at 31/03/25.

Finally, the Company will be producing a limited series of 18 carat pendants from gold extracted by Alba from the Mine. In connection with this, the Company has registered "GMW" as a maker's mark at the London Assay Office. The Company intends to offer these pendants for sale at a set price rather than at auction and to offer verified Alba shareholders an initial priority period for the purchase of the pendants before they go on wider sale. Precise details have yet to be finalised but will be confirmed in due course.

The 8% royalty on net gas sales is a burden, it means they are paying 100% of the costs from 92% of the revenues.

Asllankukeli,

You are perfectly entitled to your opinion and to express it but you won't get very far all by yourself. If that is what you want, then you will need to pick up a considerable weight of votes from other shareholders, which is likely to involve a lot of work and time on your part.

All this talk of "default" is very odd and, imho, over the top.

The first principal repayment which has been deferred is of £1.25 million.

This is not a fortune and could have been raised via a small placing.

It is very clear, therefore, that the payment has been deferred of management choice and in consultation with the lender.

The problem below would be solved if share capital is increased as part of the RTO.

Note: Forum Energy Services is already at 16.21% of Angus. Given the paltry market cap at the time of suspension, full payment in shares of the balance of the deferred consideration at anywhere near the suspension price would put Forum above 30% requiring a take over bid.

"With the legacy hedges rolling off in June 2025 the Company looks forward to the benefit of substantially higher free cashflows ..." (Chairman's outlook statement of 05/03)

Balance of deferred consideration (£1.59m and interest) payable to Paul Forrest's Forum Energy Services

Royalties payable in cash in the quarters beginning 1st July

Reminder of the first RNS re the resculpting of the repayment schedule, that of 07/05:

"Production variability during the first quarter of 2025, before the booster compressor was commissioned, has resulted in the first principal repayment of £1.25 million, being deferred as part of ongoing discussions with Trafigura about resculpting the repayment schedule.

Angus remains confident in the gas reserves and potential of the Saltfleetby Field and is investigating options to increase production through workovers, new drilling as well as potential acquisitions to strengthen the financial position of the Company".

Just 12 days later, the leak concerning the RTO obliged them to suspend trading in the shares. It seems reasonable to assume this RTO was one of the "potential acquisitions" being investigated at the time of the 07/05 RNS.

The interim results (released 28/06 last year) will include a cash flow statement.

Who can find a borrower in default? The lender.

Who is the lender? Trafigura.

"... positive discussions with Trafigura regarding the resculpting of the original payment schedule and the potential transaction are ongoing. The Company will inform the market once an agreement has been reached". (RNS of 06/06)

They have "breached" the agreement, they have NOT "defaulted" - wonderful thing, the English language.