Member Info for OofyProsser

Dear oh dear..

Ocelot: one wouldn’t expect Angus’s PR advisers to have a seat at the table where the current discussions are taking place. Don’t take it personally.

Trumpery.

Angus had better get an RNS out quickly on the subject of the overdue debt payment to Trafigura. Otherwise, the rumour mill may start up again. Oh, hang on, the shares are suspended!

Revenue of £1mm per month won’t leave them in profit, by the way. Trafigura is going to have to be generous, or the tooth fairy will need to serve Angus up a nice cash flow-positice oil/gas asset in the Gulf of Mexico for peanuts.

Happy pumping!

HITS: he simply doesn’t have any experience in commerce or finance. Trafigura, like Mercuria,

Is not a charitable organisation. You can’t expect them to bear a higher financial risk in this. Oil and gas assets in the Gulf of Mexico are not available to penniless energy minnows at a discount! Investors here appear to be about to be royally stuffed.

Today’s RNS?

WG818: those production numbers are after deducting the gas consumed by the booster compressor, aren’t they? Not that it’s going to make much difference to Angus now. The Directors will be getting concerned about “going concern”.

While I accept that AIM companies are often full of surprises and that therefore virtually anything can happen, it seems to me that Trafigura are in the driving seat here. Angus has missed a repayment and the cash flow it needs to meet this debt and the future repayment schedule is compromised by an expensive piece of kit that hasn’t done the expected trick.

I think that if this profitable opportunity in the Gulf of Mexico exists, it’s more likely part of a scheme devised by Trafigura. In which case, the discussions which keep being deferred probably concern what, if any, compensation Kemexon, Aleph etc., and the small shareholders will receive for their shares.

Who knows, though?

Mirasol: it sounds like good money after bad. Re sculpting is done with knives. .

HITS: it’s hard to put a favourable interpretation on this further short extension. Angus’s position won’t have improved by Saturday, surely? They’ll have lost a little more money, with bigger losses to come. Will Trafigura stump up some more cash for velocity strings?

Ugh, um extension until Saturday.

“Ugg. Apache want um gold back. Pay up or we Sioux. No want um gas plant. Gas plant no work - white man speak with forked tongue. We soon give heap big medicine”.

The silence of the Red Indians is due to their having adopted the Trappist code. They should qualify soon for missionary positions.

Perhaps the letter from Trafigura is waiting on the mat in Chiswick. I dare say also that the management sees the share dealing suspension as an excuse for the tardy disclosure of highly price-sensitive information. In which case shareholders may have to wait many moons. Innit?

Thanks, Mirasol.

Thanks also, WG818. I’d forgotten the details of that RNS. So Mercuria is no longer involved and both the remaining charges must relate to Trafigura. That does make more sense. Doesn’t change things much

WG818: Mr. Forrest got an incomprehensibly favourable deal from the previous management. Not only a lot of cash, but he’s no longer responsible for pipeline restoration costs. We remarked on all this at the time.

Re the interest due on the Trafigura loan, 20% of 0 is 0, what? Angus can’t afford to pay interest. If Trafigura enforces its charge, Mercuria’s charge will be enforced. That’s in no one’s interests. I wonder what Kemexon, Aleph and their clients make of all this.

Mirasol: how was Saltfleetby’s production last week?

Mirasol: no, Angus has no expedient available whereby they can make tomorrow's payment to Trafigura. It’s possible this, rather than a possible rt/o, is the reason for the share trading suspension. It’s hard to see what Trafigura would gain by enforcing their claim, though. Happily, we shouldn’t have long to wait to find out.

Mirasol: there’s £30mm of tax losses. Whether this will compensate a potential buyer for the debts, continuing losses, eventual de-commissioning costs etc., we’ll have to see.

Meanwhile, it looks as if BP (the Trappist MD’s former employer) has given up on hydrogen storage.

Mirasol: the first two compressors took ages to calibrate. But it’s a dodgy and heavily depleted field. Angus seems to have thought it was worth one final throw if the dice. Wingas didn’t think it was worth carrying on with it. They were in it for its storage potential but ran out of patience.

It’s their creditors, rather than their debtors, that have given them the deadline of tomorrow! As has been suggested, there should be an RNS on Tuesday to clarify the position re this.

As to why it’s suspended, rumours/leaks was the reason given. Who knows?

Ocelot, please be so kind as to tell us how that might work.

Mirasol, if I’m reading the charges right, the Nercuria charge is secured on AEWB2, of which AEWB3 is a subsidiary. The tax losses are in AEWB3. The Trafigura charge is secured on Saltfleetby Energy, which is where the decommissioning liability resides.