Member Info for OofyProsser

Mirasol: you’re quite correct, of course and I’m aware that you don’t need me to tell you so!

It’s maybe worth remarking, however, that the previous management treated the P90 scenario as a likely worst case. There has never been a discussion on their part of what happens if P90 turns out to be grossly optimistic - as it seems it is. Other than, of course, in the auditor’s discussion of going concern issues and note 3.3 in the accounts. Which almost no one on here reads/understands, it seems to me.

Mr. Forrest is extremely well placed. An extremely sweet deal he negotiated with the previous management. Carlos, of course, is still there. I dare say there will be a nice ramp in the not too distant future enabling the former to monetise part of his investment.

Well, I agree that the CPR assumptions are unreliable - look at the depletion rate, among other things. And look at the flow rates.

What are you referring to when you accuse me of lying?

So, Bubblepoint, not liars at all. You needed only to look at the CPR. And nastiness? Scepticism, surely, not nastiness, and consistently on the money, in contrast to the company cheerleaders on both sites. The sidetrack was a disaster. It exceeded even my expectations in this regard.

You say they’re planning at least one more well. In fact, they were supposed to have completed one in January this year. They couldn’t afford to. They were supposed to drill another next year. We shall see.

Meanwhile, the management are keeping their heads down. I can’t remember seeing Mr. ‘Erbert since June last year.

As for working in concert, I don’t work in concert with anyone. My opinions are my own. The concert parties on these sites support the company line.

Bubblepoint: I’ve looked at the posts on the other site and there appears to be a huge imbalance in favour of posts by total ignoramuses and lying company shills. I don’t know what you’re talking about. Do you?

As for the revised CPR, it does say in two places exactly what WG818 says it says.

.. read, or heed, not head

NMH21: read note22 to the recent Report and Accounts.

Ocelot: interest unpayable, you mean.

Danielm89: what do you mean by “hedge removal”.? Angus is on the hook with hedges for another 21 months. Assuming Angus lasts that long. It doesn’t look at all good currently.

So this is good news is it Ocelot? And a sign of further progress by the Trappist Board? You seem to be spinning in Angus’s grave.

Ocelot: thankfully, I have had no experience with lynch mobs but I feel safe in saying that being criticised by a few anonymous contributors to a bulletin board can’t compare with being pursued by one.

Best get back to marshalling the boiler room, don’t you think?.

This is not a conspiracy, Bubblepoint. Just a number of unrelated people who appear to share similar views on the sad state of regulation, non- enforcement of Stock Exchange rules and the personal probity of company managements.

Mirasol, I agree with your remarks. Thanks for continuing to supply the NSTA data.

Well, there you have it in a nutshell. Bubblepoint is trading the shares and tailoring his input here to support his trading stance. I’ve assumed that most people reading these boards are looking for investment advice, not short term trading tactics. If you’re posting advice claiming to be an industry professional, it would be more honest to point out that you’re in it for a punt, not because you believe in it.

Whatever he says about the big profits he’s made, the performance of Angus shares has been deplorable. Well done, Bubblepoint. Less well done, investors who gave credence to his posts.

WG818: the bulls appear to be getting increasingly defensive . I agree with you re the (un)likelihood that most of the mugs still in this have read the annual report. If some have, I doubt further that they've made head or tail of them. In the absence of news from the replacement Trappist management, the only guide to the future prospects for Anguish is the 6-months old Accounts and the company’s past record.

“ Those who cannot remember the past are condemned to repeat it.”

Are you returning to that restaurant this year, Bubblepoint?

Yes, Bubblepoint, I accept of course that drilling is expensive and unpredictable. What stuck in the throat was the insulting manner in which the management dismissed the misgivings of well-informed doubters as to timing and cost. Their constant misleading of investors is far more serious than the doubts expressed by people on these boards who’ve seen it all before from these business managers. They went to great lengths to hire what they said were the best people to advise on the drill, having found fault with previous experts. More honesty would be welcome. The fact that it was in such short supply suggests strongly that the overspend was massive.

Mirasol: no, they didn’t tell us anything about the cost. I would put it a bit north of £9mm. They have never divulged the full extent of any bad news, nor revealed the rationale for buying their friend out of their stake in Poundland. And they’ve constantly obfuscated the terms of the hedges. Their debts and liabilities have mounted up alarmingly. At least they’re discussing the potential existential effects of the hedges (Note 22).

I don’t know how long you've been watching this. Bubblepoint. It’s not a very good record and has been full of obfuscation and misdirection. They lost money in the year to September 2024, they have large sums to repay under “liabilities”, in addition to their debt to Trafigura, which is rising, not falling. The gas flow seems to have been falling most of the time since September. They themselves seem to be concerned about their ability to meet the terms of their remaining and new hedges.

Whatever you say about the superior methods introduced by the previous and current management, gas sales are down and the gas flow is below the CPR forecast of October 2023. The new equipment is expensive, even if they get it working on schedule. It’s up to you, of course. This is only my opinion. I have, however. read the Report and Accounts.

Patrick7: there are hedges in place now that go on to December 2026. The depletion in the gas flow is clear from these Accounts and from the latest data. The new compressor may help for a while, assuming they can incorporate it on budget.. They can’t afford a new well though. The data in note 22 to the accounts is pretty clear. And they have significant financial liabilities on top of their debt to Trafigura. Brockham is not helping, is it?

Saltfleetby was described as a substantially depleted field when its previous operator discontinued it. The rate of depletion appears currently to be well ahead of the CPR forecasts. I think Angus will carry on until the returns to its lenders fall below the latters’ cost of funds. Equity holders will get nothing. It will then be rescued very cheaply. That’s what I think.

Bubblepoint: I’m missing something, clearly. What corner are Angus turning? The management appear to me to be acting as custodians for Kemexon etc. The latter are collecting nice hedging etc.. returns for the time being and the company will finance itself with placings for as long as it can, before the returns from the rapidly deleting gas dwindle to a trickle and it gets taken out for peanuts for its storage potential. Angus may be able to afford the new compressor but they can’t afford another well or sidetrack

..or the gravy boat, probably.