Member Info for OofyProsser

Ozzy: what an excitable character you are. It’s not all about you, you know? I was merely pointing out that UKOG has a remarkably consistent record wherever it operates. Unfortunately. And no sign of anything changing. None of which has escaped the attention of its Directors, apparently.

Ozzy::the reasons for UKOG’s failure to make any money are unimportant, unless they’re about to change. They were pinning their hopes on a “roll of the dice” in Turkey, the failure of which is nothing to do with nimbys. They’re left with a lot of failed projects and no net income or realistic prospect of any. And little money left. And the bulls on here wonder why the architects of this situation are not buying shares in it! It’s quite funny really.

Ocelot! Got out of bed on the wrong side this morning? The mask is slipping!

Or, more likely, a bottle of the Dow’63 in the Chiswick office. Which office Anguish were supposed to be out of last September. You really can’t set any store at all by any utterances from that direction. You’re right, I think, to assume that the 3 June RNS is to be preferred to the replies to questions in PR interviews by the part-time Interim MD.

WG818: yes, you’re correct, if the sidetrack is unsuccessful, the lenders are likely to get Poundland. This has been discussed at length on the other site. The only people who have been consistently reliable on the LSE site have been Alan2017 and gkb47. There’s a number of well informed posters who’ve been debating these issues for quite a long time on the site you’ve recently been looking at.

I think SEL’s position is somewhat academic. Having seen Forum’s accounts, I doubt they’ve got much money to meet any financial commitments involved in Poundland.

WG818: I wasn’t aware that Forum owned any part of Poundland, other than through SEL? They’re not participants in the £12mm. loan agreement.

There was a lot of debate a year or so ago about the abandonment liability. In my view, it’s likely to end up with the taxpayer. I don’t think there will be enough money made from Poundland to restore the site, after loans have been repaid, Directors paid etc. I’m expecting further placings from Anguish, to pay their £2mm+ g&a expenses and the £1.45 to Knowe, the first £3mm. instalment on the amortising loan, plus £1,5mm. interest on that. It’s a cash sink, Anguish.

Angus was integral to the original deal. SEL is the new name for Wingas Storage, the Gazprom entity that owned Poundland. Mr. Forrest occupied offices in the same building in Chiswick as Angus before the deal was done. I wouldn’t be surprised, as I’ve suggested elsewhere, if the deal didn’t start with “‘Ere mate, wanna buy a gas field?”.

WG818: I’ve always assumed that Gazprom were happy to get out of their very large potential abandonment liability at Poundland through the payment of just £2.5mm. minus £1, to Anguish.

These accounts are not only late (even after deferments agreed with the authorities) but they’re the first since December 2018, when SEL hadn’t even been dreamt of. Two and a half years! And they wont publish them!

What’s happened about the potential lawsuit against Anguish mentioned in one of the June RNS’s?

WG818: I’ve been watching your ruminations on the Anguish site too (though the ADVFN site is generally better-informed these days). There’s no discussion on the LSE site of the nature of the hedge, which is most likely to be in the form of a series of monthly forward contracts. As I understand these, they involve the sale of a set volume of gas at a set price (in this case, 43p/therm). So if the market price falls below this level, the company is protected. However, if the price is above this level, the company has to make up the difference. Since all the gas is to be sold to Shell, the hedges will be settled in cash with the counterparty. Anguish says the hedge covers 70% of expected production, the forecast being on a “conservative” basis. So if production disappoints, Anguish will be on the hook for possibly quite large sums of current prices prevail. As you’ve correctly pointed out, there is a doubt over the drilling of the sidetrack and its timing, as well about the overall timetable for the project. Anguish have not been good at doing these things on schedule so far - the pipeline, scheduled to take three weeks last October, is still unfinished and October-December are notoriously wet and difficult months in the Lincolnshire fens. The chance of their falling short of the 70% target must be considerable. And if the sidetrack is a failure, I think Anguish will be in serious trouble. They’ve got an additional £6mm. or so to find in loan repayment/interest and g&a expenses by next July as well. This is not budgeted for in the loan terms.

Where are Notes 5-12 in the Anguish WBNo.3 Accounts at Companies House? These usually contain the interesting information on where the money is spent. I agree about the Forum Accounts. There’s very little there. And no accounts at all from SEL on the Companies House site. A conspiracy theorist would be sensing a pattern forming..

DutchStanton: it’s important because of the proposed deal with SEL whereby AAOG would take half of SEL’s stake in the Poundland gas venture managed by Angus Energy. The deal would value Poundland at £32mm. Angus, with half of it, is capitalised currently at £8mm. Existing AAOG shareholders would experience a big dilution.

irishmouse: Companies House normally puts up the Accounts of companies as soon as they are released, in full. They’re not very detailed in the case of companies like SEL but they’re all we’ve got. In this case, the accounts are more than two months late. The previous accounts were in respect of December 2018, when the company was called Wingas. At the same time, Angus Energy, SEL’s partner at Poundland, has released incomplete accounts on the Companies House site in respect of its operating company, Angus Energy Weald Basin No.3. This company’s accounts are the only source of reasonably detailed audited information in the Angus group. Notes 5-12 to the Accounts are missing.

So information on the two partners in Poundland, in which it’s proposed that AAOG issue shares worth £8mm. for a 25% stake, is missing. I haven’t seen incomplete accounts published on the Companies House site before and I haven’t been required to pay to see company accounts there either. I’d like to know what’s going on.

Irishmouse: is that what it costs? It’s inexcusable, isn’t it? If I bought a copy, I’d copy and paste it here and on the Anguish site immediately, copyright notwithstanding.

On what basis do you suppose they’ve chosen to do this at Companies House?

Petroleum1: I don’t understand this. A number of these small oil/gas companies have large losses, against which they should theoretically be able to offset any future profits they may make. However, if it is possible for these losses to be used by any old company, all of these companies would have been taken over by now and their shareholders thereby put out of their misery.

The overdue Accounts for SEL were supposed to be on the Companies House website yesterday. There’s now an announcement there that the Accounts are unavailable online! What’s going on? This is important for AAOG shareholders.

There’s always that 200 metre thick (was it?) oil reservoir stretching from the Isle of Wight to the Surrey Hills to fall back on when all else fails. Do what Lord Lucan did at Lidsey - put it back in the frame and get some more seismic..

It makes little difference to me whether he buys shares or not. The issue is, where is he going to get the money to continue operations in Turkey or for Loxley etc? If he feels his putting 5% of his monthly salary into buying shares will encourage investors to buy and get the share price up enough to enable him to get his hands in their trouser pockets again, then he’ll probably do it, in my opinion. Who wouldn’t? With a further placing or two he can continue to draw his salary and can keep 95% of it. Half a loaf is better than no bread. Investors have to ask themselves why he’ll do better with their money next time, not whether he’s putting 5% of his £25,000 monthly gross salary into a Directors’ share purchase scheme.

Ocelot: it suggests to me only that the cost of developing UKOG’s projects far exceeds their power to finance them. Are shareholders really going to continue to stump up money for these grossly over-rewarded dopes to carry on squandering? Why is anyone prepared to back the serial failure Mr. Sanderson?

Why is Lucan not on this list? He may have monthly Q&A sessions but he appears to pick and choose what/when he answers. He misled shareholders for six months on the cost and start date of the most important single investment Anguish has ever made, and has had to accept terms which are quite likely to bankrupt the company. He said 22 months ago that Anguish were writing off their investments in Lidsey and Brockham, then realised he couldn’t afford the abandonment costs, so suddenly, just before the annual accounts were due, Lidsey and Brockham were “back in the frame”. He said in September last year that one or more banks had offered $20mm. for the completion of Poundland. He appears to have turned down these offers and then lost 15 months and much higher gas prices while he negotiated the terrible terms he’s had to accept from the Poundland lenders. The thing was supposed to have been producing gas between May and August last year. His 3-week schedule for completion of the pipeline is now 8 months overdue. I could go on in this vein but will stop. Come back Vonk. A little oil and gas experience would go a long way at Anguish.

Ozzy: “just desserts”. I’ll have some nice treacle tart and clotted cream, please.

ScottyK: you could be right. There was no point in buying last month if they knew Turkey was a duster or the equivalent. If there’s no more bed news imminent, Friday could see some Director purchases. As HITS said, anything is possible with this.

Irishmouse: what makes you think there should another game?

Sorry, Cyan2, missed your correction.