Member Info for petroleum1

In summary:
Well A4 flowed 4 mmscf/d at a back pressure of 808 psi and well B2 flowed 4.5 mmscf/d at a back pressure of 661 psi.
If thees pressure are lowered by installing more compressors the flowrate of these wells will increase.

Yanis
Well A4 flowed 4 mmscf/d at 55 bar(808 psi) and well B2 4.5 mmscf/d at 45 bar(661psi).
Thel wellhead pressure at closed in was 80+bar(1176 psi)’
Those back pressures of 808 and 661 psi are high. If these are reduced the flowrate will increase. The increased number of compressors can do this.
For information the national grid pressure is 38 bar(558.6psi).

Angus said:
“The Company has achieved flow rates from well A4 of 4 mmscf/d (million standard cubic feet per day) at approximately 55 bar and well over 4.5 mmscf/d from well B2 at approximately 45 bar……”
The reservoir was flowing against high pressures. If these pressures are reduced the flowrate will increase. Increasing number of compressors is one way to acheive that.

"EU targets €140bn from windfall taxes on energy companies"
https://www.ft.com/content/c936d529-4223-4983-980c-0e4251ed1297
This article is behind a paywall. What is so intereting about it is that it was the idea of the British ex Chanceller Rishi Sunac who pioneered taxing energy companies. One of his ideas also was to stop tax losses from being transferred from one company to another. I hope this is not bad news to AAOG.

balancdviewer: Puting a sidetrack far away from the plant will require a costly flowline that rhe company cannot afford at present. Reducing the delivery pressure at the plant will increase the flowrate. This reduction of pressure will be transmitted to wellhead with minimum losses due to minimum frictional losses for gas flow.

balancedviewer
In the last RNS dated 9 Sep 2022, the company said:
“The Company has achieved flow rates from well A4 of 4 mmscf/d (million standard cubic feet per day) at approximately 55 bar and well over 4.5 mmscf/d from well B2 at approximately 45 bar……”
If the above pressures are reduced by increasing the number of compressors the gas flowtate will increase by a large amount. You may not need a sidetrack for a long time.

I calculated the existing revenue for ANGS at a gas flowrate of 5mmscf/d to be £51,000 /d excluding condensate of 50 b/d.

Also Sunday blog of oilman jim, Malcom Rees reported the following:
"Angus Energy (ANGS) announced Saltfleetby flow rates: from well A4 of 4 million cubic feet of gas per day and over 4.5 million cubic feet of gas per day from well B2. Current capacity to process gas is 4.6 million cubic feet per day and the aim is to raise this process capacity, such that in the coming days the plant will reach a minimum steady state of 5.5 million cubic feet of gas per day, which would meet the company's hedge obligations for the fourth quarter. !Stabilised condensate production also has started at around 50 barrels per day. "

From Twitter
https://twitter.com/mgrahamwood/status/1568652617366278144?s=46&t=_LNRGJl0ivhk0bxK64Hm2g

"- 2nd compressor online this month"

OofyProsser
In yesterday 's RNS the last paagraph read:
"The Company intends to advise production figures, together with an update on the installation of the second compressor, at the end of this month and thereafter the Company expects to report production figures quarterly."
It probably mean "an update " at the end of the month. They would not be short of money to buy one.

News in brief:
"Angus Energy PLC - oil and gas development company operating in England - Says it has achieved flow rates from well A4 of 4 million standard cubic feet per day at around 55 bar and over 4.5 million from well B2 at around 45 bar. Well A4 is at the Saltfleetby gas field in Lincolnshire, England.

Taken together, says this "greatly exceeds" the 2017 combined shut-in rate of 5 million from the wells.

Says that it has been running the process plant at an effective throughput of 3.3 million on average for the last three days which has risen from 500,000 at the beginning of operations. Adds that it aims is to raise this process capacity, and reduce the incidence of commissioning trips, so that the plant will reach a minimum steady state of 5.5 million or greater. This will "comfortably" meet the company's hedge obligations for quarter four."
I beleive that the flowrate can be increased by lowering wellhead pressures.
THE BOTTLENECK HERE IS THE SECOND COMPRESSOR WHICH WILL BE INSTALLED AT END OF MONTH.

OofyProsser
Iam expecting the flowrate for the second well to be comparable to the first as shown in page 5 of the history pesented by the company.
https://www.angusenergy.co.uk/wp-content/uploads/2019/12/Saltfleetby-Gas-Field-Dec19.pdf
Also I will be watching next week the live flowrate data of the two wells in the National Grid.
https://gasdata.nationalgrid.com/InstantaneousView
I am almost sure that this will come good.
As I have 4 million shares in AAOG and there is high probabilty it combine with ANGS there is no point of me buying into ANGS.
The high caliber of the new directors indicate the importance that Saltfleetby has become to the country whether for energy security or gas storage capacity.

Gas storage capacity in UK is much less than anyone else in Europe. This link was posted here 10 days ago.
https://www.bbc.co.uk/news/uk-politics-62604653

Two dirctors were appointed today. The first one is Krzysztof Zielicki who
" was Vice President for M&A and Strategy." in BP and Rosneft. Also a well informed poster on the other board said talk of takeover is taking place now at Angus board. I am hoping some good news will emerge for AAOG.

If you look at the company presentation that L2Analyst had produced above and appended below, you can see in page 5 the wells rates vs time for wells B2(light blue) and A4 (dark blue). The flowrate of the two wells are nearly identical.
https://www.angusenergy.co.uk/wp-content/uploads/2019/12/Saltfleetby-Gas-Field-Dec19.pdf

mmafr
Angus Market cap is now £44m. To add to it £42m from AAOG would not be a bad idea For Mr Forest who is a nember of the board directors at Angus.
The NPV for Angus now based on the present gas price of 567p/therm
P90= £417m
P60=£731m
The gas price is still rising.
https://tradingeconomics.com/commodity/uk-natural-gas
A lot of revenue will be generated at Angus and AAOG tax allowance of £42m will become useful.

However to me now remain the question of when to buy into Angus. I missed the uppurtunity to buy below 1 p.

Irish
We are approaching the finish line. If ANGS succeed we will combine and start trading. If ANGS fails (I do not beleive so)
we will find another revenue generating entity and combine with and we also start trading.

B_A_B_A
As I see it, our future in AAOG is closely dependent on the success of ANGS. If ANGS succed we will be part of the outfit.
Our director Mr Forest is also the directorof ANGS who will be able to use the £42m of the tax losses into ANGS future revenue. Mr Forest could have reversed AAOG into any entity that generate revenue some2-3 years ago but did not. Why ? because he want to combine it with ANGS. I want ANGS to succeed so that AAOG can combine with it and we start trading. Thak you for pointing this out.

I was going to buy at 0.6-0.8p but I did not. Some negative posters on the other site changed their stance to positve dependent on success of sidetrack. Lord Lugan must know some people with money who can step in. It all depend on what is happening at the well site. They should update people on the progress but they do not. I am hoping nothing serious they are encountering.

OofyProsser
I used NPV (Net Present Value) numbers in the CPR. I am assuming that they have taken everything into account.
In any case when you \have a PRESENT NPV of the following magnitude,
NPV P90 = £387m
NPV P50 = £678m
and rising , Mercuria debt of £11 m become irrelevant. I am going back to the CPR and try to see if I can find out more information.