Member Info for SillyButtons

BV,
As per ususal you cant refute it so just start spewing BS..
at least adrian would make an attempt..

BV,
I'm still waiting for the answer to the 9.38 question.
Lets work chronologically

gallder,

Assuming that was for me saying Mercuria "get the gas". I understand they dont physically get it and sell it on. just how i expressed the swap.

BV,
Can you Refute what said or shall we just accept your the one post BS?

Again BV, how is it BS?
point out what i said that is BS or Inaccurate .. i will repost it here, to make it easy for you..

"i think this is because of falling prices.. In july Mecuria were looking at 400p & rising for the gas, now its down to 240ish..they get the gas next year and sell it, they wont make as much as they would have if we delivered on time. if current gas prices were 600p + then they would be accepting the gas..
they had no reason to agree to the roll over and accept the risk of gas prices falling and a financial loss.. they obviously agreed in july to the roll over "subject to" and we werent told about the conditions..

how is it bull**** BV?

"One thing that worries me is Why did the (h)Edge have to be paid"
Baits,
i think this is because of falling prices.. In july Mecuria were looking at 400p & rising for the gas, now its down to 240ish..they get the gas next year and sell it, they wont make as much as they would have if we delivered on time. if current gas prices were 600p + then they would be accepting the gas..
they had no reason to agree to the roll over and accept the risk of gas prices falling and a financial loss.. they obviously agreed in july to the roll over "subject to" and we werent told about the conditions..

thanks for the Laugh phil

To be fair Ocelot, i think you are missing some of the source of the frustration..

Its not so much that its another placing , its they are diluting to the backdrop of falling gas prices and the PR spin GL puts out, doubling production, dividends, debt paid by xmas etc and all the other promises and yet stays coming back looking for more money of investors even though money coming in..
I know GL said he think Dilution is not bad for shareholders once value accretive but dont see the value in this one.

the rolled over hedge was sorted last august or so investors were told.straight swap, supply the gas in 2023.. Now out of the blue it requires 3.3m cash
How much has been raised this year alone through placings for the construction of the SFB facility & Geothermal?

Nevermind more messing with Forum, getting discounted shares instead of cash prior to side track announcement. they must be very on the sidetrack or Forum wouldnt be taking the shares..

A_D, OSG,

the Hedge was meant to start in July, but production didnt start till september.. (GL in an love in interview said they could make £7 Million in June on unhegde gas sales)
Gas Prices are lower than they were then, hence they want the money, not the gas..
I can only assume they have been making money on present gas sold so why they need to go to the market for this volume of money i dont know..

My guess is there is no news of note that will cause a lift in the SP for a long time after the side track news is issued, so they are taking the hit now hoping the side track will boost the SP in a few weeks, where it will trickle back down due to no news vs landing this after the side track when there is no news to lift the SP and it get stucks at the lower level as nothing to cause a significant lift..
Just me guessing..

Bammo,
that is the line isnt it.. If you dont have absolute unquestioning faith in GL your a doomster, greeny, troll, etc..

There are none so blind as those who will not see

bammo
Posts: 1,093 Price: 1.325
No Opinion RE: In the News
13 Apr 2022 14:15
The train is leaving the station , you need to buy a ticket to get on the train, not long now.

bammo
Posts: 1,265 Price: 1.90
No Opinion
RE: LADY OF AIM SAYS 14 MMSCFD24 Nov '22
Train getting ready to leave the station get on board before its missed..

7 months later, train still in the station, bammo et al still peddling the same bull manure

HITS,
good to see your still around.
the RNS at the time specified no "Upfront Cost".. there was a reason that was stated..

Pactrol,
Dont think it a penalty as much Gas prices are lower now than July when the hedge rolled over, Mecuria did the sums and worked out they would be better off paid for the missed production at the prices of the time than they would be getting the rolled over qty next year at lower Gas prices..
They had no reason to to take on the risk at the time to suit angus.. they probbaly rolled over with a condition they at least make the same... we didnt get the full details of the agreement for a reason.. the RNS at the time specified no "Upfront Cost".. there was a reason that was stated..

Pactrol,

Delays & failure to produced meatn portion of hedge was rolled over form 2022 to 2023 or thats what we were told.. See RNS's from July & august for more info?

Hedge expenditure: £3.3 million. As part of the Company's rolling hedge programme relating to gas sales from Saltfleetby, and due to the late start of production from Saltfleetby, some of the original hedged volumes due in Q3 2022 were closed and new hedges of an equivalent amount, but at much higher prices, were restruck in H1 2023. Whilst the Company had been seeking to defer this liability to include it within H1 2023's commitments and has been in discussions with the hedge providers to that end, it has now been unable to agree this. As such these funds are expected to satisfy the majority (if not all) of the earlier closed hedges.

- Saltfleetby side track overruns: overruns of £0.9 million have been incurred. These relate principally to much higher steel and energy prices, but general inflation and scarcity of manpower and materials have contributed. Additionally, there have been time overruns associated with the initial and final stages of the drilling programme.

- Saltfleetby Facilities overspend: an overspend of £0.75 million has arisen due to the costs of modifications made to the plant to optimise production as well as noise attenuation and compliance with the highest regulatory standards as regards minimizing risks to people, plant and the environment.

- Geothermal spend: £0.5 million is targeted for 2023 on the acquisition and origination of new further gravimetric data, and toward a seismic programme, in the south west of England.

- Business Developmentof approximately £1.0 million are slated for 2023 with a focus on expanding production and developing the Saltfleetby Gas field as a storage facility

- Fees associated with the Placing and Subscription.

Yanis
As i said at the time , Mecuria had no reason to take on the risk in rolling over the hedge qty to suit angus.. Gas prices are lower now, Mecuria did the sums and worked out they would be better off paid for the missed production at the prices of the time than get the qty in next year at lower prices..

Sorry to read you got out at a loss. if for no other reason but your genuine contribution to this board, you deserved to turn a few pound on this.. at least your not suffering from GL's lastest gift..

Hope all is well with you and yours
merry xmas
SB..

Ah Mirasol,
You know the GL Cheerleaders will be back tomorrow with how this is great news..
sure we had it will the same with every delay & raise through to first gas..
At least GL is consisent in that he cant be trusted..
Few extracts below from posts i made at end of July & early august about the hedge roll and was a bedwetter and greenie etc because of it.. (are sharflyer, asher & stockbob still around??)

" You would imagine it would, but dont be surpirsed if there is a cost to angus for the deferment or a minimum gas price for Mercuria or both.. Mercuria have no reason to take on the risk & gamble of gas prices falling and they financially losing out.. they are in a postion to arrange a win win for themselves.."

"i merely point out that its not great news as it will cost angus in loss revenue at higher predicted gas prices.. I agree the roll over is better than the alternative scenario, but, in my opinion, that does not make it great news. It was the preferable of 2 bad options due to the companys inability to finish commissioning and start production in time..
Also if there was no cost to the roll over, you would have to assume they would have stated that in the RNS. The fact they stated no "upfront" cost, implies there is a cost to this arrangement down the road.
Whether that cost is purely from selling the gas at the hedge price vs the expected 400p ish price, remains to be confirmed"

Gas prices are falling and resulting in less profit Mercuria would have made if we met our hedge obligations.. hence they want cash now.. they obviously dont see it rising significantly in the future or would opt to push out the rolled over hedge quantities till then..

I note Forum have decided to take shares rather than cash now that the riskiest part of the drill programme is over.. they must be very confident in the side track working.

You would have reasonably expected they wouldnt need to raise for workig capital now they are making money..

How is the debt paid down by xmas? that still on track?

I am out after 4 long years and with 40% profit after multiple averaging down..
Just want to say Thanks to HITS, Tygra, Ocelot, Howey, Yanis and others who provided both accurate information & good discussion rather than insults and ramps..
Best of luck to holders..
Kind Regards
SB

BV,
How is it crap?
Your analogy ignored the hedge & our that we likely havent sufficent capability in production to meet the future hedged quantities until the side track is successfully installed. that is not crap.. that obvious.. re read what you wrote if neccessary.. please explain how it is crap if you disagree??

And as for rolling over the hedge into the future, meaning we hedge more during periods of higher gas prices, which means we have less production over the hedge to sell at those high prices. how is that crap? instead of selling x quantity (at present unknown) in Q1 & Q2 next year for market price, we are selling it for 52P.. that is what we are doing.. how is that crap? please explain.

BV,
"JTS, if the company was a pub would you prefer to sell a pint at £3.00 or £5.00 - £7.00 a pint with the same amount of barrels in the cellar?"

Unlike lemon pie & his ilk ( or elk as was previously posted here :-D) , your not a completely ignorant muppet so you are aware what you posted above is completely disengenious as it takes no account of the hedge and selling "pints" for 43p giving the difference to our lenders, nor does it take into account we are unlikely the quantity of "sales" we told the lender we would..

you can spin it anyway you like, this delay is costing the company money, we are increasing our hedge quantity in the future becasue we can meet it now and this mean less surplus to hedge production to sell at the high prices your quoting..
the delay in the side track also means we are unlilkely produce enough to meet the hedge in the future and if we do manage to meet the hedge, there will be little to no surplus so regardless of the price of gas all we will be getting is 43p.