Member Info for Torreaguas

If Angus come out with and RNS that the Balcombe application has gone in, that Saltfleetby has been transferred and that the deposit on abandonment fund can be paid from production income over a few years you lot would still find something to moan about.

It is so easy to see your agenda here. I look forward to the positive news flow starting and reminding you of what you are saying when the sp is back over 5p.

2 years old, new management now. Not relevant imo.

yes, all the little sells snapped up again.

yes, but again, where does it say they will need to lodge the full £2.5m ?? Its a simple question. Where does it state that ???

Yes I do understand. Where in you posts from official information does it say the associated cash reserving required will be £2.5m ?

gkb47, again people post crap. Where does it say they need to reserve £2.5 m? It does not. You are just makng that bit up. Please just stick to facts and not adding your own little extra bits in for the negative effect. It really is boring.

Mirasol, I am not wilfully missing the point. I am going off official company rns, not the opinion of some random poster on a bb.

When I read the official news if a deposit is required then I will accept it. Not from anywhere else.

Alan, why have you chosen to publish a blatant lie in your post? The company rns in the acquisition states...

The terms of the Agreement are that Saltfleetby Energy will pay to Angus Energy Weald Basin No. 3 Limited ("AWB", a wholly owned subsidiary of the Company, together the "Group") an initial contribution of GBP2.5 million which funds will then be applied by Angus either (a) to assume 100% of the costs to be incurred during the reconnection of the Field to the National Gas Grid or (b) to satisfy all abandonment costs at the Field (excluding existing subsurface pipework beyond the immediate sites) if reconnection at commercial rates is not available. At this stage the Directors are confident that reconnection at commercial rates is possible within the GBP2.5 million budget and advised timescale of completing work between May and August 2020.

I am sorry but you have just made me realise you will stoop to absolutely any low level and simply make things up to suit your agenda.

A certain percentage of production revenue is taken.

Good, exactly as I thought, not the £2.5m received then.

I have no problem with you trying to read between the lines, but your conclusions are just you opinion with no facts.
You cannot say if they will need to deposit funds, and if they do need to when they need to.

How do you know for a fact that the OGA will not accept ANGS without a deposit?

He is reading it that way becuase it suits his agenda.

I prefer the official OGA explanation to his made up one.

The wells are drilled. They are just reopening them. No worries there.

ocelot, they dont. I have checked. This is worth reading.

https://www.ogauthority.co.uk/media/2915/revfinancialguidancev4.pdf

If you can point me to somewhere where it states when an abondonment deposit has to be paid it would be helpful.

If a field has another 6 or 7 years producrtion life left when does an abandonment deposit become payable.??

Now only 1mm left on 1.4 and 2 on 1.5. That is stronger again than last week.

YorkshireLife. Wrong again.

Yes there will need to be a deposit for the abandonment plan. There are 2 scenarios.

1. The company do not go ahead with reconnecting. Then the £2.5m received will be used for abandonment.

2. If they go ahead with reconnection then the abandonment costs will be split 51/49 between the 2 parties. Meaning Angus need to come up with 51% of the £2.5m. However, they will have production income.

"Should the Company be successful in its application to the OGA, as referred to above, it would also need to agree an abandonment programme and associated cash reserving with the OGA at that time."

Nothing states when the cash reserving will be required. It could be paid over a period of time from production income. Unless you know better of course??

For those who say the £2.5m received for Saltfleetby cannot be used as it needs to be a deposit for abandonement costs. - WRONG.

This is the facts from the company.

On 19 June 2019 the Group acquired a 51% interest in the Saltfleetby Gas Field (to be renamed and hereinafter "Saltfleetby Energy") in Lincolnshire.

The terms of the Agreement are that Saltfleetby Energy will pay to the Group, an initial contribution of GBP2.5 million which funds will then be applied by Angus either

(a) to assume 100% of the costs to be incurred during the reconnection of the Field to the National Gas Grid or

(b) to satisfy all abandonment costs at the Field (excluding existing subsurface pipework beyond the immediate sites) if reconnection at commercial rates is not available.

Following reconnection and a declaration that gas can be extracted and sold in a commercially viable manner, future abandonment costs together with ordinary Field costs and revenues will be shared 51%/49% by the Group and Saltfleetby Energy under a standard JOA.

Looking strongest for a while only 3 mms on 1.5, there have been 4 or 5 for the last 2 weeks, the last 2 days have seen 2 go higher as sales at this level dry up. Any decent buying now will see it move up quickly imo.

News on Balcombe going in will see a very good rise , again imo.

Get in on the recovery then.

and another 200k !