Member Info for WG818

Https://drillordrop.com/2024/10/08/expansion-plans-withdrawn-for-saltfleetby-gas-field/

So production is falling by 10% each quarter, they have a £20 Million loan that they have a year break from paying. That willthat will cost them another 3 plus million in interest@16% is it, another couple of million still to pay Mr Forrest, 9 million in upgrades in the next year, an 8% gross royalty on all sales from Saltfleetby, the crystallised funds they mentioned…..and you are trying to kid people they are looking at paying a dividend????…….

Tony. You are more than aware of the “reports” as I have given you the link before.

Just for you here it is again. Zoom in to Saltfleetby, Brockham or any oil or gas site on the map and the figures become available.

https://www.arcgis.com/apps/webappviewer/index.html?id=984eeea3b1664049b12c02a28478bdaa%0A%20

Oofy. Yes Lord 9 digits was generally quite, apart from his yearly chairman statement that always ended up miles from reality.

So Tony as I suspected Brockham turns out to be producing less than half than the management claimed in those interviews. (Around 22 barrels a day) that’s not even break even territory. Water cut up by 50%!!

I had hoped that Mr Herbert was a breath of fresh air when it came to the shameless spin and utter mistruths this company had employed in the past but apparently not. Mr Zielicki however appears to be straight out of Lord Melton Mowbray and Lord 9 digits school of “disingenuousness’s”.

Saltfleetby statistics are shocking also. Gas to pipeline down to just 4.80 MMSCF.

You really don’t need to do much “hunting” for negatives in the “Angus Story “ Tony! You can’t help but fall over them all, there are so many!

Let’s wait and see what Brockham is actually producing come Tuesdays NSTA figures.

Of course there is always the slight issue with this storage story that they are planning on storing nuclear waste at the old gas processing facility at the end of the pipeline. Not sure that gas, or Hydrogen would be suitable bedfellows next to that?

It’s an interesting puff piece Tony.

Only they only hold a license to extract Petrochemicals up until April 2027. Haven’t applied for a storage license as far as I can see and the cost for the project would be multiples of the gas storage that Wingas applied for at a cost of circa £200 million back in 2013. A project like this is pie in the sky regarding Angus!…..it’s just a fairy tale, just as Geothermal turned out to be!

Did the Ukrainians take out a Russian chatbot centre?…. No posts for 6 days!!!

Its there at the top of the page Dan, spread 50%

If you would like any actual “facts” regarding Angus, feel free to ask. probably a better idea than taking a punt because it looked good!……no amount of posting hopeful spin, is going to change the facts here.

And what is your opinion now the spread is 50% Daniel?

Looks like those pesky Traders sucked another one in to HIT,s lobster pot.

Have you ever heat the term”do your own research “?

Https://drillordrop.com/transcript-of-interview-with-richard-herbert-chief-executive-angus-energy/

Funny how Ocelot manages to not post the important story! A frank interview with Mr Herbert.

https://drillordrop.com/2024/08/20/ceo-interview-onshore-oil-industry-must-generate-cash-for-well-decommissioning/

It’s still 30% below what the CPR sums were done on you plum. All the downside has been built in also.

Just a little something for you to consider also. Why the hell would they consider gas storage,when the forward curve makes it impossible to make any money out of storage!!!

Https://www.arcgis.com/apps/webappviewer/index.html?id=984eeea3b1664049b12c02a28478bdaa

Some interesting stats for May.

Gas to pipeline down to 6.30MMscf/d

Condensate has fallen of a cliff and down from 583.00 ksm3 in April to just 408 ksm3 in May. Water production remained remarkably about the same as April (244ksm3) to a May figure of 242ksm3. Water disposal at circa £40 a barrel to dispose of as it has to be incinerated is a major issue here.

And how are you proposing they pay the £9 million listed for this year alone in the CPR for critical upgrades?……or the remaining £4 plus million owed to Mr Forrest…….or the cost of that sound proofing around the compressor packages and the cooler upgrades?

Lots of talk about a placing on your other favourite share Ocelot…..perhaps we should be expecting one here also?

I haven’t commented on here for some time as I had hoped the company had turned a corner when it got shot of the incompetent management. Mr Herbert seems a decent enough sensible character but after that interview by Mr Zielecki it seems that normal service may have returned?

His maths on Brockham seem somewhat out also!

From the production RNS

“ At the Brockham Oil Field, production resumed on the 4th of June. At the end of the Quarter, two road tanker shipments had successfully completed with cumulative oil production measured at 560 barrels.”

That’s actually more like 20 barrels a day! Break even territory.

As for paying a dividend! Where exactly are they going to find the extra £9 million the CPR says they require for the works to get past drilling the first Well? Or the remainder of Mr Forrest’s money? And that’s without the interest building up on the £20 million.

A merger with UKOG is the obvious fit here with the historic ties. I’m sure Mr Sanderson would be given a nice golden farewell, and the new CEO would of course not turn down the same outrageous wage he was receiving……..it would only be fair after all.

I’m surprised that we haven’t had an RNS regarding the Balcombe court challenge being heard in January 2025…….not surprised that the Oceobot hasn’t chosen to supply the link to drill or drop though!!

Only that rate was following a very long shut in period Ocelot, so that will drop significantly as the pressure build up drops off. Then you need to consider that they have told us it’s not a 24 hour operation, so nowhere near your suggested figure. Then again you need to consider the water cut. That’s a big flag. And finally the cost of the works and the costs to actually produce and remove the water and all the other ongoing costs. They will be lucky to break even once the well settles down. They then need to consider whether they want to spend a few million drilling that new well?……Probably not worth it on those figures.

Watch this space regarding Horse hill and UKOGs huge financial situation though. That injection well at Brockham could prove interesting in that regard. They still don’t auto have applied for planning permission to dispose of water from Brockham from elsewhere yet however.

Erm….this is only the license for a test! It’s not a production license so absolutely not Odins. If it was a production license we would be right back in this situation in 4 or 5 years time having gone through the same process .

I understand some are keen to push this as an opportunity, as they think it’s going to make them some money conning mug punters. In reality it’s just a money pit.