Member Info for WG818

Continued

The OGA placed limits on both oil and gas during the Brockham EWT which equated to 301 barrels per day and a gas rate of 5.664 TCMD. Can you give the figure imposed on the Balcombe EWT if known yet? Asked on 30 January 2020

The extended well testing approval with the OGA is still under discussion but a rate of 300 BOPD has been discussed as has the need for a long flow period to evaluate the reservoir properly. However this does not limit our ability to flow the well at higher rates but rather offers an indicative flow rate to the OGA.

HTTPS://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjDkPGesPOBAxVNgf0HHedmDg4QFnoECB4QAQ&url=https%3A%2F%2Fwestsussex.planning-register.co.uk%2FDocument%2FDownload%3Fmodule%3DPLA%26recordNumber%3D1635%26planId%3D43947%26imageId%3D614%26isPlan%3DFalse%26fileName%3DHydrological%2520Risk%2520Assessment%2520and%2520covering%2520letter.pdf&usg=AOvVaw2Wad6gz3sBzLmbM17ZllaR&opi=89978449

Posted elsewhere.

Just a couple of reminders.

This is simply a well test, not production, and Angus bear all costs until it is proven commercial. Most importantly, it will have a maximum daily production placed on it 300 barrels a day has been discussed....and only 25% to Angus.

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From The Q&A

Can you confirm the costs incurred by Angus for stage 1 and 2 of the Balcombe EWT will be 25% of costs on both stages?

Asked on 30 January 2020

No, as above and as publicly announced when we farmed into the field, Angus bears all costs until the well is proved capable of producing oil commercially – i.e. this should be close to the end of Stage 1 or the beginning of Stage 2. However once we are into Stage 2 we can recover costs normally from oil revenues.

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Following on from the news that Balcombe will require an extensive bunding program can we expect a similar requirement for both Sites at Saltfleetby and likely costs if so?

Asked on 30 January 2020

No. Balcombe is a bare site with only the wellhead and therefore requires bunding equipment. Both Saltfleetby sites are established sites with all the necessary liners, bunding and Environmental Permits in place, including local containment around pressure vessels.

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According to the Balcombe HRA, should Planning be approved, the operation will cease after the Stage 1 removal of drilling fluids. If successful, the project will then be put on hold whilst a detailed civil and structural design is prepared. Please indicate the length of time required to compile this detailed civil and structural design and the likely cost to carry out the civil engineering work and the associated costs for this Stage 2 and the initial, Stage 1, design phase. Asked on 30 January 2020

The structure of the Balcombe operation is as follows. Stage 1 (removal of drilling fluids) will take place with a temporary bund installed around the equipment. Assuming this stage is successful a complete impermeable liner will be constructed under the site so as to offer suitable containment for a long term well test. The design of this liner is as per the Zetland document, with the civil and structural details already being worked out so that installation time should not be considerable.. Stage 2, being the extended well test ,will then commence. Costs for Stage 1 are relatively moderate and are borne by Angus. Most of the costs of Stage 2 will be almost immediately recoverable from oil sales and should represent a manageable timing issue.

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Can you confirm that a firm commitment by Cuadrilla and Lucas is in place for future funding and De-commissioning costs Should they be required for their 75 stake at Balcombe?

Asked on 30 January 2020

Under the present Joint Operating Agreement, it is not the Operator’s duty to determine what provisioning arrangements co-venturers have in place let alone disclose those arrang

Yea right “at a glance” funny you missed this bit

“Such an exercise would be pointless at the exploration stage but is highly relevant if there is ever a production application”

Yes a few million to simply test the largely discredited Kimmeridge. Then back to court, if and it’s a very big if, they find enough oil to be commercially viable! …….just more jam tomorrow, we’ll jam in 3/4 years time actually!

Octane

But you have those 300 million warrants available @.66p at present. Unlikely that the price will rise much beyond that. If they decide to convert only a portion of that £6 million bridge, the 300 million warrants fall to whatever level that may be, minus the 25% don’t forget…..They have all the information and total control over this. They will do whatever makes them the most money.

Comedy gold from the worst swing trader on AIM .

You do realise your history is available don’t you onetomany!….you have told us the company is finished, then a couple of weeks later that there was zero risk! The price has about halved since then!

If they take shares in the place of refinance they would have effectively taken the company over!

If they didn’t want to take the company over (which they would be obliged to do) they need to sell of the 12 % they are allowed too.

They literally hold all the cards here.

Octane

The RNS relating to the £6 million bridge loan actually says they can convert at a 25% discount to the 30 day VWAP. So that would be. 0.3p they could convert at!

Best you don’t read this if you have a week stomach.

https://www.angusenergy.co.uk/wp-content/uploads/2023/10/GM-Circular-20231012-FINAL.pdf

Apparently authority to allot up to two thirds of existing shares should be viewed as “routine business”

And the prize for the ironic post of the weekend Hittorf Ocelot!

You have me on filter and don’t care A? We both know you don’t have me on filter, and you commented on the post…. I guess you’re still pretending you can’t see what’s posted on the other site either?

I had dismissed it as being out of date as the first line was obviously wrong as Uk natural gas actually fell to 94p a therm yesterday……Again apologies Ocelot.

Garry it was actually dated 10/06/2023….the American style of dating. Not October the 6th. I take your point though and apologise Ocelot.

Apologies. The RNS I was referring to says the £6 million has been extended to the 19th of January so you can add that £800k to the total. If they roll it again do the maths.

Just to add to that. You will Neto add around another £800k to the £6 million bridge loan in interest, arrangement and roll fees should it be extended.

There are also now 4.15 billion shares in issue and a further 1 billion plus in options and warrants available.

Keane

I suggest you have a look at the RNS tab above. All the details you need are there. The 28th September one gives you the majority of the figures £12.3 million plus the £5.2 million owed to Forrum Energy.

If I’m reading the RNS regarding the Forrum buyout, this would need paying off if the global finance deal is actually done….. Payback date is anyone’s guess at present.

Ocelot. I am surprised at you. That article is 4 months old, and that dispute has been settled.

If the price keeps dropping to the 0.4p they can convert the £6 million into shares at a 25% discount to the 30 day VWAP….

At 0.3 p that’s a long way from a large price!!

I’m sure the prospect hasn’t been missed by many of the more savvy investors, nor Forrum Energy Services (Mr Forrest) or Knowe Properties, the other large holders who could drop the

Price to that level if they lose their nerve! Ditto Kemexon should they decide to sell some of that 12% they are allowed too!

It was actually addressed to Bridge dog scotty.

With regards to the concert party. Kemmexon now/will hold 23.26% of Angus. Aleph fin c Limited hold 4.26 at present. We don’t know what’s held by other Aleph entities, or the affiliates introduced by them in previous placings! Add to that the 300 million warrants @.66 p and they could well be over already!….. Obviously if they were to convert the next £6 million that would likely take them over 50%.

Or the fact that what can only be considered a consent party, are awfully close to 30%, and what that entails?

Dog

Did you fail to notice those 300 million warrants at .66p available to the lender then?

The answer given “we can not comment on the plans of individual shareholders” is also completely irrelevant to the question asked.

Aleph , Kemexon and the other unknown parties in the original £7 million mega placing could and should be looked at as a possible concert party! They are awfully close to the 30% mark and possibly over it with those involved who could be under 3%

Small time

Aleph are paid advisors to Angus. They have a director who sits in on board meetings. Kemexon are a client/affiliate of Aleph and so will be in a far better position information wise than your normal mug punter PI!

The answer they gave is truly awful! I mean who mentioned “PLANS”. If they were trying to stir up trouble for themselves they could have hardly given a worse answer!

Funny why you didn’t post that one Ocelot?!?