Member Info for WG818

Hello, are Aleph and Kemexon engineering a take-over at this level?

Thanks

Simon Asked on 2 October 2023

We cannot comment on the plans of individual shareholders.

I see the fantasy figure are still being put out. Perhaps posting daily production figures is better suited to some…….why hasn’t he done that for a couple of days I wonder?

And off a buy out was on the cards they would be far better off just offering Mr Forrest a deal for Forrum Energy. They get his 10% of the company taking them over the threshold, and save themselves £5.5 million Angus owes to Forrum. Or they could start selling and drive the price down that way……they literally hold all the cards here and will do whatever makes them the most money!!

Profit bagger

Accelerating the senior debt is actually counter productive as it simply accelerates the timescale to paying Mercuria the 8% royalties on all sales from Saltfleetby.

Anyone who believed anything his lordship said needs their head testing,

And your”loan sharks” are the same companies that just converted the three million!…..and also the same ones who can convert the next £6 million at 0.4p -25% if it falls that low….and just for good measure also the ones listed as supplying the $25 million. “Global Finance “

It’s hardly just a way of decreasing debts either! They obviously had no choice in the matter as the conversation price is considerably below that listed in the RNS listed. That was at a penny-the 25% from memory!!

Kwota

Plenty of information available from companies house regarding PF. Also worth having a look at the AAOG BV. He made a large investment there that doesn’t seem to have gone well.

What was the company he invested in out of interest? Be interesting to see if there are any links.

I suggest you have a read of the restrictions placed on the company by the debentures held by Mercuria and Knowe BP! (Available on companies house website) Mercuria have to give permission for everything including re-financing. Hardly likely they would agree to your suggestion is it?!?.

It seems a highly bizarre strategy to be borrowing £9 million @20% to pay £7.5 million at 16.5 % at an “accelerated rate” to reach a point when they have paid 85% of the 16% senior loan they then are required to pay 8% GROSS on all sales?…..But I’m not a financial expert like GL! ….who he was actually working for when that deal was struck seems questionable though?

Simon as

What are you talking about “revisesQ1 Figures”?

The Q&A has literally just confirmed the P90 profile. They are installing the new compressor earlier than the CPR gave details for on a P90 drop off rate, so it appears actually worse than expected.

Read “we will be giving details on our Southern assets” as Brockham and Lidsey de-comm.

The rest is just waffle, side stepping questions, and easily available delays dressed up as jam tomorrow as usual. I had hoped for more from the new man at the top, but normal service seems to have resumed.

Hope

Angus has around £22\25 million owing at present. (Impossible to tell accurately with the variable figures the publish) Including what it owes mr Forrest/ Forrum but not including de-comm costs.

It’s remarkably easy to work out exactly what they earn each day as the figures are freely available.

It’s also becoming easier to figure out what the drop off rate is heading. P90 is looking far more likely following the daily reported figures and the drop shown. (See the CPR for details on this)

Some will present the price per therm as being low at present, but in fact it’s nearly twice the historical level at this time of year, thanks to mr Puttin largely.

You then need to consider the rest of the “ha hum” assets and the money required investing or possibly more likely required for De-commissioning. After all Mr Herbert’s initial comment on the company was that it was a “single asset company”.

I suggest you take a look at the CPR available on the company website as it gives you most of the information you require to base your sums on.

Tony

Before casting aspersions as to others posting nonsense, I suggest you try and get at least one thing on your list correct.

1. This is the first full quarter with THREE wells producing not two….pretty basic stuff Tony

2. The revenue generated in a year wouldn’t cover the debt unless the wholesale price of gas is over 1.50 per therm consistently for the whole year. It’s just over at present,what the company itself considers the price to be before they consider Saltfleetby a liability. See the annual results.

3. Yes the hedge has been running for just over a year, a third of the way through. No guarantee they have 7 further years! In fact the license runs out in April 2027. Looking at the recent drop off rates it looks like the P90 scenario is happening and your production profile won’t last your 9 years.

4. 8% gross sounds a lot because it is…. It’s GROSS on sales presumably those to shell at the spot price. It’s not until all the loans are paid either. It kicks in when the Mercuria £12 million loan at 12% plus SONIA is 85% pod down. If the “Global finance” deal was to be signed it would presumably kick straight in then as Offy points out.

Now who is spreading nonsense again?

And according to the internet that means 8% GROSS on any sales Angus makes from Saltfleetby until production ends………not a bad day’s s work by the person who set up the deal for Mercuria!!

The RNS released with details on the 30th Nov 2020 says

“An override of 8% on GROSS revenue following repayment of the facility.”

The CPR gives details on the 8%

. Page 48.

“Overriding Royalty interest (after repayment of >85% of loan until end of production. 8%”

Sageman. As much as I agree with you regarding BP. A couple of points.

Angus doesn’t own the site it’s leased, they also only hold the license to extract petrochemicals up until April 2027. They may well have this extended but there is absolutely no guarantee on this see the CPR.

All this talk of mortgages is just nonsense! They don’t own any of their sites!

Don’t present Donk with inconvenient facts like that hits. That’s literally double todays price!! Nearly as clueless as Rob bot, I suspect they may share a keyboard however?!?!

Rob bot.

It appears you have just finally proved the saying …

“you can’t argue with Stupid”

to be appt.

In the bin you go!

Rob bot. Take a look at the Angus website at the updated share register on the 4th August. Again this makes your second assertion incorrect. You don’t hold the same percentage of Angus at all and as I pointed out you hold considerably less than you would have done this time last year.

Just embarrassing, the “great unwashed” a!! Yet get both your facts wrong in a single post!

Stop poking your “fire” Rob…. Be nicer to others….It will bring you “happiness and joy in life”

Rob bot.

I suggest you alter your mind set. Your posting history is there for all to see and you have been in this share for a very long time. You should better than most the trail of porkies told down the years both on this BB and via the company itself (see any of the interviews given) I personally have held from just after the IPO (similar to yourself) I won’t ever get my money back here. I post as I have a pretty good grasp on the situation here and far from wanting any mug punters (we were all that at the start) to lose money to give them a non fairytale picture.

You’re talking your frustration out on the wrong people here Rob. Perhaps take a little more note of what we post rather than insulting and attacking (if indeed you are a genuine PI?)

Your post, is of course riddled with inaccuracies as usual, hence why you are generally corrected.

Sageman

That would be fine if it wasn’t for the fact that the “Global finance facility” (why they gave it such a ridiculous title is interesting) is only a prospect and hoped for and with the same lot who have loaned them the bridging loans. It would seem prudent for Aleph to take their time with stumping the money up and see what the uk gas price does and the drop of rates expected, if indeed they actually will stump up the money in the end. They could decide that the price dropping to 0.4 pence could hand the company to them on the cheap if they convert the 9 million at 0.3p as the RNS indicated they could. Or they could hold out and force a placing, the RNS says the warrants that apply would also be converted at that price. As I said Aleph will do whatever makes them the most money. They can obviously manipulate the share price in which ever direction they prefer.

Whelky

“ cash flow problem is sorted”

they have a £9 million bridge loan at £20%…. And aren’t producing enough to pay even that at present!

I suggest you read the last RNS in full two or three times. It appears to me that the terms of the bridge look to be becoming self for filling and this is heading for the 0.4 floor VWAP listed unless the Aleph supply the $25 million loan!….and why would they at present when they are making fortunes of the bridges? Any of the insiders came drop the price if they wished to Forum,Aleph, Knowe or Kemexon and they all know exactly what the true situation is. Normal PI’s are just along for the ride here. Aleph literally holds all the cards and this will go whichever way makes them the most money. Try and figure out what that might be!

Oofy

It refers to the other license holders on PEDL05.

Angus

Egdon

Union Jack

Angus are now the ultimate license administrator.