Member Info for WG818

Both the compressor engines are second hand. Having a warranty is unlikely and the repair costs is peanuts compared to the cost in lost production just in interest payments.

They said it was the B engine and that’s only been operating for just over a month before shut down. Just for your information they also have a third engine of the same type operating the generator.

The race finished on the first of July 2022. The day the hedge kicked in!

The only race now is the one to 5 Billion shares in issue.

I think Aleph understands the value perfectly HITS. They are paid as advisors after all and one of their directors sits in on Angus board meetings. Mr Holland I think it is?

Singhie

Actually the 5 year average before gas prices went beyond anyone’s wildest dreams was what I posted.

Angus did their sums on a 10 year average at 50 p a therm.

Most of my postings to yourself are to correct your stupidity, wild guesses, incorrect figures and on one occasion blatant market abuse.

Posting poorly researched guesses and inserting an unnecessary long winded word doesn’t make you look any smarter, quite the opposite actually. And just for the record I’m not a Brexiter, quite the opposite actually……..I trust I make myself clear also!

Mr Singhie

If gas prices had returned to a “phase of Normality” they would be around the 35-45 pence a therm mark that historically they sit at. That’s probably where they will be if Angus manages to pay the £25/£30 million they will owe over the next couple of three years (if they can arrange the next £6 million bridge loan they dropped the bombshell last week).

BP.

But that “increase in water” as I pointed out on Saturday is now around a third of liquid produced casts £49 a barrel to incinerate. So take a third of the profits on the oil they are selling……..and water cut is rising month on month.

BP .

Actually it doesn’t put it to bed as they are quite obviously counting water cut in that 160 barrels a day figure!

And we can now see that the secondary hedge is not included in the figures “against hedged volumes of 1.75mm therms a month” that figure is for hedge one only. The secondary hedge has been crystalised as a liability as the annuals said they would.

That’s a lot of money to remove from Galders pot! The question is do Angus need to pay the £3 plus per therm to Mercuria?

Also a lack of pressure from the field reported. That’s more cause for concern!!

Oofy

A couple of things. Angus failed to supply the required amount of gas to fulfill the secondary hedges. See The link supplied earlier, Issued RNS’s and the quarterly figures supplied by the company itself. (The latest quarter Should be RNS,d on Monday)

The half yearly gives you the figures for the crystallised hedge. It’s around £15 million pounds with the £3.5 due this month! That leaves Angus with just £700k from its £15,731 sales listed in the half yearly.

I guess you are assuming that this is a normal hedge arrangement. Well it’s quite obviously not as the secondary hedges were formed after they missed the 2 months production in July and August with the Same company that gave them the £12 million loan they didn’t need. They literally had them over a barrel with their trousers down (much like they are now) I’m reading the annual accounts and taking it that Mercuria have said you missed your target and as you haven’t supplied the gas you were contacted too, you now need to pay what we hedged it at! That was over £4 a therm.

Again if it was just a purely financial agreement and it doesn’t matter if no gas was supplied, why have Mercuria insisted they pay for the original missed hedge in July and August?

Lol…. So we have gone from why are you mentioning water cut as it’s “insignificant” to drilling well and make it suitable for water injection to dispose it to avoid tanker and incineration costs!

Only £3 or £4 million to do that! And how much and how soon do you think the workover is going to be given the monthly water cut increase BP?

Oofy. The annual accounts give details on this. They failed to fulfill the secondary hedges and failed to keep to the production timeline. The accounts say that missed hedges would be crystallised as a liability. The half yearly seems to confirm that the Jan-March £4 per therm hedge has been crystallised.

We simply don’t know what agreement has been arranged. Yesterdays accounts seem to point to the first secondary hedge as being crystallised as the original missed July and August production wouldn’t be near the figures given.

BP, you know very well the April figures I am quoting (NSTA publish figures 3 months later) have nothing to do with clean up. The sidetrack wasn’t even producing for the vast majority of the month.

The water cut is hardly Tiny either.

April Gas condensate volume (ksm3) 502

April water production (ksm3) 178

So around a third now. It was around 10% in October a similar producing month.

BP/push

Well it works out to about £1.5 million a year they claimed to be producing….not sure that’s not worth considering!

As for the water cut at £49 a barrel Angus’s own supplied figure) it soon ads up in the £100k plus figures. It also causes the problem with the bottle neck they mentioned.

Https://www.nstauthority.co.uk/data-centre/nsta-open-data/production/

Gas to pipeline down from March

Condensate down considerably.

Water cut up again considerably.

Blimey Gallder, did you not even look at the half yearly yesterday? You still seem to think the secondary hedges are making Angus’s money?

Well take a look at

note 11. Derivatives liability.

“An amount of £11.554million of Crystalised in the period was paid to Mercuria Energy Trading. Then you have the next “approximately” £3.5 million due on the 20th of this month!

It would appear that as I said they missed the production timeline for the JAn~ March secondary hedge and have more than likely missed the timeline for the April- June secondary hedge again as they didn’t produce enough in April thus missing the timeline. This could actually have cost them several millions rather than making them it. Why do you think they need that next £6 million?

On another note, how can they possibly still be claiming to producing 120 barrels of condensate a day. The £735k figure in the half yearly works out at about half that . This is also confirmed by the monthly NSTA figures out this morning for April.

Howey.

I would say GL was on a par with Borris in that regard. Perhaps he was only communicating what he had been told by others ( not really a legal defence) but I can list 10 plus blatant pokies off the top of my head.

Howey

An excellent post. I agree with you In every way.

But seriously, can you not see the correlation in what you have just posted and Angus? Just switch Borris for George and those appointed by the same and it’s remarkably similar! Some of us have been pointing it out for a while now!! And if you want confirmation of this, just watch any of the interviews available from the link above.

The share price was 4.1 pence when Saltfleetby was announced Donk!

They have been saved by gas prices beyond their wildest dreams. If prices were what they did their sums on the would have gone bust long ago.

Disappointed BP?….. I guess that depends what side of the trade you’re on at the time doesn’t it???

As for “as expected” well you assured everyone that it would never go under a £1 didn’t you? Not sure your the best judge in this regard!

Cynderlad

Of course it will be decommissioned at some point. I suggest you have a read through past RNS’s on the subject and the NSTA policy on de-comm. Angus even did a placing giving the reason a being de-comm cost provision for Brockham and Lidsey, (apparently to make them best in class) they then moved they subsequently moved them back into the asset column in the accounts. They even listed de-comm as being put aside from cash flow in one Saltfleetby RNS!