Member Info for WG818

Gallder.
I think 99% on here are ignorant of how it works to be fair.
The Question is why would Mercuria offer such a sweet deal. They had everything to lose and absolutely no reason to change the terms. If what is in the accounts is indeed correct, it’s just cost Mercuria several million pounds on a deal they simply didn’t need to do, plus losing the therms that seem to have disappeared from the Jan, Feb and March numbers.
My best guess is that the original deal has been missed off the list (see the Additional deal from April) and the new higher figures are what forever reason has been negotiated. If that’s the case they will have still missed that extra target also though!

The trouble is with that train of thought is that the CPR gives details of the contracted monthly payments required whilst producing, and details of minimum payments required to the lender and bank balance. So for us laymen it’s still a month on month rough figure calculation.

If as you point out Gallder, GL has managed to do the deal of the century and used the September , January, and April swaps and the figures you quote,he will go up in my estimates considerably. I Doubt however that that’s what’s come to pass, as it would have cost Mercuria many millions to fulfill that deal and I think they are slightly cleverer than that! Also as has been pointed out an RNS after the September accounting date detailing changes requiring £3.2 million to be paid back on the hedges seems to confirm this.
Secondly if they had this windfall they obviously wouldn’t have needed to take this months £3 million loan & 19% interest (still to be confirmed).

So had another read and it turns out that they haven’t been let off the hook by Mercuria!

“ It is also noted there is a catch-up derivative payment of £4,175k due in June 2023 which the group is forecast to meet however should there be a timing difference between cash inflows and outflows then Further funding may be required. The Directors have therefore identified a material uncertainty which may cast doubt over the Group's ability to continue as a going concern.”

So the July and August missed hedge has cost £7.4 million then! With that £3.2 million paid from the placing.

No something definitely doesn’t add up.
If you follow the figures given yesterday
Mercuria would have let Angus off producing 80% of the Jan,Feb and March hedge and lost the profit there, but would also have to pay them £3.7 million in hedge payments! That’s without the April to June extra bit. (See note 25 Derivative Liabilitiy). Hardly likely that this scenario actually occurred as Mercuria had them by the short and currly,s so to speak!

Gallder
So that’s on top of the £3.2 million paid to Mercuria already from the latest placement then?

Gallder.

You seem to know your Onions. What would the missed July and August hedges actually have cost following your methodology then?

Your statement!

“So they got a long way to go from the current 45-55 bar flowing pressures.

You used an incorrect figure from 4 years ago and presented it as fact!

A little light reading for anyone interested. Previous FDP and reports from Saltfleetby, or the other licenses if you’re interested.

Saltfleetby is block .PEDL 005

Https://ukogl.org.uk/industry-reports/

Courtesy of 1347 on the rational site.

*barg*

There is no need to take a wild guess at the pressure push. It’s listed in the 3rd January RNS.

“Pressure in the two existing wells A4 and B2 has converged at about 33 bath which is close to the stable flowing well head pressure before these two wells were shut in”

So not 45-55 as you guessed.

What did he pay and what sort of quantities are we talking Isla? I believe you have a £1000 allowance tax free on investments if it’s under that threshold you could be ok whatever?

Sorry, I think it may have been a lady who asked actually.

Howey……Apart fro WG?
So for the record l actually thought you were Adrian/Gideons when you first started posting. Apologies for that.
I doubt however that even he would stoop so low as to use a relatives death.
I offered my sympathy’s and simply answered the question he asked. Unfortunately the Historical ties brought up are uncomfortable.

Have a word with your mates in the boi….I mean Telegram group to up their game please!!

Nearly impossible to have a tax bill then baits!!!

Lol baits.
My “BS”as you call it has been remarkably accurate over the years as my history will testify.

Ok baits,, as you’re shouting again. Here is something bang upto date UK natural gas futures fell to 104p a therm at 3pm today. That’s awfully close to making push 2 prediction earlier today obsolete!

Ahh…. The old ignorance is bliss tactic. Mr Lenigas is by his own admission a “Marmite” character.

JTP installed Lord Lucan with the help of Mr Manclark (seeGL,s Appointment to Challenger board at the same time) He is still employed by the company as far as we know and held over 3% of the company until he fell under the reporting threshold recently. So hardly non current!!

Blimey Push.
Isla asked a question and I gave her the answer!…. Your first name isn’t David is it?

Not sure it would apply to you,but April the 5th is the cut off for an ISA.

hi IslaRose

Again sorry to hear of your loss.

ISA advice given is Excellent.

With regards to the connections between Angus and UKOG, well it looks like HIts,s hasn’t been involved long enough. Look no further than one mr David Lenigas. Angus originally drilled “the Gatwick Gusher” and the Australian ten gallon hat wearing ramped the hell out of the Kimmeridge stating “Billions of barrels of oil” He was a good mate of the disgraced Angus founder Jonathan Tidswell Pretourious, who had to resign from Angus for share dealing irregularities (still employed at £5k a month as far as anyone is aware) and JTP was given a load of free shares in Dor for his troubles after the aforementioned Mr Lenigas resigned as chairman at UKOG and went on to Dor. Both companies were even registered at the same address.