Member Info for WG818

Thanks for your honesty push. It’s a shame the company hadn’t indicated it was going to be so easy! There would have been a billion less shares in issue if it had!
Obviously the price of gas makes a huge difference when working out the future share price! Most I have seen over the weekend have been at 1.40/1.50 a therm. That’s 3 times the historical average. Even at 1.07 as it is as I type it takes your risk reward gamble down a notch or 2. I do wish those giving us their guidance on price would include the tax to be paid on their sums also, ditto de-comm costs, mr Forrest’s £5 million owing, the £10 million plus to try and get the other non producing “assets” produced ing& let’s not forget the £ 80 million for the geo-thermal fairytale that seems to have been swept under the carpet!

“Shortly” meaning within the next couple of weeks following the trend downward and the historical fall of moving into the warmer months, as can be seen by the hedge payments falling considerably from next month.

Be fair push, you can’t have it all ways. You are the first one to point out that the drill was never going to be straight forward and a guaranteed success.
For them to not looked into planning for this contingency would be poor for, even for Angus.

In other news UK natural gas futures for April look to fall below the £1 a therm barrier shortly.

Ahh Mr Singhie.

So that’s the best you can do is it? You think I got February wrong by £49k?…….only I suggest you look at the CPR

and the figure required for February being a 28 day month and they missed the hedge. It makes quite a difference like it did back in August when gas was 800p for the last 3 days they missed.

You agree with the rest of my statement then? And what about the remaining roiled July and August money you have conveniently forgotten to include again?

O dear Asher!

As has been pointed out on several occasions how do you manage to get so much wrong in such little text!

As far as I’m aware know body has ever said no gas, the hedge wasn’t met July, August, February And I think September? The £7 million mega placings didn’t exactly defer the hedge did it! And we know that it wasn’t the majority as the Q&A tells us so your 2nd point could also be mute. Sure I personally didn’t think Balcombe would be approved, but again I can’t recall ever guaranteeing it would!…and wasn’t this the 3rd attempt at the sidetrack? And until it’s deemed commercial the jury is still out!

Please do go on as your bound to get whatever you say wrong, and it’s amusing to correct you!

Howey.
Well I think you will find that when our current prime Minister (when he was Chancellor) bought in some interesting rules regarding claiming back past losses against tax liabilities. Angus have been unwilling to discuss what the implications are on the £19 million available to theM a that of Saltfleetby Energy.

You should have also noted that only the Sidetrack was mentioned. That started after the new rules wee applied so not the figure you’re quoting although obviously around £7 million now by the looks of it!

Make your minds up! Are we keeping quiet because we’re embarrassed, or is it a good sign we’re posting?

Even I am surprised at the poor uplift in the price here. But let’s get this into context. They have managed to achieve a major objective but 2 and a half years late and £20 plus millions over budget.and despite the ramptastic squad trying to pump this for all it’s worth it’s hardly without further risks. See The Q&A regarding previous drills at Saltfleetby and failures even after clean up (see push2 previous comments on problems with mud clean up) (Brockhams nitrogen lift failure) ( The Bensonite failing at BB an acid problem as I recall).

The loan puts another 2/3% of shares in issue onto the books if they exercise the warrants (so much for not diluting shareholders) and an eye watering all but CLN.

The Knowe £1.4 CLN due for payment on April the 17th didn’t even get a mention.

And to put this in perspective that £3 million at 15% plus SONIA “3.927%” was supposed to be enough to build the plant drill the sidetrack and still have £500k left over when they bought it for £1 and were given £2.5 million!

I suggest you go and have another read of that RNS Donk. Again everything I predicted came to pass. After that, go and have a read up on nitrogen lifts…. Like the one they tried as a last attempt at Brockham.

So long GL, Someone with actual Oil and Gas experience at the helm is the best news in that RNS.

Actually nothing “ empties a bank account” quicker than taking the advice of a proven liar RT00 pool boy.
You got caught and as you are keen on telling others “Market manipulation carries a 3 year jail sentence”

Well done for getting yesterdays post removed Paul!

A month or two ago George was talking of dividends and buybacks and here we are before Christmas surprised with another raise?


From the Q&A

Asked on 30 December 2022
We are still very much committed to buybacks and dividends commencing in 2023 notwithstanding this raise, the timing of which was a difficult decision for the Board. But consider the trade off.

Paying down our debt and meeting our hedge commitments are key obligations and clearly production started a couple of months late. We had hoped that the costs of rolling the late summer hedges would all seamlessly be met by higher forward prices and this was possible for the bulk of the rolls. However the lenders and hedge providers took the view that some of the costs of the rolls should be borne by shareholders this year as it is shareholders who get the bulk of the benefit.

For late summer replace with August, when gas prices hit nearly 800p a therm!

Funnily enough it goes on to mention the £12 million loan being under £10 million Singhie!

A bit over the top there Dan!…” a parasite”!?
Well you are obviously in the “telegram” “group” and have fallen for this bizarre suggestion that anyone with a rational view on Angus is actually the female editor of an independent on line oil and gas publication. Well your obviously easily led if you believe such rot, and very likely the kind to fall victim to the real “parasites” who prey on the dimwits who believe the crap they tell them before selling out leaving them holding the baby.

It wasn’t a mountain I was on by the way, it was a game reserve.

Quite happy to discuss Balcombe with you if you would like some educating though Dan?

Erm…. Singhie, I gave you the exact RNS dates to verify the calculations and evidence! None of what I have said is supposition, and if you can figure out how to read the RNS,s on the dates supplied you will find the calculations are also correct.

Would you like me to post links for the dates? If you look at the headings above all the RNS,s are freely available, as is the interview confirming thee £10 million loan remaining.

You are correct in your last statement. I have supplied you the reference points and dates to quantify the facts! You obviously simply haven’t checked them to find they are all correct!

Blimey Singhie! ….constantly repeating a load of words that aren’t in context doesn’t make you look any cleverer than you are!

Tabulations then.

You were £ 10 million plus out on your money owed!

You need to add another 20% to your shares in circulation.

You haven’t allowed for the extra costs on the sidetrack.

You are mistaken that the July August hedge has been settled.

And just another thing to add you have taken now account of the Tax situation! Not your fault as they are very unwilling to give details themselves.

As for you milender….of course you got my name it on purpose!
The information is hidden as it’s after the official get out of jail waffle the post. Most would have missed it including SInghie. It’s still there for you to look at if you can work it out.

Continued

The Sidetrack was only paid upto the 19th December 2022 see that days RNS at a cost of CIrca £4 million to that point.

The July and August missed hedge payments have been moved into H1 this year. See RNS 19th December RNS under Additional Information (it’s hidden at the bottom) The Q&A also gives details of the Majority of the missed hedge for July and August bing rolled into Q1.

I hope that’s comprehensive enough for you?

It’s not de-ramping it’s factual freely available information you missed!

If they release a successful sidetrack RNS tomorrow at 7am you’re golden!! …..If not watch this space!

Mr Singhie

Ok this may be a bit embarrassing for you though.

The £ 5 million plus you missed owing to MR Forrest (forum energy services Ltd) is listed on the RNS of the 24 th of May 2022

The £1.4 Million CLN you missed payable on April the 17th this year is available to view in both The original 20th April 2020 and the subsequent 20th October 2021 RNS. If the Sidetrack is successful expect this to be converted before the 17th April possibley at 0.65p if they didn’t get written permission from Knowe to convert.

We err Told late last year that the £12 million loan had been reduced to £10 million which could only have been paid with those warrants that were converted as they had no other way to clear that much. So that’s another £ 9.5 million being very generous owing @16.5% with the LIBOR rate at present.

The Warrants total About 10% of shares in issue see RNS 19th December and the options are 8.37% see RNS 24th October 2022

Milender

Firstly you ironically managed to get my username wrong!!
Secondly getting Balcombe and Boscome down mixed up is hardly a reason to take someone who is commenting in such an in depth way seriously!!

Milender

am I to assume that you accept the rest of my post to Singhie as being correct then?

It’s a bit pathetic to mention a tiny spelling mistake if not !!

You will probably have noticed I was kind enough not to have mentioned his missing costs for the works carried out on the “sidetrack” since the 19th December 2022, he also missed in his commentary!!

Singhie

just a few points.

Brockham already has permission, it’s Balcombe not “Boscombe Down” and what happens if the sidetrack fails again?

You ask to point out if your figures are correct?

Well your dept outstanding is just wrong.
You haven’t included mr Forrest’s £5 million or the £1.4 million CLN and your £3.6 million figure is about £6 million light!
You haven’t included the nearly 20% warrants and options in your figures.
No mention of cost moving forward for the other “assets” around £8/10 million
No mention of the July August missed hedge. £2 to £7 million depending on how they worked it.
Finally of De-comm costs around £12 million with that pipeline that Mr Forrest managed to offload in that sweet deal he got!

Even with all that extra burden, I think you’re 70/100% uplift is probably about right after the massive pump and dump that would accompany a successful sidetrack.

Tony

I’m afraid I’m not lying. You really need to do a bit research before posting such untruths.
They have informed us via RNS and the Q&A that the missed hedge has been rolled into Q1.
January they only just made the CPR figure for the Hedge, and they will miss February being 28 days.
They need to pay Mercuria the Spot price for the days they miss.
I didn’t even mention the £250/300k a month the rest of the “assets” cost to run , the water disposal costs At between £30 and £50 a barrel depending on which information they give and off course CAPEX/OPEX .
Come April the Hedge also falls to 37.55 a therm from Mercuria. That’s another £250 K a month gone.

Please don’t accuse others of lying before doing a bit more research yourself!!

James
Those warrants aren’t exercisable for another 4 months.