Member Info for WG818

Helu0104
The sidetrack is and always has been critical.
If it’s successful then all is good. The share price will of course be held back by the roughly 10% of warrants of issued share capital, the 8.37 % of options and the Knowe £1.4 million CLN and the conversion price and attached warrants.

If it fails again they are in a world of trouble.
The hedge is crippling for them. The £12 million loan has a 16.5 % amortised rate on it. The lenders also hold the debentures over all Angus assets and with the Missed July and August missed hedge payments rolled into H1 2023, they are very likely actually losing money at Saltfleetby at present (even with the condensate)

The sidetrack will now have cost a minimum of £2 million since the last placement ( I hope all accept this as fact and a minimum figure?) and will need funding.

If it fails the other assets will also need financing from other sources, circa £3/4 million each, and the storage plan has a £200 Million price tag. Highly unlikely Mercuria would be willing to lend them anything for Geothermal now after seeing what a shower the management are! (They didn’t insist on the £3million plus in that placing because they trusted them did they?) and besides that there figures were out by a factor of 10 as usual.

So success and they limp on , failure and it’s another UKOG with a few more Billion shares in circulation.

Apologies it’s professor David Smythe. Not Smyth

South Africa Dan! Up near the Botswana border without as signal!
I was surprised that Balcombe got the approval yes.
It’s just another money pit at the end of the day though. The Kimmeridge has turned out to be a busted flush, and any money spent would be very long odds of coming in.
See professor Smyths synopsis on the Kimmeridge. He looks to have been spot on in his analysis.

I’m guessing that your trading positions alternate with your positing position Push?

Your history from last week was less than optimistic!

The point being though that if they placed before the drill result is known at 20% below today’s rate with accompanying warrants, and decided to raise to cover the CLN also, you could be looking at 5 billion shares in issue come a successful sidetrack outcome! That limits the upside considerably. If it’s a failure how low it would go is anyone’s guess as they would have to raise again just to survive!

Push
Even @ £25 k a day rig cost that’s £1.5 million from the 19th December, without the other costs you listed. (£2 million minimum by the time the rig is finished with could be anywhere above that level though) GL said in an interview that they were funded upto a 10 day Sidetrack overrun. They placed 15 days over the timeframe given. That placing listed what the money was for including the extra £0.9 million the sidetrack had cost. All other money had been allocated apart from the £1 million for looking into storage……that will have gone now. They will actually been loosing money without the sidetrack this year with the interest payments and the additional water disposal costs for that extra water production we weren’t supposed to worry about. That’s not even taking the July August differed hedge into consideration as they just won’t give any details on this….it’s going to need to be paid for shortly…..don’t think the drilling contractors haven’t done the maths on this either!!

Singhie

We know the sidetrack had cost Circa £4 million upto the 19th December. The CPR gave a £2.8 million cost and then they did a placing afterwards with a 10% uplift in costs. The 19th December RNS gave the following information.

“- Saltfleetby side track overruns: overruns of £0.9 million have been incurred. These relate principally to much higher steel and energy prices, but general inflation and scarcity of manpower and materials have contributed. Additionally, there have been time overruns associated with the initial and final stages of the drilling programme.”

The sidetrack work commenced on October the 21st so around 60 days works at that point. It’s going to be at least that timeframe again even taking the Christmas shutdown out of the equation.

So possibly another £4 million to find pro-rata since the 19th February RNS, the Knowe £1.4 million CLN, those carried forward July and August commitments in H1 2023 at higher rates also listed in the 19th December RNS and Q&A responses w”majority rolled forward” and the remaining £10 million loan with interest at 16.5% to pay.

Brockham isn’t producing anything but water according to the NSTA figures and they burn through circa £300k a month on administrative and general running costs without Saltfleetby.

Hard to see how they are affording all this at present. Expect some major dilution shortly.

Ps . Balcombe groundwork costs to get to the testing stage are around £2 million from memory. All at Angus cost “that was the agreement with Cudrilla” until they produced oil.

HIT’s
Yes us Martians ( yes we are now in week 16) (see the truly embarrassing Q&A regarding sidetrack timings) have been pointing that out for many months if not years now!

It’s moved on with the second failure (yes I did warn you all (see my history) too how many shares and how much more money they are going to require.

That RNS so lacking in detail, might as well have had a fundraising section at the bottom. Even if this next attempt (the 12th time of asking) is a success, it and the first failure will need to be paid for. Around £2/3 million pro-rata from the figures given thus far.

You then have the £1.4 million CLN payment and associated warrants heading rapidly towards us (possibly movement on that next week) (see previous RNS releases). And they won’t even be able to pay it back on the 18th April with the payment terms shtetl supplied even with a successful sidetrack.

Then even if they finally manage a successful sidetrack you have roughly a third of the shares in issue that can be converted via warrants and options.

That’s over 4.5 Billion shares!!……without those I just mentioned.

More dilution coming……it’s just figuring out how much!!

Talk about proving someone as being correct Asher.
You “laugh” at hits questioning your maturity with a reply that includes, not one, but two childish…. :)))
In it!!!…….now that’s laughable.

Forget “Oscar Wilde” HIT’s, some of the fallen out boiler room crew seem to get as upset as Oscar Pretorious when arguing amongst themselves!

Talking of Pretorious, is Johnathan Tidswell Pretorious still getting £5k a month for being director of Spanish holiday homes, or whatever his proper title is?

Apologies. Libor is now 4.57% so 16.57% compound interest.

So if you actually read the RNS carefully, it actually says “likely to be extended” then “approximately 14 days” then “expected to commence tomorrow” that would have been the 25th Jan. Then drilling to start before “the end of the following week” that could be upto the 5th of February.

So they have covered themselves from “ likely” it won’t actually happen, to starting 2 days ago! And everything in between.

The presentation was a day out when it was released on the 25th as it gives what I’m assuming is a window for drilling from the 24th Jan to the 4th Feb (11 days) As they haven’t ticked any of the stages of yet on the “drilling Progress Update” which would have been the 2nd open hole drilling, we don’t actually have a clue if it’s even started yet! And completely contrary to the RNS!

What we do know is that every day longer the sidetrack takes is more money they have to find. At now 16.47% interest that £12 million loan is draining the account rapidly!

Lol Howey..

“There's is always some other failure by a different company 10 years ago that can be trawled out ”

You really don’t need to go to another company to find failure. To date everything Angus has touched has ultimately been a failure!…..Even Saltfleetby at present is a failure for shareholders…..It’s all about the sidetrack and always has been.

Jamdo

My apologies I didn’t click your link earlier. You are looking at the basic figures. You need to scroll down to the PPRS spatial dashboard. Zoom in on Saltfleetby, or Brockham and far more detailed information becomes available.

As for your Tesla analogy! Not really apt I’m afraid. what the company said in those Q&A answers was telling. They might as well have said we f*****d up as we didn’t plan ahead, but looking back at past failures we will now get the kit in place next time! Why didn’t they have your “spare battery” in place on the first attempt!!

That’s nice of you to admit I’m never wrong Donk.
Only What I pointed out was that the water cut had , “ok nearly doubled” in November from October. The two months we had consistent production, and both months around a similar production figure.
I suggest you all locate the Wingas FDP and see what happens when water cut becomes to high. Just for balance I did actually point out it was good news it was low last month…..check out the increase over the years and the lifespan quoted in the FDP.

Gloves off….lol

Hard”

Q&A

“ it should be noted that this(the second compressor) will add little itself to gas sales until the sidetrack well is producing, since the existing wells should not be run to

Asher.
I’m not sure what I’m more surprised about! The fact that you don’t realise the rest of the plant also needs maintenance, or the 9 recommends for a pointless post!….. it’s the company that issued the information not me!

More likely that they shut down to connect the second compressor. They have said the second compressor won’t make any difference to production as they can’t push the wells to hard anyway. See the Q&A page.

“Work continues” and a video of the rig is “just playing “ then. It was down right dishonest! It’s par for the course with Angus, and a good reminder to read all info a second and third time……just ignore interviews as they always end up being fairly tails.