Member Info for WG818

That’s not how I read it.

I think You’re talking about warrants not the CLN. If they convert the CLN then it’s at 0.65 (IF THEY DIDDNT GET WRITTEN PERMISSION TO DO SO) But if they only convert a proportion, then the 30% kicks in?

Angus Energy plc (AIM: ANGS) is pleased to announce that it has today issued a 4% per annum £1,400,000 Convertible Loan Note (the "New Loan Note") to Knowe Properties Limited, a significant shareholder in the Company. The New Loan Note is unsecured and is convertible at maturity after two years at the lower of (a) £0.01; or (b) if there is an issue of Shares or options in respect of Shares (excluding options granted to directors, managers or employees) by way of a single or directly related offer to the public with an aggregate subscription amount of £250,000 or more made without the prior written approval of the Noteholder then the price attaching to the lowest of those issues (the "Conversion Price").

Alternatively, and at the Company's option, the Loan Note is repayable in part or whole at any time up to two months before maturity with an accompanying grant of warrants equal to the face value of the amount repaid. The warrants are exercisable at the lower of 1.3 pence or a 30% premium to the Conversion Price. Additionally, the Company has undertaken not to issue options to directors or staff at an exercise price below £0.01 during the term of the New Loan Note.

https://www.lse.co.uk/rns/ANGS/issue-of-16314-million-convertible-loan-note-tyl9j5p10ah8kqy.html

DRB
I think you may have missed the clause that the loan would need to be repaid in part or full at any time upto 2 months before maturity to qualify for the warrants. But if Angus don’t repay the loan before 2 months of the April repayment date they don’t get the warrants do they! They simply get the £1.4 million back?
Unless Angus decide for some reason to do that( why would they) Knowe will convert to maximise the profit……..in all likelihood at 0.65

DRB
Not sure about that. The original RNS says the CLN is repayable up to 2 months before maturity with the accompanying grant of Warrants exercisable at 1.3 pence.

So if they don’t pay the CLN back before February 17/18th Knowe just get the money back without any warrants don’t they?… why would they do that and loose all that money.

The original RNS conditions remain in place and unless Knowe gave permission for that £800k placing 2 weeks after they extended the term by a year,they can convert at 0.65 even after as you say the extension RNS says 1p…..things weren’t good back then obviously so why would Knowe possibly give them permission when they could lose or make millions?

DRB
They also did an £800k placing at 0.65 2 weeks later so unless Knowe gave permission (and why would they at 0.65p) The £1.4 million can be converted at 0.65 presumably?!?!

DRB
Assuming anything is a dangerous game! The CLN loan extension RNS did say the CLN was convertible at 1p but finished with “All other terms of the note remain the same”
That was from 20th October 2021 when Angus had only a third of the shares in circulation that they do now!
Knowe have until Feb to decide if they convert or not and why wouldn’t they?

Spot on about Rt00 pool boy. Just plain lies again “cash rich” They owe over ££20 million, and may be breaking even if they are lucky at present!!

DRB
Unless Angus got permission for placings above -£250k they can convert at the lowest placing price over that figure. The lowest being 0.6 or 0.65 from memory!

I suggest you have a look at the original 20th April 2020 RNS if you think “BOOM” is appropriate Yanis.
If they pay it off Knowe get the equivalent amount in warrants.

It looks like unless Angus got permission Knowe can convert at 0.65p.

Not sure if you are Still here Howey…It seems quite a lot of regular pumpers are missing over the last few days!?!...bit of a coincidence them all going quite together! But the July Production figure for Brockham have just been published (10 days late)
Not showing the 50 Barrels stated in the May RNS or even 30 given recently in the Q&A , But Only actually 9.61….. (Angus reports the figure to the NSTA)

This is why the share price is this low . Total mistrust of figures given as they often actually turn out to be not as reported by the company.


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

Welcome back Adrian….Edwood.
That took longer than expected.

With regards to the new appointments. All the evidence points to these being those insisted upon by Aleph. At 64 years old I’m not sure he has just signed on for a few extra quid before retirement anyway. The guy he replaced had Zero oil and gas experience so a step up without a doubt.

Could you point me to this 11MMSCF comment please? I can’t recall it. I can’t see how this is possible even with the flow rates from the existing wells.

Finally I have never said it can’t flow over 10MMSCF.
I have simply pointed out it’s been designed and constantly been advised as being 10MMSCF.

My car can drive ….UP TO 165MPH but not constantly, without anything going wrong pretty quickly!

With all due respect to you Tom. Haven’t we just been having an adult conversation? Secondly if you can point me to any “factual inaccuracies” in my posting history please do so. I’m quite happy to accept opposing view points, that’s what a chat BV is for isn’t it.
And lastly I suggest you watch any previous GL interview before assigning him “technical Acumen “ I’m afraid history suggests that is far from reality. Zero oil and Gas experience before being shoe horned into Angus.

Sorry ….Dan

Dan
This 12MMSCF is being quoted all over the place and pie in the sky figures given out based on it, the only reason is to suck in mug punters who fall for them.

You may have an idea, but your not the one being targeted by the unscrupulous!!

Tom
It’s 10MMSCF

I suggest you go to the Angus website, then Presentations , the 2021 and select the COR and have a read through.

DRB
The same document gives the dates suggested for the 3rd booster compressor to come on site and the reservoir fall back figures regarding production.

The Wingas FDP gives A 10% per annum fall off rate, That however won’t include the initial pressure buildup from the shut in that we are experiencing now( see the QandA regarding the condensate to explain this.

Tom
The plant wasn’t designed by Angus it was designed by Optimus. Are you suggesting they got the brig wrong? The CPR is based on the design which is 10MMSCF.
Just because the company now says UP To 12 it doesn’t mean it will run constantly at that rate as it’s not been designed too.

Up to………..it’s just spin!!

Lol…..So the designers and OIL (the author’s of the CPR’s got it Wrong then??
When Angus issued the share price guidance after the 1st CPR they issued incorrect information (well they did as they knew it was £12 million short at that point) ?

Secondly they can’t possibly know what you claim as they haven’t even run half (only 5.7 so far) through the plant.

Donk
You don’t have to be an expert to read the 2 CPR,S and all the other information Available regarding the capacity of the plant to Question why they are now claiming another 20% over what the company has based its figures on and been telling the market for 2 years!!……….It’s just spin and always with the CAVEAT……..UP TO!!
Why haven’t the given this new 12MMSCF figure for the last 2 years ??

DRB
Well yes they have reved the engine on the compressor package to get to 5.7. I’m not sure it’s designed for this for any length of time though? This months figure’s are running well below that aren’t they despite them saying they will ramp it up?
The Plant has been designed at 10MMSCF. It’s obviously capable of dealing with this lesser figure but we simply don’t know how it will cope when the Second compressor package is finally installed. Is the JTV, the gas generator (second one required I believe) or the separator able to cope?
It not a surprise that they are pushing this narrative as at 5MMSCF they would obviously bee in trouble with the hedge, but the plant was designed for 10MMSCF. If they push it to hard and it’s not been designed for it except break downs or troubles with the reservoir!

you don’t recall seeing a cost Howey?
So you haven’t read the CPR? Strange you constantly criticise those who have a done a little more research than yourself. around £2.8 million from memory!! Plus a 10% uplift. It also gives a run down of costs and the overspend even then back in October. So fair to say the Brockham and Lidsey sidetracks slated for Q1 will be a similar cost.

It’s also interesting that the CPR makes it clear that the plant has been designed for 10MMSCF and the figures are all calculated on the plant running at its design for output. Why is the company now giving guidance of 12MMSCF quite obviously above the design specification?

Howey

Why did you have to spoil that perfectly rational list.

Anyone who watched the presentation and has been here since the start of the year know s what’s coming. He couldn’t have made it any clearer when he said he wouldn’t rule it out!!
From the half yearly and the CPR figures They either haven’t yet paid for the second compressor package or they haven’t been paying the contractors , because if they only have enough money left to drill the sidetrack ( which he has again revised the timeline down on) but they have funds but not if it goes 10 days over!! It’s not the position the OGA will require to grant permission I should have thought?!?! They are going to fall into loan covenant breaking territory aren’t they?

How is he proposing to pay for the Brockham and Lidsey sidetrack due in Q1 2023? (See investor questions)

Nope!!

Event date . Not arranged
Decision date. Not yet decided.

https://acp.planninginspectorate.gov.uk/ViewCase.aspx?caseid=3282246