Member Info for WG818

Angus also made it clear that the equity kickers were being supplied by SEL.
Looking at the charges put on both companies the lenders get the lot in both companies if that sidetrack is unsuccessful.

Interesting. I think the Angus deal was done after the takeover and change of name. Forum hold the licence for the whole of the licence don’t forget. I had imagined that the £12.8 million de-comm shown in the last viewable accounts had been left in the deal in order for the OGA to approve it? They have the 8mile pipeline to de-comm as well don’t forget. We just don’t know now without being able to see the accounts

Of course Angus may now be liable for half that cost reading the September RNS over there.

Oofyprosser

Yes if it was to turn out the money that Forum paid Riverfoort to buy the AAOG CLN came from the Saltfleetby deal done with the Russian federation there would be some questions to answer all round wouldn’t there??……..makes you wonder why Companies house aren’t publishing them isn’t it?

Delayed by six months already, then 2 months late, then apparently unavailable for punters to scrutinise!!

Good morning

I’ve been watching here and over at Angus for some time now. I think some perspective to the company relationships may be in order.

We have 3 companies intertwined on this side AAOG, Forum Energy Services Ltd (FESL) and Saltfleetby energy Ltd (SEL) (formerly Wingas).

FESL are the parent company to SEL both controlled by MR Forrest. AAOG is now controlled by FESL basically now also (Mr. Forrest)

It didn’t come as a surprise to those watching that The announcement of the AAOG/SEL deal was announced after DE-listing from AIM. It wasn’t much of a shock that the £12 million long awaited funding agreement that Angus and SEL was signed shortly afterwards. It doesn’t take much working out that that £40 million tax break might come in handy for SEL does it..........Just as long as AAOG pi’s have paid for it!


With regards to accounts not being published for SEL, any AAOG shareholder should surely be uncomfortable?

Forums accounts are puzzling to say the least, The accounts available show £89k one year, then £1.8 million appearing from somewhere? Yet Mr. Forrest with all his “Contacts and funding streams” took a £45k bank loan?

I for one will be contacting companies house to get a copy of SEL accounts to see if that £1.8 million in forums account shows up there?

BV Ocelot.
I think I understand now. The loan is for 4 years. The hedge is set for 3 years. So it’s fixed for the three years and variable in the 4th by the looks of it.

As regards the sidetrack drilling, my bet is on March.
Having looked at both sets of planning permission’s and watching all the interviews I can’t see how they can conduct both sets of works at the same time in the same area. The process equipment is located right next /on top of SF7. I can’t see how they can possibly do both sets of works safely or even get all the kit for both projects into such a small area.

Ocelot
You seem a little out of date with that post. See the link to the actual funding RNS below.
I would also point out that it says”indicated”!!

BV..... Strange I’m getting a message from the LSE link that the video has been withdrawn by the owner?
I see your confusion. What he actually says is the hedge disappears when the loan does. That’s very different to it reducing as the loan is paid down!

However it would seem to have been superseded and confirmed by the RNS from June the 3rd

Simultaneous with drawdown, the Company has hedged (the "Hedge") approximately 70% of the Company's and its partners' share of future gas sales, estimated under a conservative projection, for three years beginning in July 2022, providing Angus with downside revenue protection, all the while allowing the Company to capture upside in the event of higher gas prices. The average achieved price under the Hedge, including all fees, costs and charges is 43 pence per therm.

https://www.lse.co.uk/rns/ANGS/saltfleetby-field-finance-and-operations-update-6ubb80yfyuet376.html

BV
I think you may be mistaken? If not which interview please?

From the RNS
The 'the Company has hedged (the "Hedge") approximately 70% of the Company's and its partners' share of future gas sales, estimated under a conservative projection, for three years beginning in July 2022,'.

“GL stated as the loan reduces so does the hedge” I can’t recall this BV? When did he state it? You should also consider the fact that once the loan is paid off, the 8% GROSS payment kicks in!

Is the 70% hedge on the proviso that the full 10mmscf are produced? What happens if the sidetrack fails, or only manages 2 mmscf? Would that then Equate to a 100% hedge. (The 2 producing wells on the last fully producing year 2016 averaged 5.2mmscf and considerably less than that before abandonment at the end of 2017)
Then lots not forget the 15% a year drop of rate or the 10% down time for maintenance and pressure build up!

It would have been nice to have had a look at Saltfleetby Energy’s books to tally some of this, but bizarrely companies house is displaying the following,

Total exemption full accounts made up to 31 May 2020
This document is not available online but it may be possible to order a copy from the Contact Centre. Telephone +44(0)303 1234 500.

https://find-and-update.company-information.service.gov.uk/company/00953066

As has been pointed out elsewhere AEWBN3 Accounts are also conveniently incomplete?

https://find-and-update.company-information.service.gov.uk/company/SC055329

Forum Energy Services (SEL’s) Parent company are also fairly head scratching!

https://find-and-update.company-information.service.gov.uk/company/09903234

All worth looking at for anyone considering a punt here!

The accounts show it takes circa £2.5 million a year to run the company!!!

Norm

That would be Zero, zilch. Didly squat.
According to the OGA figures supplied by Angus Lindsey last production was In March last year. It was only about 10 barrels a day then.

Perhaps Mr Hollis considers this to high risk given his age? Although @£120k a year wage he looks to be able to afford it!.

Possibly he is waiting for the committee decision on the sidetrack due on Monday?

Link for the planning permission committee meeting to be held this Monday the 26TH at 10.30 am. Will be live streamed by the look of it.

https://lincolnshire.moderngov.co.uk/ieListDocuments.aspx?CId=138&MId=5807&Ver=4

I see a few of you are falling for spin.

Lindsey And Brockham are co-dependant . Without the EA and WSCC permissions they can’t inject waste water from Lindsey into the Injector well at Brockham.
The EA permission for SF7 took a year to grant. Looking at the PP, non has been applied for a sidetrack at Lindsey, or water disposal at Brockham.
If they can’t dispose of the Lindsey water it’s then got to be an application for an injector well at Lindsey itself [water disposal £49a barrel according to Angus) at present. That’s another big chunk of change and delays.
If they can’t inject Lindsey water at Brockham it’s game over as it needs the water to build the pressure up. The information submitted to the EA said it would take eight and a half years putting 150 barrels a day into the well to bring the pressure back up to the original….which wasn’t fantastic!!

Don’t hold your breath on any of the Weald assets until the water injection question is settled.

Ps GL filled in the EA permission paperwork not Aecom., and it wasn’t very well done!

Torreaguas. Are you not a long term holder here then? I seem to recal you being one of the 4 participants at the investor presentation a year or so back?…..Do you recall being told they were £12 million short then? Did anything you were told actually happen?
Telling people to ignore the past is just crazy talk.

As did the posts outing “ lucky strike” what where your previous user names LC? And what was it when you we’re part of this so called action group?

Looks like it’s back to the old days off posts mysteriously disappearing when some don’t like the content!!
Anyone know haw many reports it takes to get a post removed by the algorithm?

Very rude to answer questions with a question.
Would you do me the courtesy of answering mine first please?

Mmmm….. That wasn’t an answer was it?
You must be working it out I guess.

Do you think this is low risk then? 9 previous failures doesn’t seem low risk to me…. What do you think?

When do you think that second compressor is going to turn up? will they wait to make sure the sidetrack is successful do you think?

And how are they going to get those millions out of Lindsey? They only have permission for 10 HGV movements a week, any thoughts?

Bit rude LS……you wouldn’t be trying to push reasonable posts down the list would you?
What do you think can Knowe convert at 0.6 or 0.9?
That’s a lot of new shares isn’t it!

The £12 million is for Saltfleetby only is it not? How are they going to pay the CLN at best running at half the CPR figure in 4 months with a break in the middle to drill the sidetrack?….. looks like £1.4 million more shares then……. But at what price? 0.9 or 0.6……of course they voted recently to be able to place around £500k if they need too!