Member Info for WG818

Hi Ocelot

The £12.8 million are from SALTFLEETBY ENERGY LIMITED last showing accounts.

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

When Forum took over the field abandonment notice was applied presumably until the De-comm issue had been resolved and a new FDP approved.

As gkb points out there is a large discrepancy between the two figures SEL show and that of Angus. Presumably that subsurface pipeline is a large chunk of that?

Ocelot

From the original agreement RNS.
Note this section. (excluding existing subsurface pipework beyond the immediate sites) The company has posted a question regarding this on the Q&A but the September RNS reads to me like they are now liable for 51% of this also? Obviously this needs resolving either way to remove the Abandonment notice from the field which the OGA applied when Wingas became Saltfleetby Energy Ltd.


Key Terms of the Farmin Agreement

The terms of the Agreement are that Saltfleetby Energy will pay to Angus Energy Weald Basin No. 3 Limited ("AWB", a wholly owned subsidiary of the Company, together the "Group") an initial contribution of £2.5 million which funds will then be applied by Angus either (a) to assume 100% of the costs to be incurred during the reconnection of the Field to the National Gas Grid or (b) to satisfy all abandonment costs at the Field (excluding existing subsurface pipework beyond the immediate sites)

https://www.lse.co.uk/rns/ANGS/acquisition-of-interest-in-saltfleetby-gas-field-0who5mtzc2ef525.html

Morning Ocelot

Yes but the field includes the 8.1 km pipeline which which is presumably what the rest of the £12.8 million money is for?
The OGA will still want to know how this is ultimately going to be paid for at end of life!

Are Angus now liable for 51% of this if the deal goes through as the September RNS suggests they will?

Sorry that link doesn’t work.
Google OGA public wellbore search

Pedl5 in three licence number box.

James2

I’m afraid the OGA have a verry comprehensive document on the subject that debunks that.

https://www.ogauthority.co.uk/media/5003/financial-guidance-august-2018.pdf

The FDP (field development plan) also went into then over 15 months ago which still requires authorization.

Then you also have the Fact that the OGA placed an abandonment notice on the field when Mr. Forrest/Forum took over. Presumably as the accounts showed £12.8 million De0Comm costs.

They are still showing as Abandoned and there are a few more to De-comm than they would have you believe!


https://itportal.ogauthority.co.uk/edufox5live/fox/edu/

License number PEDL5

Nomlungu

Think’s for the link

I would suggest they have a read of this if that’s the plan!

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/47922/473-application-wingas-gas-storage-saltfleetby.pdf

Green Hydrogen is unlikely to be on the cards in the timespan we are talking about here as its far from being actually “Green.”
The post also points you to the fact that existing pipeline isn’t suitable either, or as I point out will need De-commissioning as part of the FDP/Field abandonment notice removal for Saltfleetby from the OGA.
Carbon storage? Is that for the “Unicorn dung” others have pointed out?

Ocelot

A further condition of the Mandate is that the debt provider will also provide hedging services on market terms for a proportion (no greater than 70%) of a low case production estimate during the four year life of the Loan Facility.

https://www.lse.co.uk/rns/ANGS/saltfleetby-loan-facility-update-569c7j7c4c9n6zu.html

From The Q&A Page.

The potential debt participants in the facility have indicated a strong preference for a buyng a “floor” (a seasonally adjusted option over a minimum price) at or around 30 p/therm over at least a majority of the production albeit on a declining balance related to expected outstandings on the loans. The final hedging won’t be put in place until we are closer to precise supply dates, given it will be much easier (and cheaper from a credit perspective) to hedge against known production.

Nomlungu
“Hydrogen” ..... from where? ....And how do they intend to get it there. Is it Blue or Green?

The gas storage option was looked into. It turned out to be expensive. A simple google search will get you to a lengthy report into it. What are you suggesting they store anyway?
The 8 mile pipeline will need to be de-commissioned at some stage anyway.

James.
The math has been largely done by OIL in the CPR and even at the P10 high its well below your figure. Are you suggesting OIL have got the figures wrong?
Angus have RNS’d the 30p Hedge figure and told the market that the terms are its largely unchanged.

https://www.angusenergy.co.uk/wp-content/uploads/2020/03/Reserves-Resources-Valuation-Report-Angus-Energy-Saltfleetby-Assets-Effective-Date-28th-February-2020-Report-Date-4th-March-2020.pdf

James the second
The 10mmcsf is based on P90 according to the RNS yesterday. That was the low projection in the COR which didn’t include this new£12 million loan.
The price of gas is a consideration but we have been told that a hedge of 30p a therm on 70% will be required by the lenders.
The pipeline isn’t done. According to the Annal accounts.
You should also consider the £12.8 million De-comm costs listed in SEL last accounts. The OGA will want to know that they are still catered for in any deal.
I see that some are suggesting that Angus may be liable for 51% of this figure.

“You deny all that evidence base, but provide no other evidence to support your view.
Far enough –“

You have been given the evidence but seem unwilling to accept it. Without doubt something is amiss here. However to close your theory down finally once and for all, read the last annual accounts for Forum Energy Ltd.
They are comprehensive in the present commitments the company is involved in. Forum energy SERVICES Ltd are not mentioned or listed anywhere.

https://find-and-update.company-information.service.gov.uk/company/05411224

You also mention the last confirmation statement as being blank. That’s because there has been no change! If what you suggest is happening you would be reading that Forum Energy ltd now hold shares.

Your posts are coming across as they did on the AAOG, BB as what you are presenting is fact. That could have proven costly to any MUG PUNTERS who believed you, as demonstrated by the 2 respondents to your original post here,

Give it a rest now and wait until the end of the Month for FESL and SE full accounts to be published.

Tilburn
Unfortunately for those PI’s over at AAOG you have been presenting your theory as fact for well over a year now. Seriously do you guys not realize that your histories are available for others to look back at?

Your main argument over there seems based on this from Mr. Forrest Himself

“Paul Forrest, Chief Executive of Forum, commented”,
"Forum is pleased to have taken a strategic stake in the Company and we are looking forward to working with the Board to create shareholder value. Forum has, through its investors and network, access to sources of funding as well as exciting and viable projects in the natural resources sector that could be suitable as acquisition targets for AAOG."

Well that didn’t happen at AAOG and Mr. Forrest’s / Forum investors and network, access to sources of funding hasn’t appeared to Help Angus/Saltfleetby Energy in the quest in the ever more distant £12 million rescue package.

All the evidence available disproves everything you stated in your first post. I attach again for you and others to check.

The tax loss of £60million that isn’t actually there is at the bottom of page 17 on the last Saltfleetby energy accounts.
Try reading the whole document and you might learn something.

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

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

Then there are the confirmation statements for both companies both filled in the last 5 months.

Unless you are suggesting a blatant fraud has been committed ? Paul Forrest is in sole control of both companies.........End of.

Hold on! 3 Chiswick Park!! Isn’t that Angus energies gy,s address?

If you want some more things to consider, have a look at a the Orwell group Ltd another one of Mr forests companies and who the other director works for and the registered address. Also have a look at where Wingas Storage Saltfleetby Energy’s last name where registered it’s a strange coincidence, Then have a look at Brouwer Pretoria’s Ltd and the associated names there.
Finally have a look at the other Forum Energy and try and explain how mr forrrest was still signing companies house paperwork after he had resigned as secretary. ...... All very odd.

Some claiming to own large stakes in this company seem remarkably ill informed.
Forum Energy sevivices have control over at AAOG. Having bought 25% of the company from Riverfort global in the form of a CLN.
They also own 100% of Saltfleetby energy.
AAOG also have a big tax claw back available.
Don’t pay much head to the £8 million as it just removes all those pi,s they just wiped out.

£8 million for 25% of Saltfleetby energy!!

You should really have a look at the AAOG RNS!

Is the narrow inlet the now seemingly abandoned 4 inch section of pipe at saltfleetby?