Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
News is expected in the next few days as to whether the seizure order will be revoked on appeal in RoC. I don't believe that SMP are too happy about having their rig rusting at Tilapia and maybe want compensation for this too?
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The Company is seeking the revocation of the order at a hearing in Pointe Noire this week on several grounds including that the equipment and oil at the site is the joint property of SPNC, the Government (in the case of the oil) and the Company, and therefore has been wrongfully seized. The judgment of the court may take a few days to be delivered. The Company has been advised that its application for the revocation of the order has merit.
I don't care what the cronies of DS have to say, it is simply a blatant case of bull****ting from him and LTHs like TIPTOP who have invested their pensions into this, deserve much, much better.
He can't see the logic of not producing 2000bopd from the Djeno with an extra £8.25 million funding requirement compared to a 1500bopd from the Mengo/R2 with no funding requirement as announced 13.02.2019. Wow, DS, that's amazing how you expect people to believe that.
You look at the comment from DS saying that the Mengo will not now transform the value of the company (09:30) where he expects 2000 bopd from the Djeno (due to poor topside facilities) compared to 'c.US$1 million/month net free cashflow generated ' as mentioned from the Mengo /R2 in the RNS.
Complete BS!
DS, just a few weeks ago on Proactive Investors.
https://www.youtube.com/watch?v=FzEqQJrz06I
No mention of the current fund raise required in that and total dismissal of the 1500bopd preciously announced in the 13.02.2019 RNS as producing oil from the Mengo without the need for further funding. Now asking for £8.25 million through diution of shares. FFS!
Yes and YinYang too who lets face it, is no fan of DS. News tomorrow on the funding or still finalising? Perhaps DS is busy with Iconic Labs.
Directors have been updated on the Angus website. No photo of Mike Wells yet.
http://www.angusenergy.co.uk/management/
BREAKING NEWS
The Company has been informed that Patrick Clanwilliam, Chairman, on 16 July 2019 purchased 1,515,152 Ordinary Shares of 0.002p each ("Ordinary Shares") at a price of 1.65 pence per Ordinary Share. Lord Clanwilliam's total shareholding in the Company is now 1,515,152 Ordinary Shares representing 0.28 per cent. of the Company's issued share capital.
Saltfleetny - 10 to 18BCF proven reserves. Mike knows where the gas is here for other wells.
'Even under a conservative scenario the total net cash generated over the 10 year field life is £17.6 million.
• The optimistic scenario assumes total net cash generated over the 12 year field life is £36.5 million.'
Tarry, the RNS from 13.02.2019 said with almost a cast iron guarantee, deatils below. If they had stuck to that plan, they would not have needed the extra funding (details to be announced) and the share price would now be 20p instead of 4p if the figures worked out as expected.
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· TLP-103C to produce from the upper reservoirs by comingling production from R2 and the Mengo, following a double completion including a one-off frack of the Mengo
· Initial anticipated aggregate flowrate in excess of 1,500 bopd for the first 14-18 months
· Projected financial metrics at 1,500bopd:
o c.US$1 million/month net free cashflow generated
o breakeven oil price falls to below US$20 per barrel
· First production targeted for April 2019
· Completion of the Well to production will be funded from existing cash resources
If the oil from the Djeno was the reason why they couldn't produce from the Mengo and it couldn't be sealed off, investors should have been informed. The Djeno production target needs further cash (£8.25 million) with dilution of shares and a price already below nominal. A very poor decision by DS and JB which has cost existing investors dearly.