Member Info for YorkshireLife

Charlie / Ocelot...

Stop fighting over that cheerleaders outfit... you might have to buy a second one if you both carry on like this!

Go ANGS! ;-)

LOL!

I find you a lot like Tidswell, Ocelot:

The pair of you seem permanent in denial of the facts!

IMHO ;-)

Ocelot,

At the time i didn't even concern myself with abandonment costs for Brockham and lidsey (although I did hint at this in an earlier post). It seems like the BOD are "finally" facing reality... probably having being prompted in meetings with the OGA, I suspect, and are now in free-flow, desperately trying to avoid any kind of first planning rejection.

"Good" managers make plans for the bumps in the road ahead,
"Bad" managers simply hope to to absorb the impact as they go!

And which I wonder best illustrates ANGS BOD's method of management?

Charlie: "Precisely oncelot. He hasn't conceded anything and OGA haven't made any requests at present, he's just implemented a 15% set aside of future revenue as sensible practice. The Brockham and Lidsey set asides are a bit odd though, I'd like to know a bit more as to the reasoning on them."

How's your memory doing Charlie... do you remember me telling you that they would have to set aside money for Saltfleetby and abandonment costs for Brockham etc... Maybe you will "finally" wake up and smell the coffee?

It's not rocket science... it's there for all to read in the OGA literature and anybody with an ounce of sense knew this was coming... regardless of the fact the BOD always like to keep shareholders in the dark until the very last minute (usually following a placing) ... and... drum roll please: "HEY PRESTO - AS IF BY MAGIC - AND RIGHT ON CUE!"

You "really" couldn't make this up! ;-)

G.L: "Originally, Saltfleetby was thought by my predecessor not to be worth the candle – to be treated as
an abandonment issue. Actually, when I first joined, that was still the technical team’s view. And I
think they didn’t have enough data. When they did, they immediately said it was a very attractive
asset."

I personally think his predecessor's gut instinct was right!

Already Saltfleetby is proving to be far more costly than Lucan estimated (especially now that he has had to concede that set-aside abandonment costs will be required with the OGA and a separate holding account opened. Now how many of us suggested this NEEDED to happen and yet were poo poo'd by the cheerleaders?)

I also note mention of yet another "water issue" at Saltfleetby in one of Ja51's excellent posts... copied below and well worth discussing (I hope he does not mind?)

In summary... Saltfleetby is a high risk punt at best and will probably end up being yet "another" costly lesson for shareholders. IMHO ;-)

Ja51: "The water cut also seems to be rising over time. This could go some way to explain the £1 price tag don't you think!

It also took the last 8 months the field was producing to produce the 5.5 BCF they are suggesting they hope to produce monthly. Somewhat different from the presentation that states:............."Last producing from 2 wells at approximately 5mmscf/d when production shut-in end of 2017"...........The OGA figures are somewhat different."

Field Production Data, PPRS (WGS84): SALTFLEETBY
Field region
Reporting unit name SALTFLEETBY
Reporting Unit Type Code G
Reporting Unit Type Description Dry Gas Field
Operator Organisation Group FORUM ENERGY SERVICES
Onshore,Offshore Flag Onshore
Reporting Period in yyyymm format 201712
Reporting Period Month 12
Reporting Period Month Name December
Reporting Period Year 2017
Oil Production Mass (tonnes)
Oil Production Volume (m3)
Oil Production volume (mb/d)
Oil production density (Kg/m3)
Dry gas production mass (tonnes) 370.50
Dry gas production volume (ksm3) 390.00
Dry Gas Production volume (MMscf/d) 0.44
Dry Gas Production Density (kg/sm3) 0.95
Associated gas production mass (tonnes)
Associated Gas Production Volume (MMscf/d)
Associated Gas Production Volume (ksm3)
Associated Gas Production density (kg/sm3)
Gas Condensate mass (kg) 6.61
Gas condensate volume (ksm3) 9.00
Gas condensate volume (mb/d) 0.00
Gas condensate density (kg/sm3) 734.50
Injected water mass (tonnes)
Injected water volume (m3)
Injected water volume (mb/d)
Water production mass (tonnes) 3.00
Water production volume (ksm3) 3.00
Water production volume (mb/d) 0.0

https://ogauthority.maps.arcgis.com/apps/webappviewer/index.html?id=984eeea3b1664049b12c02a28478bdaa
http://www.angusenergy.co.uk/wp-content/uploads/2019/06/Saltfleetby-Gas-Field-rev14.pdf

For anyone who wants to know:

"Death spiral financing" continues to be the reason UKOG have consistently been extracting oil over this last year - and yet are still losing SP value for shareholders.

Given that ANGS are not extracting ANYTHING... nor will they be for some "considerable" time yet... one can only guess how this new financing arrangement will affect the SP here :-(

Stoke that fire folks... because it's going to be one Hell of a cold winter as an investor here! :-(

Wealdpwr....

I has hoped that Ocelot was sending his cheerleader outfit to the dry cleaners - then hanging it up for good... sadly, it now seems that Charlie's wants to wear it instead!?!?!

Honestly! I give up... there's just no hope for some people....

“It's easier to fool people than to convince them that they have been fooled.” ? Mark Twain.

Ocelot.... some wise words for you:

It takes a man, to admit that he's been made a fool of,
But a fool to continue preaching and living in denial!

I rest my case!

Ocelot,

Below are just a few of your recent posts. Please! Give it up... send your cheerleader outfit to the dry cleaners. If anyone had followed your advice to average down or believe in Lucan's company valuation they would be "even more" in the red right now!

Today: "The intriguing thing is what posters do when the share price begins to rise and looks as if it has significantly higher to go."

22/10/2019: "There's always scope for the sp to move higher, Boyobach :-)"

20/10/2019: "I believe the share price has had a long time to react since the Brockham RNS of 28/06/19 and that positive news concerning the progress of, above all, the Saltfleetby and Balcombe projects will see the price rise, if, indeed, it hasn't already begun to rise beforehand."

19/10/2019: "If you want to have the possibility of making that back, then you're going to have to envisage averaging down, I'm afraid. Given the present price, you could treble your holding for a proportionately small additional outlay."

17/10/2019: "The mid-point of GL's valuation of ANGS is 5.50p meaning that, in his opinion, at 1.175p, the share is approaching a potential 4-bagger. Those on the look-out for bargains in the market will, sooner or later, alight upon ANGS."

Where's Alan when you need him?

Long Sighhhhhhhhhhhhhhhhhhh

Not blaming you, Charlie,

Just stating the obvious for anyone still in any doubt: Tidswell & Lucan CANNOT be trusted! Whatever they say CANNOT be taken at face value. Investors need to treat them with the same contempt they clearly show towards their shareholders.

2/10/2019 Interview:

G.L: "The first message I would have is that we are absolutely at the bottom. I’ve been in there with a broom and what skeletons there are in the cupboard are out. If I look at the asset portfolio, I don’t anticipate any more bad news."

Oops! Looks like Lucan has suddenly discovered a few more dead bodies beneath those floorboards? Silly man. He obviously needed to buy a spade instead of a broom!

I'm going to pretend to be psychic:

I predict a 4th RNS... telling us all that a placing has now been agreed.

Let's see how long it takes...

CharlieLondon: "My presentation notes and the interview are consistent.

They haven’t been asked to ring fence and don’t expect to, yet they haven’t had discussions yet. GL’s point was that there is no precedent in industry for OGA to request ring fencing and he said if they did, ANGS would push back hard. "

Do you remember your quote from earlier this month, Charlie?

Guess you've changed your mind now... as Lucan clearly has!

Winnieh.... My bad! Sorry! ;-)

Just checked the comprehensive investment rule book though... and...drum roll please....

The same rule applies! IMHO

In my experience leaks like this usually "miraculously" occur before a placing.

AIM Rule Number One: "Seriously ask yourself: what's the bank balance here looking like?"

Stout...

I've been waiting all day for someone to utter those immortal words: "The Market had already priced the news in!"

Oh well... I must have missed it this time ;-)

I off back to sleep until next year...

If all Newcrest and Havieron's amazing results can muster is this "truly pathetic" Market reaction... there's certainly nothing else to set GGP's SP alight this side of Q1 2020.

Someone please wake me if "something"... "anything" happens... zzzzzzzzzzzzzzz

Got to admit:

Even by GGP standards - today was a damp squib! Looks like finishing slightly down. God help us if they ever release Bad news!