Member Info for YorkshireLife

Ocelot,

By granting planning permission, the OGA are relinquishing control of Saltfleetby to ANGS and in doing so they must "first and foremost" be confident that this new operator can comfortably cover all its financial obligations. "IF" ANGS were granted permission and began testing only to find that this was un-commercial for whatever reason, then not only would the SP crash... but their ability to raise further funds would also be diminished. If they had already spent a fair proportion of the money set aside for abandonment... how are they supposed to meet their obligations?

Whilst I appreciate the above is only one scenario... given the risk involved in oil & gas ventures generally and ANGS terrible history of past failure, I really do not honestly think the OGA would accept merely the word of a small Aim listed BOD and would be failing in their legal duties not to ask for a substantial sum to be set aside.

Let's see how this plays out, but my take is that ANGS will RNS news of a placing asap in order to progress the Saltfleetby planning application and acknowledge that the reason for this is as result of undertakings they had to make via the OGA to gain necessary approval.

As I said... I can wait... I just would rather wait with my eyes and ears open to what's coming... no more surprises... no more unrealistic expectations here any more.

Torreaguas,

I appreciate we may have differing views here, but my only "agenda" is to read between the lines and discover the truth.

I am no longer interested in spikes, trader hype or jam tomorrow promises. I would just like this company (at long last) to turn a corner... dump Tideswell ( thus drawing a line under all his past failures) and move forward with a cast iron bullet-proof plan to restore shareholder's value and long lost faith in this company.

I don't mind if it takes a year or more to do this... so long as they TELL THE TRUTH and plan accordingly.

Ocelot,

I'm invested here too. I want this to go up like anyone else (including the day traders) but I am being realistic THIS TIME AROUND.

The very reason those rules were adopted was to cover the general public from the consequences of small - poorly financed - companies "such as ANGS" getting their hands on assets and promptly going bust or at the very least being unable to finance their eventual obligations. ANGS have already "themselves" mentioned needing to allow for this in their RNS. ANGS need to raise to continue as they have no worthwhile income for the next six months at least, therefore the OGA allowing them to use money set aside for abandonment would be foolish in the extreme and simply will not happen IMHO.

But - everyone is fully entitled to their opinion... and I respect that.

Torreaguas:

Which part of

"Where OGA is not sufficiently confident of this, OGA is empowered to
require the company to take further action that will bring the necessary level of confidence,
and while the action is not specified it might include the creation of financial security such as a
Letter of Credit for the required amount under OGA’s control. "

Do you not understand and I will try to help you!

ANGS will need to set aside money before the application is even approved... because they could potentially go bust and leave the tax payer picking up the bill. They have a lousy track record and a history of bad relations with various authorities... if you think the OGA are going to trust them to do the right thing and take their word for it... you are living in cloud cuckoo land!

At times like this I chant a mantra:

"Sit tight and ignore the MM sh*te!"

Try it. Works a treat :-)

Hi Ocelot,

My understanding is that the money would be held in an escrow account (to safeguard against bankruptcy) under joint authority with the OGA. Apprval would NOT be granted in any eventuality until a legal undertaking was agreed and signed.

I appreciate that Torreaguas wants to paint a rosier picture - where ANGS can use this money instead of another "inevitable" placing. I think Lucan would have loved PI's to fall for that one too!
But - back to reality: successful large companies do not give away their cash generating assets for £1 with a substantial cash bonus because they are feeling generous.

There is ALWAYS a caveat... and in this case the caveats are:

1) Full detailed planning approval required.
2) Cash reserving for abandonment to be agreed with OGA in advance.
3) Risk of un-commercial production levels.
4) Risk of lower reserves than anticipated.
5) Cost of re-connection to grid
6) Time taken to achieve all the above!

Whilst I do believe this is achievable... I am simply warning that expectations should be realistic here:

1) Saltfleetby is NOT going to be approved, connected and producing cash this side of summer 2020 (and that is being exceptionally generous!) And... bearing in mind we have only Lidsey (LOL) as our cash cow for the time being... there will need to be further substantial dilution before any of this work can be undertaken.
2) Unless (and unlikely) that Brockham can be sold off now - which means we will also be liable for abandonment costs here too. Can we sell UKOG Brockham for £1 and some ANGS shares to avoid this liability?
3) Balcombe is reliant on Cuadrilla and they evidently are not interested in pursuing this (after all this time...I wonder why? I expect they cannot get oil at commercial rates without chemical fracking - and they cannot get planning passed for this.) So I honestly believe we have yet another white elephant in our folio here too.

All THE FACTS will emerge in the fullness of time - but the BOD will try to pull the wool over investor's eyes for as long as humanly possible IMHO.

Torreaguas,

Nice try... but read the following very carefully:

"Furthermore, and as previously announced, in respect of the quantum of eventual abandonment liability which the Company might be assuming with respect to the Field, the Company has prepared an internal abandonment report which has been reviewed by an Independent Well Examiner as part of the Angus Well Examination Scheme (see Footnote). The report supports the Company's third party quote for decommissioning all of the wells at £1.75 million. This amount, taken together with a site remediation estimate of £0.75 million, brings the total potential gross liability to £2.5 million as was originally expected. Should the Company be successful in its application to the OGA, as referred to above, it would also need to agree an abandonment programme and associated cash reserving with the OGA at that time."

The money needs to be set aside because ANGS is a very small unstable company and the Oil and Gas Authority sensibly IMHO insure against such "small" companies going bust and leaving a mess for someone else to clear up. Therefore the money is RING-FENCED to protect against individuals who cannot be wholly trusted like our very own Mr Tideswell ;-)

https://www.bbc.co.uk/news/business-49766418

Parkez,

Whilst there may once have been a definitive "pump and dump" method... I think "most" would agree that the term these days is used more broadly for any sudden unexpected SP climb... rapidly followed by a similar "unexpected" drop.

I would not get too hung up on the specifics if I were you... it happens all the time on many stocks in which I am invested... usually on the back of Twitter / BB rumour / speculation.

Difficult to say if the intention is always genuinely to mislead... quite often (as with The Weald Story stocks for example...) it seems to be more often than not a case of over-enthusiasm. Nevertheless... it usually has the same pump and dump effect on the SP.

Candles is just showing healthy scepticism (as he has every right, here on AIM casino) IMHO.

GLA :-)

Certainly not rising on trade volume LOL ;-)

Tor: "YorkshireLife, why not attend the meeting on the 3rd and ask your questions?"

I am 100% sure that the BOD read the BB here and Twitter and elsewhere.

It CANNOT have escaped their notice that many shareholders have been pressing for changes over the years (especially where JTP is concerned). Hence the reason they made him a backroom boy at the last reshuffle.

Problem is... whilst ever JTP is still been paid a full salary, LTH's & The Market will continue to question if he is still pulling strings... likely to lead to more chaos for the company as a direct result!

The sooner he's gone... the better for everyone in ANGS!

This stock should have come with a warning:

"AMER investors require the patience of a saint - AND THEN SOME!"

The recent buy in was excellent news. To keep the momentum going, what we now need is for Lucan to follow up with a new RNS reporting that Tideswell has "LEFT THE BUILDING" for good... never to return.

Then The Market and investors might start to believe in this company again. I genuinely hope we are at - or close - to a turning point here!

GLA :-)

Ocelot: "That's deprived the negative posters of one of their favourite themes - bad form, I call it!"

Hi Ocelot. Well, I've asked for it for long enough and CREDIT WHERE CREDIT IS DUE! Well done Lucan - at long last!

Just Tidswell to repay his loan and be kicked out for good and I'll resign "my negativity" from the ANGS BB and sit quietly awaiting my losses to be recouped.

GL A :-)

Hi Mazik,

Yes... been a horror story few years for share trading to say the least. Sirius (The Potash "Story") ANGS etc... etc... (The Weald "Story") Lionsgold (The gold-backed currency "Story") I could add at least three more that I know of here!

I count myself lucky that I only fell foul and lost money here on ANGS... but I've followed the others for a number of years and been invested in them at times in the recent past.

Learned a valuable lesson though:

It pays to sit on the sidelines...

Yes, you may lose a few percent if a great RNS lands... but 90% of the time it's generally an average or bad RNS anyway... which spells instant disaster for the SP... so always easier to buy in later. And even good RNS's usually allow shorters and II's to reposition their holdings by holding back any spike in SP... so again - always time for fence sitters to buy back in cheaper.

Sorry mazik...

Didn't mean to get at you... nothing personal, just couldn't resist responding to your comment.

ANGS might come good in some land - far far away in the distant future - but back here in the present they have zero credibility with anyone other than day traders who hope to ride whatever spike the MM's will "temporarily" allow... and it's a tricky play to call even for them right now!

The problem with ANGS is you honestly do not know what disaster of an RNS is waiting just around the corner to bite us all yet again!

Mazik: "Oversold with global issue we are facing this will need to be rerated..IMO"

LOL... yes, just what the global economy needs... a company with no producing oil fields (except Lidsey LOL!!!!), a back catalogue of failures, run by duplicitous management...

I'm sure the UK is just crying out for more ANGS start-ups. Please tell me you are joking!

https://www.bbc.co.uk/news/business-49725711

Q: What happened to the SP today and why?

A: UKOG RNS'd that yet another tranche of shares are landing imminently (spelling further dilution and the inevitable drop in SP) ANGS share price rises as UKOG holders jump ship in the expectation that ANGS will rise whilst UKOG drops... rinse and repeat... rinse and repeat...

It's not rocket science folks... and evidently NOTHING to do with Lucan's buy-in ;-)

"Last 3 buys total £20,000. Nice, but leaky news??"

Maybe it's Lucan buying in AT LONG LAST!!!!!

I still struggle to understand why he hasn't so far - given it's such good value - according to him)

Strange that don't you think? ;-)