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ANGS could spin off Saltfleetby and RTO into AAOG.
If Paul Forrest lands on the ANGS board that would not surprise me.
But as oofyprof has said, there is a risky amount of debt, although the incoming ivestors to ANGS, Aleph, include some folks who lent alongside Mercuria. Would have to do more digging. But who knows what is in the mind of Gazprom? Sorry, I mean Paul Forrest :-)
Then all that is left is to remain optimistic that all our AAOG tax write offs do not go to waste.
Hi im
Paul is a director, but has appointed at least two of the other directors, from memory, one of whom had a mining background I seem to recall.
Would we not expect to hear something from Sarah Cope if not Paul Forrest stating what has happened to the option of the SEL buyout and the path forward. We should if they took their director responsibilities to their shareholders seriously.
My personal suspicion is that Paul Forrest may have found some sanctions-stranded Russian oil/gas or mining assets to reverse AAOG into. There must be quite a choice at the moment.
Just to remind everyone of what an operator Forrest is, here is Skittishs brilliant summary from February this year.
RE: Paul Forrest05 Feb 2022 16:24
I know that some on here do not seem to rate Paul Forrest much in terms of financial acumen, and he does seem to present as as something of a provincial accountant of likely modest means, however it appears to me that he may have hidden talents.
For example, on 17-6-2019 he acquired the stranded Saltfleetby Gas Field via ownership of Saltfleetby Energy Limited (SEL) from Gazprom. We have never been told how much he paid (bearing in mind his limited means), but I'd hazard it was £1.00.
Whatever he paid, SEL was the recipient of not only the gas field but also £14M in cash inherited from Gazprom as "decommissioning costs", as at that time it was apparently intended the field would never be brought back into operation; and also £61M in tax losses.
On 19-6-2019 SEL sells, for £1.00, 51% of the gas field to ANGS, paying them £2.5M in decommissioning costs for the liability they were now taking on - in the short space of 48 hours the field is now viable once more.
ANGS is co-opted to resurrect the Saltfleetby field, tapping its own shareholders as required.
So over the space of two days (17-9-2019 to 19-9-2019) Mr Forrest turns a £9M profit, via the suddenly reduced decommissioning costs - and later ANGS says that even the £2.5M was too high! And SEL's 49% share of such decommissioning costs is now shown as £700K in their accounts.
Not only that, but SEL's latest accounts (1-1-2019 to 31-5-2020) show that it made £12M profit - we don't have access to the P&L, just the balance sheet showing accumulated losses falling from £61M to £49M - probably by shifting the worthless "abandoned assets" into the valuable "soon to be producing assets" column.
He then uses some of the £14M given on the sale by Gazprom to buy up 25% of AAOG for £500K and acquire effective control of a company which has a further £42M of accumulated losses against with future profits can be written off. Not satisfied with that, SEL grants AAOG an option for a mere £8M in shares to buy 25% of the previously worthless Saltfleetby. Last week he was sufficiently influential to be appointed a director of AAOG.
So, in the space of 3 years Mr Forrest, with no visible major means of support,
acquires a stranded gas field,
achieves control of SEL and AAOG, is appointed a director to both
co-opts ANGS into resurrecting Saltfleetby,
"pockets" (not personally) £9M+ from Gazprom which is then used to pay for SEL's share of the resurrection,
grants AAOG an £8M option to acquire 25% of the previously worthless Saltflletby
makes a £12M profit in the SEL accounts,
and acquires effective control of company losses to be set against otherwise taxable pro
Dear irishmouse
Am back on the board after a few months after seeing the Angus RNS today. 2 years ago or so Sarah Cope had arranged the option for AAOG to take half of SELs 49% of Saltfleetby Field, for £8m in shares and £1m cash. Now that is out the window.
Paul Forrest controls AAOG, Forum Energy and SEL.
Today's Angus RNS says he is likely to take a board seat at Angus:
"Under the terms of the SPA, Forum will also have the right to appoint one director to the Board of Angus Energy which, subject to regulatory checks by the Company's Nominated Adviser, is expected to be Paul Forrest, the beneficial owner of Forum. "
The total consideration for the buyout of SEL is £14 million.
If my memory serves me right, isnt £14m what Gazprom gave Forum Energy (aka Paul Forrest) to pay for decommisioning costs etc when they sold Saltfleetby in 2019? Seems a bit of a coincidental number.
@Skittish needs to do an updated summary of Paul Forrest and his manouverings.
Regards
Z
PS I enjoyed your April news on ATOGs tribulations in Tunisia.
Acquisition of remaining 49% interest in the Saltfleetby Project
Subscription of £3,000,000
Conditional Subscription of up to a further £3,000,000
Angus Energy Plc (AIM:ANGS) is pleased to announce that it has executed a share purchase agreement ("SPA") to acquire the entire issued share capital of the Company's current joint venture partner in the Saltfleetby Project (the "Project"), Saltfleetby Energy Limited, ("SEL" or the "Target") which owns a 49% working interest in the Project (the "Acquisition") thereby giving Angus Energy a 100% interest in the Project. To fund the Acquisition and other working capital requirements, the Company has concurrently arranged a direct subscription with affiliates of Aleph International Holdings (UK) Limited ("Aleph") pursuant to which Aleph has subscribed for a total of 546,000,000 Ordinary Shares in the Company at a price of 1.09896011 pence, being £6,000,000 (Direct Subscription) split into an initial unconditional tranche of £3,000,000 and a second tranche of £3,000,000 conditional on Shareholder approval.
Summary of the Acquisition
The Company has executed a share purchase agreement to acquire the entire issued share capital of the Target from Forum Energy Services Limited ("Forum" or the "Seller"). The total effective consideration payable pursuant to the SPA is the sum of £14,052,000, which comprises:
· £250,000 to be paid in cash at Completion;
· the issue of 91 million Ordinary Shares at 1.09896011 pence per share (the "Funding Price") at Completion (the "Initial Consideration Shares");
· the issue and allotment of the 546,000,000 Ordinary Shares at a price of 1.2 pence per Ordinary Share (the ("Acquisition Price") at Completion (the "Additional Consideration Shares") which are subject to lock-up provisions detailed below; and
· up to £6,250,000 deferred consideration to be paid in instalments from net cash payments to Angus Energy from the Project through to 31 March 2025 (and subject to an upward or downward net cash adjustment) as and when those payments would have been available to SEL under the Company's Senior Debt Facility of May 2021.
Following completion of the Acquisition, the Group would own a 100% working interest in, and would continue to be operator of, the Saltfleetby Licence.
As a result of the issue of the Initial Consideration Shares and Additional Consideration Shares and following the issue of the Initial Subscription Shares detailed below, Forum, will hold 637,000,000 Ordinary Shares in Angus representing approximately 28% of the Enlarged Issued Share Capital and just under 25% of the Enlarged Issued Share Capital following the issue of the Secondary Subscription Shares below.
Under the terms of the SPA, Forum will also have the right to appoint one director to the Board of Angus Energy which, subject to regulatory checks by the Company's Nominated Adviser, is expected to be Paul Forrest, the beneficial owner of Forum.
Morning. Great RNS to start the day as it indicates the future direction of travel for the Uskmouth site and underpins its long term viability.
Sparta10, the RNS states that SAE will "deliver a 230MW / 460MWh battery energy storage system (BESS) at the Uskmouth site" but that UES will own and operate it. It would be interesting to know further detail on the deal.
Great news on gold production, recovery close to 85%. Nearly 40 million dollars paid towards debt interest and capital repayment.
Need to think about the proposed share restructuring, but it can happen when shares are in danger of going below their nominal value.
Just a reminder on news expected by the Telegram group folks, from a month ago.
Still waiting, deep meditating :-)
From Andymillsy RE: Price24 Mar 2022 16:20
Tele gram voting on next RNS
9% Australia - Bushranger - Decision to mine or offer from AA
21% Australia - Bushranger - Assays
0% Australia - Bushranger - Drill completion
3% Australia - Bushranger - 3rd porphyry
40% Australia - Bushranger - Drill Permits
15% Africa - Fairbride in operation
3% Africa - Eureka news (had you forgotten we had that asset?)
3% Africa - Income news (might not just be alluvials, hardrock at Manica, copper from Zambia)
6% Corporate - TR1
0% Other e.g. new project, new director etc
33 votes
Well....that wasn't the RNS l was expecting.
I don't think that made the Top 10 of expected announcements Andymillsy listed some time ago.
A wee bit of dilution and a nice 5p + discount for whoever exercised these warrants, last exercised at the same prices in June and May 2021.
Hoping for some technical or commercial news soon!
OMM
"Cearly nobody has seen DP's response to the Q&A from Mondays presentation then"
Morning all. OMM could you share?
Good find Ella 10 and good points on the Newcrest representatives.
Interesting to see a couple of other presentations on Lachlan belt discoveries too.
The "Mines and Wines" conference name is the best I have ever seen for a geo conclave!
I can imagine the imagery invoked would give the UK Health and Safety bureaucrats severe indigestion however :-)
Exploration activities progressing quietly. Nothing earth shattering but good basic work being done.
Good that Copperdome access is sorted - could have been a sticky wicket otherwise. It would be nice to know what terms were agreed by our landman. Sorry landperson.
Highlights - Greece
· Historical core has been located, photographed and sampled as part of the Company's technical due diligence of the Molaoi zinc deposit in Greece.
· A total of 51 samples have been taken of the old core which was originally analysed between 1985 and 1988. The samples have arrived at ALS Laboratories and are being prepared for analysis.
· The 51 samples were selected to verify a spread of original assays ranging from 0.9% Zn to a maximum of 36.75% Zn.
· The samples collected for re-assay were specifically selected to represent a spatial spread to include the entire 1.5 km distance where most of the historical drilling occurred.
· Rockfire has recently met with the Molaoi community advisory committee. The committee welcomed Rockfire to commence its work in Molaoi and advised the Company to maintain good, open dialogue with the community.
· Quotes have now been received from three independent environmental consulting firms in Greece to prepare an environmental summary, which is required prior to any drilling or other ground-disturbing work.
· A technical study which forms part of the pre-drilling documentation to be submitted to the government has commenced and a work programme has been devised.
· One quote from a Greek drilling company has been received and two more are being sought.
· The process of transferring all the shares in Hellenic Minerals IKE from the vendor of Hellenic to Rockfire has commenced. The market will be updated once the transfer is complete.
Highlights - Australia
· 557 soil samples have been collected from four sites within the Lighthouse tenement in Queensland. These samples have been submitted to ALS Laboratories and results are awaited.
· A Landowner access and compensation agreement has been signed with the landowner at the Company's Copper Dome porphyry project in Queensland.
Great news extending Ascot along strike by 250 m to the north and fleshing it out. The photo of core looked pretty well mineralised - looking forward to the assays. With further drilling licenses apparently granted (andymillsy) looks like we will have lots more drill results from Ascot over the next few weeks. Looking forward to the next iceberg blog update!
This is inresponse to Ella10s Sat 2nd March 12:30 post regarding Ascot reporting as a mineral resource or Exploration Target. Within the timeline Colin Bird has set, I do not believe we will be able to report a maiden resource for Ascot, but we don't know the drill plans so I will not hang my hat on that.
Ascot can certainly be reported as an Exploration Target as we have drill data and geophysical data to make crude estimates.
In the JORC code, https://jorc.org/docs/JORC_code_2012.pdf, section 17-19 covers reporting of exploration results.
"An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficientexploration to estimate a Mineral Resource."
Today's RNS is just confirmation of steady progress with the Thule sands project: good news but no surprises. Still waiting on dewatering news from Clogau.
I still have the feeling this share is very unappreciated at the moment, but the news pipeline is active and positive so far.
Just for transparency, l am as far down on ROCK as l am up on XTR.
GLA
Good points CE. 27 definitely tells us where the deposit isn't!
I wanted to add a point about the cutoff used by ROCK for their maiden JORC at Copperhead. It is only 0.13% due to current prices no doubt. It is also a Copper, gold and molybdenum system. That cutoff is of interest to XTR, will bump up our tonnage.
ROCK claim they are just reaching the upper parts of a system hence the low grades. (as metalhead mentioned). They certainly need another drilling campaign with a few deep holes.