Investor Questions

The Company invites investors to submit their questions for Angus Energy to be answered by management on the 30th of each month (or closest working day to this date).

In order to give our team the time to answer all questions with proper consideration, timescales for submission are as follows. All questions submitted before the 20th of each month will be answered by the 30th of the same month. Any questions submitted after the 20th will be answered by the 30th of the following month.

No subjects are off-limits, however for a question to be answered it must be both sensible and not abusive. To ensure that these guidelines are followed, questions will be approved before they are published on the website. The management team will attempt to answer all questions submitted every month but in the event of there being too many we guarantee that the 10 most popular questions will always be answered. Investors may indicate their approval of a question by pressing on the thumbs-up button underneath each published question.

Questions that do not contain price sensitive information will be answered within this forum. Questions that do require the revealing of price sensitive information will also simultaneously be answered via a formal RNS news release on the dates specified above.

To submit a question, please fill in the form below. After completing the form below, you will receive a confirmation request from the company. Confirmation by the author is mandatory and all submissions must be validated by email no later than 23.59 on the 19th of each month.

Question Submission

Q and A details

Please note:

  • Personal details associated with submitted questions will not be made public.
  • Questions will be attributed to the author on a first name basis only, during the call.
  • Management will do its best to answer all validated questions but for commercial reasons reserves its right to exclude a validated question.

Most Popular Questions

It sounds like planning meeting committee wants this all sorted for Balcombe what is holding up the process ? They say it was delayed due to request from one of the statutory consultees for more time to provide their response to the Council on the matter.

Asked on 20 February 2020

There is a poster on the LSE forum chat board called JA51. This poster has the grand amount of 1 share by his own admission and constantly criticises the Angus share no matter what good news comes out. He has posted over 1360 posts and not one has been in praise of Angus. Indeed he was the author of a list of 20 questions asked last month to the Board.
My Question is this….. Can this person not be silenced once and for all as he is doing my sizeable investment in Angus Energy no good.

Asked on 20 February 2020

Recently answered questions

Your RNS of 19th June is unclear and contradictory as to whether the liability for all abandonment costs surrounding the subsurface pipe works would be shared 49 /51 for these works following reconnection.

Asked on 20 February 2020

Does the optimistic production target for Saltfleetby of 18 BCF over 12 years account for future upside from further drills?

Asked on 30 January 2020

If your estimates for Saltfleetby do not include further sidetracks, and assuming drilling success, what further upside could there realistically be versus the 10/18 BCF figures already quoted i.e. are we looking at smallish incremental upside or potentially sufficient upside to be a company maker in its own right?

 

Asked on 30 January 2020

After speculation on Angus chat boards, can you confirm that the 1st Convertible loan of £3 million originally now with £1.5 million paid back via the recent placing has the remainder of the £1.5 Million still available at any time on top of the £1.4 million available from the latest Convertible loan?

Asked on 30 January 2020

Can you confirm interest was paid on the JTP director loan

Asked on 30 January 2020

Can you explain why the OGA has placed a field abandonment notice on Saltfleetby following your appointment?

Asked on 30 January 2020

Can you update the market on EA meetings regarding water injectors?

Asked on 30 January 2020

The two producing wells at Salltfleetby are at separate sites. Can you advise if processing equipment would be required at both and estimates of cost for such equipment?

Asked on 30 January 2020

The OGA placed limits on both oil and gas during the Brockham EWT which equated to 301 barrels per day and a gas rate of 5.664 TCMD. Can you give the figure imposed on the Balcombe EWT if known yet?

Asked on 30 January 2020

Your previous explanation of the gas to wire at both Brockham and the forthcoming Balcombe operations seem at odds. You state in a previous Q&A answer you look to Horse Hill for not requiring gas to wire there. However, Horse Hill was a 90-day test and you are requesting a three-year EWT. Given it was a requirement at Brockham and also a detailed explanation by Jonathon Tidswell at an investor conference last year citing a very long lead time to connect to gas to wire can you confirm that the OGA does not require it as this is a 3 year test?

Asked on 30 January 2020

In your explanation regarding Gas to wire at Brockham, you revealed that you had only just started a trench. Given that JTP stated it could take a year minimum to connect to the grid is it fair to say there would have been a considerable delay should the well have been successful and we should expect the same at Balcombe if the OGA do require gas to wire?

Asked on 30 January 2020

In Your Salfleetby presentation, you state that water disposal cost is £48 per Barrel. As there is no suitable disposal site in the south of England, your comments in the annual accounts and your drill or drop interview and no injector well available, can you confirm any water cut at Balcolmbe, or the now 40 water cut at Lidsey according to the OGA website, would cost the same or more to dispose of?

Asked on 30 January 2020

You are on record criticising Paul Vonk for taking a convertible loan note out at a poor time for the company. You have recently been taken exactly the same type of cash injection with the explanation it makes the company Best in class This seems very much at odds with the previous viewpoint. Could you advise whether the OGA they insisted that such provisions are put in place?

Asked on 30 January 2020

You have assigned funds for the new exciting new prospect, as Mr Vonk described it, at Lidsey. Was this not first discovered in 1987 and actually falls outside your licence area? Please could you indicate a cost, timescale and the associated difficulties in accessing this prospect given the area has been relinquished back to the OGA.

 

Asked on 30 January 2020

12.a On the Saltfleeby presentation, you have based your figures on producing 5 mmscf/d (million standard cubic feet per day or 50,750 therms/day – the figure of 5.5 mmscf/d referred to transportation charging) citing that this was what produced when field last produced in December 2017. Could you please explain where this figure has come from? The OGA Official figures for Saltfleetby are as follows and are in mmscf/d (taken as averages for each month) Jan 4.55 Feb 5.08 March 4.39 April 3.46 May 4.86 June 1.53 July 2.97 Aug 0.56 Sep 0.00 Oct 0.00 Nov 1.19 Dec 0.44 – giving an average daily production across the year of 2.5 mmscf/d. If you allow for your 15% fall yearly that would become just over 2 mmscf/d.  The condensate is also a fraction of your figures.

 

 

Asked on 30 January 2020

Saltfleetby Gas Prices:   You have also based your Saltfleetby gas revenue calculations in your presentation on the OFGEM figures of 50p per therm. The latest figure that Ofgem list is 24.87 pence per therm. This is below half what your presentation projects.  Could you confirm which figures are to be believed the official OFGEM ones or yours?  If the OFGEM ones, is the project actually viable?

 

 

Asked on 30 January 2020

Can you tell us whether you have had any correspondence from the alleged no-win-no-fee legal action group?

 

Asked on 30 January 2020

Can you advise whether that the FCA, AIM regulators or any other authorities have investigated Angus or your Nomad following your former Director’s actions concerning America 2030 or for any other reason including misleading RNS announcements?

 

Asked on 30 January 2020

Can you confirm that a firm commitment by Cuadrilla and Lucas is in place for future funding and De-commissioning costs Should they be required for their 75 stake at Balcombe?

 

Asked on 30 January 2020

In several of your funding RNS releases, you give details of where the money is to be allocated. When reviewing financial information will the OGA take account of this in their calculations the £800,000 allocated to the 12.5% interest in the A24 licence PEDL143 for example?

Asked on 30 January 2020

According to the Balcombe HRA, should Planning be approved, the operation will cease after the Stage 1 removal of drilling fluids.  If successful, the project will then be put on hold whilst a detailed civil and structural design is prepared.  Please indicate the length of time required to compile this detailed civil and structural design and the likely cost to carry out the civil engineering work and the associated costs for this Stage 2 and the initial, Stage 1, design phase.

Asked on 30 January 2020

Can you confirm the costs incurred by Angus for stage 1 and 2 of the Balcombe EWT will be 25% of costs on both stages?

 

 

Asked on 30 January 2020

Following on from the news that Balcombe will require an extensive bunding program can we expect a similar requirement for both Sites at Saltfleetby and likely costs if so?

 

 

Asked on 30 January 2020

Can you comment on recent articles made regarding the Company in non-trade magazines.

Asked on 30 January 2020

Assuming that permission for the Balcombe EWT is granted by the end of February, when would you envisage being able to commence work on site? Are you currently aware of any wildlife protection issues which would restrict operations by Season, especially during the coming Summer?

Asked on 14 January 2020

As per the Dec 2019 presentation, does Angus still target production recommending at Saltfleetby between May and August 2020? What do you consider the most likely workstream elements that could result in such target being delayed and can any contingencies be put in place to deal with this/these?

Asked on 3 January 2020

Given OGA consent has now been received, why do you not list Saltfleetby as an asset on Angus’ website?

Asked on 1 January 2020

What is the maximum recoverable gas which you are estimating for the Saltfleetby Field and what value is it likely to have for shareholders. What are the running costs to extract that gas?

Asked on 16 December 2019

Balcombe application: In order to satisfy the EA, how long do you anticipate the HRA to take?

Asked on 26 November 2019

Can you please guarantee you are not going to delist and take Angus energy private in 2019 or 2020?

Asked on 19 November 2019

Since you say

  • that the Balcombe Discovery is considered to be in the sweet spot of the Weald Basin and
  • and given the 568m thickness and highest maturity of the Kimmeridge layers
  • and that the Balcombe 2Z side track has opened up an approximately 1,700 ft horizontal section through the upper Kimmeridge Micrite,

on what basis are you targeting such a conservative flow rate 300bpd from this well?

Asked on 19 November 2019

Balcombe well: Viewing the application to WSCC, I note that Angus intends to pump out previously used drilling fluids for a period of up to 4 weeks stage 1 and then, if there is free flowing oil, carry out an EWT for commercial viability stage 2. My questions are:
1. What would be the minimum bod required to deem Balcombe commercially viable?
2. If oil were to free flow after stage 1, would any type of flow measurement be made and compared with this minimum bod, in order to decide whether to proceed with stage 2 or not?
3. If stage 2 verified that this minimum bod could be persistently exceeded, would an application be made to WSCC for a production licence?
4. Assuming a successful stage 2, would Angus consider increasing their stake in Balcombe?

Asked on 15 November 2019

Do you have plans for any more assets to bring into the portfolio with good potential?

Asked on 30 October 2019

Why did you issue a convertible to put money aside for abandonment costs now and not waited until we start getting revenues or at least until the share price has improved?  Has the law dictated this requirement to be done now, or is it your choice?

Asked on 30 October 2019

Your presentation discusses future exploration targets around Saltfleetby. To the extent available, what are your best/mean/worst case estimations as to future exploration upside. How much do you consider these could be versus the size of the original Saltfleetby discovery?

Asked on 30 October 2019

When will Jonathan Tidswell repay his loan to Angus?

Asked on 18 October 2019

As we already had permissions to drill and test the Portland at Brockham why are we not doing that to get some near term cash flow?

Asked on 18 October 2019

The planning application for Balcombe does Not show any gas to wire for the surplus gas that may be encountered. Is the gas just to be flared off ?

Asked on 17 October 2019

What is the earliest you could know if Balcombe is mature oil? What do you need to do to ascertain this?

Asked on 17 October 2019

The Gas to wire generator was on the original Brockham site layout for equipment, but was then subsequently removed. How could you test / flare without it?  The associated connection to the National Grid for the distribution of excess power generated on-site was an OGA prerequisite as confirmed in an Angus RNS dated 23 October 2017.  Can you confirm that the electrical hook up to the National Grid at Brockham was actually 1. started and 2. completed and 3. if it wasn’t carried out then please state the reason why?

Asked on 17 October 2019

Can you explain what is the actual reason for not being allowed to inject water at Brockham?

It is my understanding that you still haven’t carried out CBL wireline logging runs on each well at Brockham to appease the OGA, EA to enable Lidsey produced water to be reinjected at Brockham?

It should have been done as soon as Angus took over the Field, yet it wasn’t carried out.

A simple case of confirming well integrity  – i.e.no leaks in the casing / cement behind casing across the aquifers would enable water reinjection to be restarted at a deeper depth.

You have had so many opportunities to do it with the HG Wells logging truck being at Brockham Nov / Dec 2018 and Jan / Apr 2019.

Asked on 17 October 2019

Why are Angus spending more money on 2D seismic when you only did it several years ago?  You would be more prudent doing 3D seismic as shown at Rathlins West Newton asset where they know exactly the size of the asset due to 3D seismic.

Asked on 17 October 2019

Did the flow test at Brockham fail due to N2 lift and subsequent complications with the blocking of the natural fractures? Might Brockham flow like or better than HH if the same approach is applied with a new well?

Asked on 9 October 2019

Whilst I acknowledge that Jonathan Tidswell is no longer a board member, it is not abundantly clear what he is being paid for or what his purpose here is any longer.  His continued involvement is proving very damaging to investor trust and the wider perceived confidence in this company.  Would it not be better for him to resign fully for the benefit of all shareholders?

Asked on 9 October 2019

Are you as confident of gas flowing [at Saltfleetby] as you were of oil flowing [at Brockham]?

Asked on 9 October 2019

How much would the seismic work on Lidsey cost?  [Investor Presentation Sept 30 2019]

Asked on 3 October 2019

Are you still aiming to sell your interest in Brockham? [Investor Presentation Sept 30 2019]

Asked on 3 October 2019

Have you not encountered water at Balcombe and if so how is this different from Brockham? [Investor Presentation 30 Sept 2019]

Asked on 3 October 2019

What is the difference between this Balcombe Planning Application and the last and if it is so similar, why can you not rely on the last one?  [Investor Presentation 30 Sept 2019]

Asked on 3 October 2019

How quickly do you expect West Sussex County Council to respond to the Balcombe Planning Application? [Investor Presentation Sept 30 2019]

Asked on 3 October 2019

Why has the Balcombe Planning Application taken so long to submit?  You originally advised the end of August as the latest date.  [Investor Presentation 30 Sept 2019]

Asked on 3 October 2019

Why is Lidsey seismic taking so long?

Asked on 3 October 2019

When Horse Hill was first discovered as the Gatwick gusher it was said that to get it to flow took a bit of persuasion.  When Angus took over Brockham it was hailed as a carbon copy and maybe even better with a thicker oil bearing layer.  Why didn’t you attempt to coax out the oil as UKOG did at Horse Hill and whose decision was it to abandon trying?

Asked on 3 October 2019

There has been a lot of shareholder debate as to the events leading up to a declaration that the Brockham Kimmeridge is unlikely to be commercial, in particular certain investors seem to think that Angus knew for sometime that the well was unlikely to flow and, therefore, there was never an intention to conduct an EWT. To put these rumours to bed, will ANGS be able to provide a more detailed written synopsis as to the events leading up to the declaration, commencing from December 2018?

Asked on 3 October 2019

The RNS issued 1 October acknowledges that certain shareholders and/or historic investors are considering taking action against Angus Energy. Can Angus Energy confirm they will take all available legal steps to robustly defend against any future action if any and will not pander to any hopes of a quick win out of court settlement. To the extent persons continue to post blatantly untrue accusations on bulletin boards or other forms of social media etc, will Angus consider defamatory actions if they consider these appropriate to protect the reputation and goodwill of the company?

Asked on 3 October 2019

Is the timescale for reconnection of the Saltfleetby Gas Field between May and August 2020 still realistic? [Investor Presentation 30 Sept 2019]

Asked on 3 October 2019

What are the milestones to reconnection of the Saltfleetby Field to the National Gas Grid? [Investor Presentation Sept 30 2019]

Asked on 3 October 2019

What are the principal standards and requirements which National Grid Transmission will need before they will consent to reconnection of the Saltfleetby Gas Field and how do you propose to meet them?  [Investor Presentation Sept 30 2019]

Asked on 3 October 2019

How can you be so confident of the flow of gas from the Saltfleetby Gas Field following reconnection?  [Investor Presentation Sept 30 2019]

Asked on 3 October 2019

Will you have to set aside a full cash provision against abandonment of the Saltfleetby Gas Field at the outset?  [Investor Presentation Sept 30 2019]

Asked on 3 October 2019

Is the application to become Licensor and Operator of the Saltfleetby Gas Field now being processed by OGA?  [Investor Presentation Sept 30 2019]

Asked on 3 October 2019