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

Hi, can you clear up your strategy regarding the sidetrack at Saltfleetby. Are you planning this before first gas, or next Spring?

Asked on 30 June 2021

There appears to be anti Angus misinformation posted and suggested as fact in online forums. Although regularly and easily discredited by other posters does the company have any plans to increase it’s profile and information stream to deter this ?

Asked on 7 July 2021

Saltfleetby reconnection plan.

We should have had well established and firm delivery dates for all equipment at £12 mil loan drawdown a few weeks back and therefore a revised Saltfleetby plan should have been advised to the marketer by now. Is there a reason for the delay and when can we expect this to be announced to the markets? Thank you.

Asked on 21 July 2021

Will any more directors be buying any more shares in the company considering current share price offers tremendous value?
When will you be updating us regarding progress which was expected mid July this year?
When are you expecting EA to give permission for Brockham which too is overdue. Is anyone at Angus chasing them?
When will we be updated on Lidsey revised interpretation?

Asked on 28 July 2021

Natural gas hit £1 today, if this continues to increase will we start production early without the sidetrack to take advantage of this?

Asked on 28 July 2021

Can the company give more clarity on how it expects to fund geothermal projects and/or any drilling plans at Lidsey?

Asked on 28 July 2021

Hello, detractors of the company are pointing to the previously unsuccessful sidetracks at Saltfleetby. What gives Angus a high level of confidence that the outcome will be different? Thank you.

Asked on 29 July 2021

Recently answered questions

On the assumption that the Environment Agency approve produced water injection at Brockham, what further requirements in terms of planning approvals, permissions etc will be required before oil is produced from the portland.
What would be the estimated timelines for the above?

Asked on 18 June 2021

Hi, can you comment on your confidence levels of a successful Saltfleetby sidetrack? Indeed, can you comment in general terms on the impact a positive or negative outcome will have on the project economics.
Thank you.

Asked on 15 June 2021

When can we have a comprehensive update about Lidsey and company plans?Since the company has so much knowledge and experience of the site. why is it considering a farm out and why cant it just drill on an urgent basis and bring the site to production in a few months?

Asked on 13 June 2021

What is the company doing or going to do about libellous posts regarding the company being posted in online forums?

Asked on 13 June 2021

With the price of natural gas currently sitting far higher than the that used to appraise the Saltfleetby returns, is there any intention to publish revised project financials based on a materially higher gas price?

Asked on 13 June 2021

in answer to the question asked 16/12/2020 regarding milestones for H1

are Angus still expecting to get a decision from the Environment Agency for approval for water injection at Brockham in Q2.

Asked on 10 June 2021

Hearty congratulations to you all on arriving at the initial drawdown of the debt facility.

In your RNS of 23/09/20 you provided reworked CPR calculations to take account of the announced increase in capex.

Could you now do so to take account of the royalties to be paid to Aleph and the hedging price of 43 pence per therm?

Thank you.

Asked on 9 June 2021

Why is Angus Energy considering farming out a percentage of Lidsey to a third party to drill the well rather than funding the drilling through operational cash flow?

Asked on 24 May 2021

Congratulations on signing the finance deal. Can you please update shareholders with the timeframes you expect for the following activities.
1. completion of formalities regarding hedging , OGA approval and any other matters relating to finance.
2. When do you plan to order the gas processing plant and anticipated delivery time?
3. When do you expect to start drilling for gas?
4. Are you confident for achieving production later this year ?

Asked on 24 May 2021
  • How close are Angus and their partners to making a decision regarding Balcombe?
Asked on 24 May 2021

Please can you comment on the recent announcement regarding to AAOG and their option agreement with Saltfleetby Energy Limited to acquire a 25 interest in the Saltfleetby gas field?

Why do you not consider this potential change in the ownership structure at Saltfleetby to be an important issue worth updating the market on?

Asked on 24 May 2021

Please can you explain why additional Saltfleetby staff hires were made prior to loan documentation being concluded?

Asked on 30 April 2021

What are Angus’ views on the new Geothermal Energy Advancement Association?

Asked on 30 April 2021

The £12 million finance facility seems to be taking a lot longer than usual. You had seemed confident of closure in a recent RNS.  Can you explain the delay?

Asked on 30 April 2021

To provide some comfort as to progress being made, please can Angus broadly summarise progress made on the refinancing since the 29 March RNS and the legal costs associated with the refinancing.

 

Asked on 20 April 2021

Please can you explain the significance of Aleph Saltfleetby Ltd.

Does the incorporation of this company imply a change to the RNS’d financing terms.

Does incorporation of this company mean that Aleph will take an ownership stake in Saltfleetby?

Asked on 16 April 2021

I have a general question regarding the Q&A board, which I hope may be answered and not dismissed. For openness I have posted this question at the same time on one of the most commonly frequented Angus share forums.

My question as a shareholder is this, does Angus Energy discretionally choose the questions it posts on the Q&A forum?

The criteria stated above for posting is that no subjects are off-limits, however for a question to be answered it must be both sensible and not abusive.

This Q&A site seems remarkably empty, in contrast to the poor sentiment and frustration shown on the forums.

This strikes me as somewhat odd, and so I’d like to know how many Q&A submissions have been made including those which have been chosen not to be published on this Q&A forum over the course of April.

I hope this question may be answered as it reflects point 2 of Angus Energy’s Quoted Company Alliance QCA Code which states Communication to all stakeholders is the direct responsibility of the Senior Management team. Managers work directly with professionals to ensure all inquiries through established channels for this specific purpose ie email, phone are addressed in a timely matter. And that the Company communicates with clarity on its proprietary internet platforms.

https://www.angusenergy.co.uk/wp-content/uploads/2018/10/RB4.1-Angus-Energy-CG-proposal-SSL-27.10.18-RJ.pdf

Asked on 16 April 2021

Why is the £12 million of financing necessary when Angus have already incurred most of the costs? Why is the financing timelines becoming more ambiguous and seem to be going in reverse gear? Instead of getting closer , we seem to be drifting further? are there any roadblocks?

Asked on 16 April 2021

Will the new drilling operation at Lidsey depend on water disposal to Brockam for viability.

Asked on 6 April 2021

15 Million shares warrants placing announced today RNS 1/4/2021:

Very confusing that the placing SP of 1.00p was not mentioned in the RNS.

Is there a reason for not mentioning the placing SP and the fact that it is at a hefty 33 premium to current SP?

Would you clarify please? Thank you.

Asked on 1 April 2021

How are Angus employees being trained to use the new equipment for Saltfleetby?

Asked on 28 March 2021

Would HSBC selling their major share holding in Angus affect Saltfleetby funding in any way?

Asked on 22 March 2021

Would Angus Energy consider buying north sea royalties like ujo to help with instant cashflow.

Asked on 20 March 2021

With Saltfleetby finance impending, Lidsey’s 9 million barrels of Oil in Place restored (if not increased) and Angus now holding 80%, plus the BoD having energetically responded to the government’s White Paper with a credible geothermal project, what is holding the share price back?  Is this Balcombe and when will the company advise on its response to the Planning Committee’s decision?

Asked on 18 March 2021

Have there been any rises in the executive Board pay in the last two years?

Asked on 15 March 2021

Angus has been negotiating loan documentation for a long time now with resultant delays at SFB. I understand the joint financing effort has an exclusivity period until 5 April. If Angus do not conclude loan documentation by that date will the Angus board seriously consider walking away from the loan negotiations and/or ii imposing a drop-dead date which is communicated to shareholders by which loan documentation must be concluded? At this stage will other forms of financing/HP commitments then be considered?

 

Asked on 15 March 2021

Will Angus Energy be purchasing critical spares as well as the parts for the gas field?

Asked on 13 March 2021

Balcombe planning permission was unanimously refused by WSSC. Are Angus planning to appeal the decision as the Planning officer had given his approval after a new revised application had been Submitted. Angus has spent a fortune on this site and investors deserved better than this outcome!

Asked on 8 March 2021

How much would four trucks of condensate be worth each week?

Asked on 14 February 2021

Please can you explain how Angus partner, Saltfleetby Energy, are contributing to the loan financing process. Are costs and manpower etc being equally distributed given Saltfleetby Energy stand to equally benefit under the financing?

Asked on 14 February 2021

Can the Board update more regularly on this Loan Financing as the delay is causing frustration?  Has Alephs 90 day exclusivity period as per 30 November RNS been extended? Given the market sensitivity of the Loan, would I be right in thinking that any significant roadblock would have to be disclosed immediately, so can we put this down to the usual documentation drag?

Asked on 14 February 2021

Hi, I have been an Angus investor for the past 3 years or so, and tried to buy some shares in my ISA last Friday afternoon 29th Jan. I am using the IG trading platform and the order was rejected. Same story all this week. Asked the IG help desk and they said that I was not allowed to buy Angus shares because they were too risky. That was not good enough for me, so I asked the IG CEO on LinkedIn, IG on Trustpilot and IG client help on twitter, but none of them have yet answered as to why I cannot buy your shares. I assume you were not aware of this, but if you were or can find out, can I ask you why?

Asked on 14 February 2021

I appreciate that the market for high pressure gas equipment in the UK is dominated by meeting stringent safety requirements and that market prices tend to be set by relatively cost insensitive scale players like the grid, storage and distribution companies (who can charge back to the consumer), still I would like more colour on how the Board evaluated the different options.  Is it also true that in the most liquid market in the world for such capital goods, the US, that prices tend to be 1/3rd to 1/4 of those in Europe?  Given the huge cost disparity, is the Board still evaluating the possibility of importing and recertifying at least some equipment to European standards?

Asked on 14 February 2021

Does Angus have a Plan B in case the SFB loan financing does not close as anticipated?

Asked on 27 January 2021

Why did you not offer this placing offer to all shareholders?

Asked on 27 January 2021

Does Angus anticipate further placings before First Gas, permit for reservoir support at Brockham and the well test at Balcombe?  What kind of monthly income are we looking at if all these go to plan?

 

Asked on 27 January 2021

Given the Staltfleetby reserves valuation report is based on pence/th prices of between 32 and 42 pence, whereas the Feb 21 Nat Gas futures contract has just hit 82 pence/th, presumably this will have a significant impact on SFB profitability assuming prices continue to trade in a similar range. Given this development, is there anything Angus can do in order to lock in forward sales at these prices using futures or the like?

Asked on 27 January 2021

Could you provide an update on the current milestone dates that you are working to?

Asked on 16 December 2020

With the Pipeline installation close to completion, and the finance package under going due diligence by the prospective lender, has the procurement of the Gas processing plant for Saltfleetby stopped pending the agreement of the finance package?

Asked on 16 December 2020

Hello,

Within the RNS on the 20th of October regarding the Balcombe extended well test, it was stated that the recommendation from the planning officer must be made within 14 weeks on a decision for or against the application.

Has this recommendation been received?

In the event of a recommendation against, what are the company’s next steps?

Thank you.

Asked on 16 December 2020

Recent Angus’ news announcements have stressed an increasing focus on geothermal programmes and hydrogen/carbon capture solutions. Whilst these seem interesting given the current ESG environment, it is less clear how the economics of these projects would work and how remunerative they’d be versus traditional hydrocarbons. At an appropriate time please can Angus provide some more detail on these and also whether, asides Saltfleetby, any of Angus’ other sites would be suitable for these types of projects.

Asked on 16 December 2020

On the investor conference call you mentioned that long lead items can take up to 24 weeks to arrive. By my calculations this means that they will not arrive until the end of March and therefore we are unlikely to produce first gas in Q1.

Can you let me know if I am correct of if I have misunderstood and also can you elaborate on the lead-time for all of the different items that Saltfleetby will require.

Asked on 30 September 2020

The amount of debt raised is very significant versus the original £2.5m paid to Angus which was originally intended to be used to get Saltfleetby back on line. The RNS provides some detail here and its appreciated that cash has been set aside for decommissioning, but can Angus explain why £1.6m is required for site prep, planning and contingencies this seems to duplicate in part the working capital contingency fund placement and why processing facility costs are now £5.7m?

Asked on 30 September 2020

To the extent you are able to do so, please can you elaborate as to the level of market discussions you have had to date on the debt placing and why Angus is confident of raising a substantial amount of debt in the current market environment. What alternatives exist to the debt financing?

 

Asked on 30 September 2020

When will we get an update on plans for Lidsey, Brockham and Balcombe.

Asked on 30 September 2020

Further to the RNS dated 23 September 2020 entitled Proposed Placing and Proposed Debt Financing, please can you confirm whether Saltfleetby Energy are contributing an equal £900,000 to the working capital contingency fund i.e. are the partners being treated pari passu given they have joint and several liability?

Asked on 30 September 2020

I have just listened to the investor conference call and have a couple of follow up questions:
1. You mentioned that you initially had an international bank that was looking at lending at 9 but that because the £12 million was too small for them then the coupon price may now be higher. How much higher are you targeting?

2. Again with regard to the debt what form of repayment schedule are you ideally looking for ie what do you envision the term of the debt as being.

Asked on 30 September 2020

Can Angus please indicate an anticipated timeframe for closing the Saltfleetby financing facility.

Asked on 30 September 2020

Please can you confirm that you continue to have not received any notice of formal action from the so-called shareholder action group?

Asked on 30 August 2020

Are there any updates regarding oil production restarting at Brockham/Lidsey, with water injection approval from the relevant authorities?

Asked on 18 August 2020

I read in the accounts of Wingas that the last well drilled – SF07 encountered a lot of difficulties and had to be shut in.  What makes you confident that you can make more of a success of your proposed sidetrack through SF05 scheduled for 2021? (This question formed part of larger question already published but the full historical data has taken a few days to assemble)

Asked on 5 August 2020

How do you rate your chances of success on the new SF-05 sidetrack proposed for 2021 and what regulatory hurdles need to be overcome before you can commence work?

 

Asked on 30 July 2020

Would you consider using Proton Technologies oxygen system to extract hydrogen from old oil wells.The oxygen pumped into the well forces the hydrogen out, but the co2s are left in the ground.

Asked on 30 July 2020

Please can you confirm whether Angus Energy North America Limited / Jonathan Hill still play an active role with respect to the business?

Asked on 30 July 2020

Can you advise on progress of the first year gas off-take agreement at Saltfleetby as advised in your recent RNS dated 4th July?

Asked on 23 July 2020

Can the company elaborate on its debtor policy generally and in what circumstances it makes provisions for bad or doubtful debtors?

Asked on 20 July 2020

In your interview with Malcolm Graham-Wood you mentioned that you have not received planning permission for the pipeline even though you have permission for putting the site together already. Should we be worried that you may not get planning for the pipeline or would this be highly unlikely since the relevant authorities already know what you plan to do and have given permission for the other half of the development?

Saltfleetby is not an area of outstanding natural beauty where something like this may cause problems is it?

Asked on 20 July 2020

You mentioned in a recent interview that prolonged gas prices of 15 pence per therm would, if representative of global gas prices, leave all the Majors (Exxon, BP, Shell, Total etc) “bust” and only a few sovereign producers solvent.  Board posters continue to mislead investors implying that it is reasonable to forecast on the basis of these exceptionally low prices and that the Majors are somehow insulated from these prices by huge cash surpluses?

 

 

Asked on 20 July 2020

Regarding the reduction from a 10-inch pipe in your presentation to a 4-inch pipe in the planning documents being considered by LCC planning:  Can you confirm that the 4-inch pipe is capable of delivering the 10 MMSCFD to the national grid at a maximum delivery pressure into Grid of 70 bar?

Asked on 20 July 2020

What is holding up the re-submission of the Balcombe EWT application?

Asked on 16 July 2020

Can you please advise on your office costs and how you will be adapting the business’ fixed cost base to the new normal of remote working?

Asked on 7 July 2020

Have you anything to say about the concerted effort by some posters on the LSE [London South East] boards to destabilise the company and do you have any intention to take action about it?

There are certain posters [names redacted by editor] who appear to be working together to belittle Angus Energy and everyone working at the company from the board of directors to the most junior staff members. They claim to have extensive oil-field and financial experience and were both big rampers for Angus Energy back in 2017 and were encouraging others (myself included) to invest in the company when the price was over 30p and then again in late 2018 when it was over 10p.

They claim that they have started an action group that is intending to sue Angus to recover money that any investors have lost and that their legal action is funded by a third party who will indemnify them so it will not cost them a penny.

To me, this feels like a deliberate aim to destabilise the company and drive the share price down just like they were trying to drive it up in 2017/18. Do you know anything about this legal action that they claim is being taken against the company and are you aware if they have the oilfield and financial experience that they claim?

Asked on 30 June 2020

Given the recent very positive Saltfleetby planning news, are Angus Energy now able to provide a more definitive timeline as to steps necessary to resume gas production at Saltfleetby?

Asked on 29 June 2020

Has Angus issued the HSE with a Reg 20 notification yet, and if so when was it issued please?

Asked on 29 June 2020

Question regarding the A24 prospect, formerly called Holmwood.  Whilst it doesn’t look as if any of the other partners (UKOG, Egdon) have either the cash or any great desire to spend on this project in the current environment for Covid, Oil Prices and Planning, Angus is supposed to have a commitment to spend a certain amount under the Farmin Agreement if it wants to retain its interest.  Do you see any likelihood of significant spend in the next 12 months?

Asked on 11 June 2020

You have previously stated that you expect to finalise gas offtake agreement in May 2020. Is there a delay or is it imminent?

Asked on 11 June 2020

You have stated that you intend to resume extraction from the Portland reservoir at Brockham? What is the likely production and when can this production be anticipated to commence?

Asked on 11 June 2020

The Annual Report 2018-2019 on page 27 details the former MD’s termination payments and on page 52 notes the termination of Paul Vonks contract.  Angus RNS dated 29th January 2019 stated Managing Director Paul Vonk has resigned with immediate effect.  The information released to the AIM stock market is misleading.  If Paul Vonk had resigned with immediate effect then he automatically gives up any right to a financial redundancy package. Please explain.

Asked on 31 May 2020

What will be the differences between the new application for Planning at Balcombe from the old one?

Asked on 31 May 2020

Re West Sussex County Council and Balcombe:  Do you think it is possibly because that other Operators are offering to put some profits back into the community that they are more successful in Applications?

Asked on 31 May 2020

Can you comment on other George Lucan’s other Board positions on listed entities and any conflicts of interest?

Asked on 31 May 2020

Could you give an estimate on when you expect to test Balcombe?  Also how is timing on Saltfleetby going?

Asked on 31 May 2020

Angus reviews the company’s activities, from Saltfleetby to the A24 Prospect in its annual report.  Could you expand on the last excerpt from your annual report under the heading “Strategy and Sustainability” reprinted below

Generally speaking, the Directors’ objective is to create long term value for shareholders by building the Group into a profitable onshore oil and gas production company with a reputation for technical excellence but with great cost discipline. The Director’s will continue to focus on the UK onshore but do not rule out acquisitions overseas in jurisdictions where the rule of law is strong. We have closely reviewed over ten such acquisitions and have bid on three this year and bought one.

Asked on 29 April 2020

Given that obtaining planning permission for your Balcombe project may not be as straight forward as you’d hoped, I just wondered what your confidence levels are on obtaining all the necessary planning permissions you mentioned 2 in a recent interview for Saltfleetby without any issues?
I think most investors see Saltfleetby as a potentially very exciting project but after the recent objections from the Planning Officer at Balcombe there may be concerns that something similar may occur at Saltfleetby.

Asked on 28 April 2020

Are there any indications regarding a response from the EA regarding Brockham and restarting production from the Portland?

Asked on 31 March 2020

In light of the current Covid-19 and market environment, what contingencies can Angus Energy put in place to continue to proceed with Saltfleetby?  We hope all your staff remain healthy.

Also, if it becomes clear that no viable progress will be likely made on projects for a number of months, will Angus be able to ‘mothball’ activities and keep cash burn to an absolute minimum?

 

 

Asked on 20 March 2020

You have targeted a connection date for the Saltfleetby Gas Field in late summer.  Can you give us the sensitivities of this date as regards a) regulatory permissions;  b) equipment procurement; c)  construction and verification d) National Grid’s own timetable?  What are the cost and income ramifications surrounding delay or overspend at each level?

Asked on 10 March 2020

How does the recent fall in international oil prices from $60-$70 to $30-$40 per barrel affect the company?

 

Asked on 9 March 2020

An eagle eyed board poster has noticed that Angus FD is a director of The Orwell Group Limited. That entitys other director is Paul Forrest, who happens to be the sole director of Forum Energy Services Limited, which is the majority owner of Angus counterparty on Saltfleetby, Saltfleetby Energy. Do these arrangements present any conflicts or confidentiality concerns and should they be disclosed more clearly to investors ?

Asked on 28 February 2020

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 a 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

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

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

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