Todays ‘ramptastic’ horse shit RNS from Angus Energy (LON: ANGS) has had me in giggles, as with any thing ‘Captain Ramptastic’ David Lenigas is involved in, or with, its a total ramptastic obfuscation. Where is the oil? It’s a simple question. After finishing the drill there’s not one word in the RNS or one number of the actual oil that is going to flow. Nothing, zippo. Talk about dragging things out and flogging a dead horse springs to mind. So what I will do is I will help the lumpenproletariat work out what the flow rate/s are likely to be. After all some one has to do it because Mr ‘Willy Vonky’ seems to have forgotten to put the numbers in….
The simple fact is the ‘Great Oolite’ will flow oil. I don’t doubt that, it’s a proven reservoir. A piss poor one but never the less one. What I do know is that the last time it flowed at Lidsey in 2015 TOTAL PRODUCTION FOR 2015 was 758 barrels of oil! That is a fact on the UK Oil & Gas Government website. Not only that the first time it was drilled in 2007 it started to produce in 2008. It flowed 1673 barrels of oil total production for 12 months. That is to say approx’ 140 barrels a month or about 5 barrels a day if you average it out. Since 2008 production has DECREASED! And the numbers are shite!
Now you can, and rightly so, should challenge me on my facts. So take a ‘butchers’ at the infographic below. That is the UK Government infographic of Lidsey production since it was first drilled in 2007! Now if you think that’s a photo-shop mock-up then click this link here and check it out yourself. https://itportal.decc.gov.uk/pprs/full_production.xlsx
The best the Great Lidsey ‘Gusher’ has ever produced in a month is 253 barrels of oil. Take any month from day one and oil production is in decline. The facts ladies and gentlemen are on my side. The so-called Lidsey oil bonanza trumpeted out by the likes of the well-known lying Aussie shyster, David Lenigas, are a figment of his lying imagination. Took up by the Mongol hoards who help him P&D.
There are no 10,000 barrels of oil a day gushing up here chump. Indeed horizontal drilling increases production, by 3/4 times, on the above figures that would give best case scenario circa 5,000 barrels total production for ONE YEAR!
Now let me educate you all. When a company especially a micro-crap oiler hits gushing oil flows they announce it like ‘shit off a shovel’ they put in the numbers. When they don’t and constantly prevaricate without giving any numbers then you should all be fearful. Very fearful…. Indeedy do, when they keep constantly referring to other super dooper gazillion barrel potential plays like the Kimmeridge shales, that will never ever be brought onto production then that is a red flag. It is Deflection. As is the so-called third well that they refer to. Todays RNS is riddled with Deflection. The Art of Deflection is a well-known ploy of shysters, especially corporate shysters.
Lidsey is at best a bread and butter oil play. That is it. The decline rate is 50% plus. Which means that whatever Mr ‘Willy Vonky’ announces will need constant work-overs just to keep the wells going, capital expenditure that they simply do not have. There is a placing coming here, which explains the wholesale prevarication in the RNS. Take a good read of the XODUS CPR report which specifically states that Angus Energy only ‘Just Makes It Over The Line on IPO’ criteria. The recovery rate of the 9.7m STOIIP is about 10% at best. You never slurp up all the oil. Indeed XODUS and Angus tell us this: Outlook; “Following the conversion of the Brockham well and the drilling of the Lidsey-2 horizontal producer the Group expects to have a net production by the end of the next reporting financial year of approximately 150bopd, in line with the P50 PRODUCTION GUIDANCE GIVEN BY XODUS IN THEIR CPR”.
I warned investors on UKOG. Most of you are now nursing a sore head and a battered ego. I warn you all again on Angus Energy. The production that is coming isn’t what has been hyped to Horse Hill!
Lot of people are going to get wiped out when the piss poor production is announced. Never mind the next placing….