Industry

Angus Energy chairman resigns over shares transfer

Jonathan Tidswell-Pretorius

Jonathan Tidwell-Pretorius. Photo: Angus Energy

Angus Energy has announced that Jonathan Tidswell-Pretorius has stepped down as its chairman following recent disclosures over share transfers.

The company confirmed on Wednesday (4 July 2018) that Mr Tidswell-Pretorius had transferred almost his entire stake in Angus Energy to America 2030 Capital Ltd for “nil consideration”.

According to Companies House, America 2030 Capital Ltd, appeared to be less than six months old with one officer, a 20-year-old Hungarian living in Poland.

The day before (3 July 2018), Angus made a statement saying it was investigating the transfer, which was said to be related to loan negotiations.

That statement said that America 2030 Capital Ltd had already disposed of 10.8 million of the shares and Mr Tidswell-Pretorius contested its right to do this.

It appears that the transfer took pace on 7 June 2018 but on 29 June 2018 the shares were still listed against Mr Tidswell-Pretorius.

Angus Energy

This morning Angus said:

“The Board will continue its investigation into potential violation of any relevant regulations, in addition to the Company’s share dealing code which was not complied with in this case.

“Pending the results of this investigation, if completely exonerated, Angus Energy will consider re-appointing Mr. Tidswell-Pretorius to the Board as an Executive Director.”

Mr Tidswell-Pretorius will continue to work for Angus as Operations Director,  responsible for oil and gas operations, the company said.

Cameron Buchanan has been appointed as acting non-executive Chairman. He said this morning:

“Angus Energy takes these circumstances and all matters of corporate governance seriously. It is our solemn duty to act on behalf of our shareholders at all times. The Board has complete confidence in Paul Vonk to lead the Company forward and that he will continue to be supported by Mr. Tidswell-Pretorius during this particularly exciting period for our operations.”

The Angus Energy website reported that America 2030 Capital Limited now holds 8.92% of the shares not in public hands.

180706 Angus shares at 180604

Extract from Angus Energy website

Angus Energy took over the operatorship of the Cuadrilla oil exploration site at Balcombe in West Sussex in May 2018. There is planning permission flow testing at Balcombe. That work must begin by January 2021 and be completed within six months. Angus also operates oil sites at Lidsey, in West Sussex, and Brockham in Surrey.

23 replies »

  1. The man who promised 400 bopd from Lidsey , said that Angus would be fully self funded months ago , told investors that he would have 4 wells online by now , told everyone that Angus had all permissions to drill BRx4z accidentally gives most of his shares to a 20 yr old Hungarian lady ? Surely not ?

  2. Astonishing, clearly no honour amongst……frackers…….?
    I the dog eat dog world, the landscape becomes littered with the picked clean corpses of ethics, morals, democracy and any form of common decency.

    Wake up and see the lies of financial competence written on the crumbling walls.

    Where there is smoke, there is fire, and we can smell roasting pork throughout this fracking debacle.

  3. With oil at $77 and Donald Trump only infuriating OPEC the last thing we need is oil production spluttering in the U.K as we will all feel the pain at the pumps.

    Jonathan has [moderator] apparently [/moderator] made a big mistake for whatever reasons which will come out and he has paid an immediate price.

    This swift action by Angus Energy has given investors a clear response and can now push forward with its many assets showing a sharp rise of 9% in its share price this Morning

    Oil taken from the Kimmeridge was determined to have a mixed range of source maturities, with the lowest quality was 38.5 degree API oil.

    “The significance of this assessment is that we now have demonstrable evidence of oil generation of good quality on the outer perimeter of the basin,” said Andrew Hollis, Angus Energy chief geologist.

    “This supports our conclusion that the Weald Basin Kimmeridge play is robust and the highest maturity will be found in the centre of the Weald at Brockham, Balcombe, Holmwood and Horse Hill.

    He added: “Based on the data, it is possible that fields centred in the Weald could produce even lighter, sweeter crude at 40 API. Comparatively, Brent Oil is 36 API.”

    [Comment edited by moderator]

  4. More amusing propaganda from the oil industry does at least help oil the grinding wheels of another routine, problem-shooting day – cheers for making me smile Kisheny!

    • At least we are providing a service

      Ever tried driving your car without oil in the engine?

      IF you Don’t like oil take it out, see how far that gets you…

      • Don’t threaten people because you are worried about where your own revenue comes from. Oil may be your god, but it is not everyone’s.

  5. “no market for expensive UK shale”

    Strange that, when INEOS has spent $10 billion on getting US shale to Europe.

    But then John, with all this “cheap oil and gas sloshing around the world”, your predictions are at least consistent.

    I know big figures are a bit difficult, eg. “crackers” cost Billions not Millions, but even little figures like two thirds and one third seem to create confusion.

    Please let us know the numbers you are picking for this weeks lottery and we can concentrate upon those left!

  6. It astounds me how anyone can try to justify this [moderator] alleged [\moderator] behaviour. If similar behaviour had occurred from those opposed to fracking the knives would have been well and truly out. Unacceptable behaviour is just that and [moderator] if proven [\moderator] should not be excused or justified. Decency and integrity cannot be measured by the price of oil or share prices. Not everything should be evaluated on whether you are for or against fracking, surely there has to be some common ground and values? Or even common sense?

    [Comment edited by moderator]

  7. Err, no ladies. My comment was about shale gas but actually not connected at all to Angus. If you would only do a little research you might find Angus have nothing to do with fracking, whereas INEOS do who I was commenting about. Now, you probably don’t like INEOS either and will find something to criticise them for, but I would differ on that.

    As far as Angus are concerned I have no thoughts one way or another, until the situation has been investigated. Equally, I would have a few concerns about Mr. Musk’s credibility.

    • Is that the same Mr Musk that has offered to provide drilling equipment to assist in the recovery of the Thai kids trapped underground? Not heard about the any of the o&g companies offering their services.

      • If that’s the case hats off to Mr. Musk

        As for oil & gas Companies they have been providing fuel for your car, heat for your home and thousands of other products you use throughout your whole life.

        But after all that us oil and gas workers just get snide remarks from people like you after we help billions of people around the World ever minute of the day…

        • Ah yeah those altruistic O&G companies bringing light and warmth to the world out of the goodness of their own heats..

          I also never mentioned O&G workers Kishney so no snide remarks from me, sounds like you have a guilty conscience, perhaps you should have stayed with the outfit putting up the turbines rather than chasing the money within an industry with an increasingly shortening shelf life.

  8. Yes, the same great Mr. Musk that sees a PR opportunity within a tragedy.

    I would have respect for the guy if he did not publicise the fact. But, there I am old fashioned. In my day we did not rush out public statements or press releases trying to obtain cheap advertising. There was a certain code of conduct regarding such things. Even though it is obvious some take the bait.

    • Cynical jealousy and bitterness because this “wonderful” fracking industry made no such move or offer.

      It just goes to show the difference between a sad little selfish self interested industry who have no social responsibility or concern whatsoever and someone who plainly does have some social responsibility enough to do something about it rather than bitterly sniping from the safe armchair sidelines.

      What’s the matter, would it cost the “great and powerful” fossil fuel industry hiding behind the curtain some money that would not go to shareholders and offshore tax haven bank accounts?

      Shame on them!

      Hypocrisy abounds!

      However, the Thai Navy Seals team are not so uncaring, they have started the process to “bring them home” at the cost of the life one of their own team.

      Now that is humanity in action.

      Not armchair pontificating.

      [typo corrected at poster’s request]

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