Angus Energy Share News (ANGS)

(Alliance News) - Angus Energy PLC on Wednesday said it has submitted a field development plan for Saltfleetby gas field and will seek a five-year extension to Brockham oil licence.

The onshore oil & gas development company has submitted a development plan to the UK Oil & Gas Authority regarding the Saltfleetby gas field located in Lincolnshire, while it continues to finalise the decomissioning of two of the eight wells at the site.

The decommissioning of the two wells is expected to complete within four to six weeks.

Angus Energy also has commenced a detail design for connecting the Saltfleetby field to the National Grid entry point at Theddlethorpe terminal and is in talks with a major gas marketing company for gas sales from the field in future.

At 65%-owned Brockham licence located in the Weald basin, onshore UK, the company plans to resume production from the Portland reservoir. It is currently preparing an application to the UK Environment Agency for permission to re-inject formation water to maintain pressure in that reservoir to gain maximum hydrocarbon recovery.

Other options for the Brockham licence which include sale or disposal, whether in part or in whole, are on hold whilst this plan is under consideration by the various regulators, Angus explained.

The company also said it would seek a five-year extension to the Brockham licence following approval of a field development plan by the UK Oil & Gas Authority.

Elsewhere, at 25%-owned Balcombe oil field, Angus is expecting West Sussex County Council to consider its extended well test application on February 25, although it had not yet received a formal invitation.

George Lucan, managing director of Angus, said: "After a frustrating wait for activity on any of our sites, we now have more clarity on positive outcomes on three of our sites within a reasonable timetable."

Shares in Angus Energy closed flat at 0.78 pence each on Wednesday in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.