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Angus Energy PLC - oil and gas development company - Acquires 5% interest in Brockham oil field from peer Alba Mineral Resources PLC.
Net consideration, following the settlement of outstanding amounts and a contribution toward abandonment costs, includes a payment by Alba to Angus of GBP38,400.
Of the payment, GBP6,400 is in cash and GBP32,000 by the issue of 12.4 million shares in Alba at the ten-day volume weighted average price of 0.26 pence per share.
"Seismic acquisition at Lidsey is complete and reprocessing of newly acquired and existing lines is underway. In line with our husbandry of legacy oil assets, this transfer aligns our interest in Lidsey and Brockham fields at 80% with identical partners in each licence," said Angus Managing Director George Lucan.
"It is the company's expectation that moderate oil production and the facility of water injection at Brockham, together with 9.7 million barrels of oil In place at Lidsey, will represent a good value proposition for shareholders, and for possible farminees, once seismic re-interpretation is complete and permissions are in place for a side-track at Lidsey," Lucan added.
Alba Mineral Resources now has 6.24 billion shares issued overall.
Current stock price: 0.75 pence
Year-to-date change: down 17%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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