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Angus Energy PLC - London-based oil and gas development company - Begins side-track of SF-07 programme with testing of blow-out preventers in advance of drilling the well. As this is not a new well, the company expects to be running equipment in the hole to a depth of 1,300 metres "reasonably swiftly" over the next two days.
Next week, directional drilling will begin in an 8.5 inch bore at a low angle to the vertical, to a total depth of around 2,560 metres. Angus Energy says the speed of drilling is likely to vary, but estimated it would take between eight and ten days.
The total programme is expected to last around 35 days. At the Saltfleetby, England-based site, production from existing wells continues at previously advised rates, excepting a four hour planned maintenance shut down on Thursday for a software upgrade.
Current stock price: 1.82 pence, up 0.9% on Friday
12-month change: up 86%
By Holly Beveridge; hollybeveridge@alliancenews.com
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