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Angus Energy PLC - UK-focused oil and gas development company - Says it has successfully commissioned the permanent flowline for its BO7T well at the Saltfleetby gas field in Lincolnshire with minimum production loss. Notes that it faced challenges from weather conditions during construction, as well as in finalising the flowline design.
Chief Executive Richard Herbert says: "Since the BO7T well came on stream in May, it has been operating in a temporary separator and flowline configuration, which has added complexity and costs to the operations at the field. The period of well clean up was much longer than we had expected, due to incomplete acidization of the mud additives used to control the wellbore during the drilling of the reservoir section. Now that fines production has reduced and with the completion of the engineering works to install the permanent flowline, we are seeing stable well performance and will have a significant reduction in operating costs with the removal of expensive rented equipment and personnel required for the temporary flowline."
Current stock price: 0.66 pence each, up 5.6% on Monday.
12-month change: down 65%
By Harvey Dorset, Alliance News reporter
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