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Angus Energy PLC - UK-focused onshore oil and gas development company - Has been quoted GBP335,000 to abandon Wells 6 and 7 at Saltfleetby gas field. Total cost of decommissioning the field's eight wells expected to cost GBP405,000, against original estimate of GBP1.8 million. Angus owns 51% share of Saltfleetby.
George Lucan, managing director, said: "On the basis of third party quotations to date, our estimates for overall decommissioning liability appear to have been very conservative. We will complete a full review and costing of the remaining four wells but at present it seems likely that overall decommissioning liability will be substantially smaller than originally anticipated."
Current stock price: 1.20 pence
Year-to-date change: up 46%
By Paul McGowan; paulmcgowan@alliancenews.com
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