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Angus Energy PLC - oil & gas development company - Says after concluding that previous seismic mapping at Lidsey field failed to define the reservoir accurately, it acquired a new line of seismic data to link existing seismic lines across the structure in the vicinity of the two existing wells. "This work went very smoothly and was accomplished using a very simple low cost but high-quality method. When the data from the new line became available all of the existing seismic lines were reprocessed to a uniform standard," it says. Aims to remap structure.
"Whilst the company views these oil producing fields as essentially legacy assets, and clean gas and geothermal as our primary focus, we remain committed to good husbandry of all of our sites and extracting maximum value for shareholders and expect this work to advance that goal," says Chief Executive George Lucan.
Also notes "significantly improved gas price environment" as Lucan says progress continues at Saltfleetby.
Current stock price: 0.85 pence, up 3.0% on Friday
Year-to-date change: down 5.6%
By Lucy Heming;Â lucyheming@alliancenews.com
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