LONDON (Alliance News) - Angus Energy PLC on Wednesday reported maiden production from its oil fields in Surrey, southern England, but its loss widened in 2018.
The oil & gas company said its loss widened to GBP2.8 million from GBP2.6 million reported a year earlier, despite generating a maiden revenue of GBP66,000 on production of 1,678 barrels of oil.
The first production occurred after bringing on stream the Lidsey and Brockham oil fields, located in the Weald Basin in Surrey.
Looking forward, Angus Energy said it will continue to work towards commercial production from the Weald Basin and is continuously evaluating new opportunities.
Additionally, the company said it is beginning a detailed study into the potential exploration lead to the west of existing Lidsey producing structure.
Angus Energy shares were trading 3.4% lower on Wednesday at 3.96 pence each.
Angus Energy (ANGS)