Angus Energy makes good operational progress across portfolio

(Sharecast News) - Angus Energy updated the market on its current operations on Monday, reporting that it was on track for recommissioning of the Saltfleetby Gas Field in December, where it holds a 51% interest.
The AIM-traded firm said the company was preparing for the resumption of production, having resumed the process facility detailed design, which was at an "advanced" stage.

Long lead equipment had been ordered, and bespoke processing units tendered.

Several items of processing equipment were in fabrication, and design work leading to confirmation of all bulk materials was underway.

At the Lidsey Field, where it holds an 80% interest, Angus said seismic acquisition by Rees Onshore Seismic and Stryde was complete, and reprocessing again was expected to be complete by the end of the week.

It said the survey would tie-in the existing seismic lines to define the subsurface structure.

Should the new seismic, as adjusted for the company's revised depth conversion, continue to be "as promising as presently expected", Angus said it would move to a planning application for a side track on the low-impact site, together with an amendment to its field development plan and subsequently regulatory submissions to HSE.

"We have confirmed with the Environment Agency that the side-track can be drilled under our existing standard rules permit," the board said in its statement.

At the Brockham Field, where it also holds an 80% interest, Angus said an Environment Agency determination of its application to reinject water for reservoir management was expected during September.

If the determination was in favour of the application, a further period of consultation would follow, allowing for a variation of permit to be issued in late October or early November.

Additionally, Angus said it had started to approach stakeholders, both locally and nationally, for consultation regarding an intervention in BRX4-Z, which would involve the abandonment of the Kimmeridge layer and re-perforation of the Portland layer in order to benefit from pressure support from water injection.

Finally, at the Balcombe Oil Field, where the firm holds a 25% interest, it said it had held further discussions with the West Sussex County Council, and indicated its intention to appeal the council planning committee's decision to reject its application for a short well test, against the officers' recommendation to approve.

Angus said it would be making its appeal to the Planning Inspectorate, and was currently preparing its statement of case.

"Angus remains focused on early near term cash flow from the re-start and expansion of the Saltfleetby Gas Field, taking advantage of the rally in gas prices and the tight gas supply in the market," said chief executive officer George Lucan.

"A separate update will be provided on Angus's Energy Transition projects in the coming days."

At 1031 BST, shares in Angus Energy were up 0.91% at 0.88p.