Angus Energy Resumes Production From Lidsey And Brockham Oil Wells

LONDON (Alliance News) - Angus Energy PLC, an onshore oil and gas producer, said Thursday it has resumed production from its oil wells at Brockham and Lidsey, in Surrey, south of London.

The continuous production of the one well at the Portland Reservoir at Brockham and the two wells at the Great Oolite Reservoir at Lidsey have an aggregate flow of 212 barrels of oil per day. However, Angus said it expects a natural decline of flow over time.

The flow rates for two wells at Lidsey are 191 bopd, a three-fold increase in its initial flow rates reported back in the autumn. Brockham oil field is producing 21 bopd, but Angus expects this rate to increase to 35 bopd within seven days once water skugging has stopped.

Managing Director Paul Vonk said: "Resuming production is an important milestone for our company. These production levels contribute meaningful cash flow to operations and increases our financial flexibility. This is only the first step in our business plan to increase yield from our existing assets."

Alba Mineral Resources PLC also noted the resumption of oil production at Brockham. Alba has a 5% interest in the Brockham oil field.

Shares in Angus Energy were trading up 18% Thursday at 7.35 pence each.

Alba Mineral Resources was up 14% at 0.40p.