LONDON (Alliance News) - Shares in Angus Energy PLC spiked Wednesday after Surrey County Council gave planning approval for the retention of the BR-X4 well, the regularisation of the BR-X4Z side-track, and the appraisal of BR-X4Z at the Brockham Oil Field.
Angus Energy shares were trading up 26% at 11.16 pence each Wednesday afternoon.
The mining company filed for application to carry out continued surface activities. Angus Energy will perform a 7-day well test on the horizontal Balcombe-2z well at Balcombe.
Angus Energy stressed that all operation at Balcombe and Brockham will be performed through conventional production. There will be no hydraulic fracturing, better known as fracking.
Angus Energy said: "We thank the Surrey County Council for their careful consideration and deliberation on this matter and are deeply appreciative of the time work by all involved to bring this matter to a conclusion.
"The board would also like to express its sincere appreciation to all of the mineral planning officers for the composition and clarity of analysis contained in their report.
"The company looks forward to continuing our professional dialogue and working with the Surrey County Council to make sure the community remains informed, and the quality of life is preserved."
Angus Energy (ANGS)