Angus Energy PLC - UK-focused onshore oil and gas company - Reports 6.8 million therms of gas produced and sold from Saltfleetby Field in April, May and June combined or 2.3 million therms per month on average. New B07T well came online for export in early May, resulting in 2.6 million therms exported during that month. However a full plant shutdown from June 19 to June 21 identified problems with a compressor, resulting in export of 2.5 million therms that month due to only one compressor working. Maintenance on the second compressor should be completed this week, returning the field to full flow. Angus achieved peak daily production rates of 9.3 million standard cubic feet per day during the quarter with average rate of 6.8 mmscfd due to B07T only starting production halfway through. Flow rates from B07T have been in excess of 4.25 mmscfd for long periods. A permanent flow line is under construction with a target of end August for commissioning. Gas condensate production averaged 160 barrels per day.
Current stock price: 0.95 pence, down 7.5% in London on Monday
12-month change: down 29%
By Emma Curzon, Alliance News reporter
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Angus Energy (ANGS)