Analyst Comment19 Mar 2024 12:02
Angus Energy (ANGS LN) 0.36p, Market Cap £15m: Looking ahead post-refi
• Angus reported FY23 volumes of 25.2m therms and 32kb condensate production from the Saltfleetby gas field (100% WI) generating £28.2m revenues and £17m EBITDA for the 12M period to 30 September 2023.
• An independent CPR on Saltfleetby attributed 4.76mboe of 2P reserves with £64.3m NPV10 at 1 August 2023, which is based on the existing 3 wells currently on production and the addition of two further development wells.
• The Company expects to commence a workover programme in 2Q24 on the onshore UK Brockham field (25% WI) to replace the tubing before re-starting oil production in 2H24.
• Angus commented that with the successful refinancing of the debt and steady production from Saltfleetby, the Company looks forward to achieving positive operational cashflow this year.
Positive commentary to accompany the 2023 results and the post-period refinancing of Angus’ myriad of debt facilities, which relieves the Company's unsustainable debt structure and provides the capital required for ongoing investment in the Saltfleetby Field and other assets.
The Board plans to focus on maximising the potential from the existing portfolio, including its storage potential and accelerate its evaluation of new projects to complement production from Saltfleetby.
In addition, with the refinancing in place and a strengthened balance sheet, we expect Angus to pursue a growth strategy aimed at acquiring additional production and developing storage opportunities.
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