RE: Malcy's Blog22 Jan 2021 14:03
Under the MOU, upon presentation of a suitable approved geothermal programme for a new off-site project before the end of January 2021, which Angus has been developing throughout the present year,
George Lucan, Angus CEO, comments: "We believe that these terms potentially represent a great result for shareholders in a difficult time for fundraising for any hydrocarbon project. Saltfleetby is a considerable opportunity with, according to the CPR of 4 March 2020, the potential to deliver between £75 million (P90) and £250 million (P10) of gross revenues to all parties over its remaining life.
In view of the impending Christmas break and inevitable Covid-19 related delay, we expect to conclude documentation and drawdown by the end of January but at any rate in the early first quarter 2021 following which we will be able to accelerate the procurement process as we head toward First Gas in H1. In the meantime, we continue with detailed design whilst isolating key long-lead items for express procurement and are happy to note that our hydrogen ready pipe is now safely laid and we are progressing with the final 150 m steel stretch of the pipeline."