new JV..21 May 2018 11:28
Angus Energy Plc, a conventional oil and gas production and development company, is pleased to announce the UK Oil & Gas Authority ("OGA") has approved the application from Cuadrilla Balcombe Limited ("Cuadrilla") and Lucas Bolney Limited ("Lucas") for the transfer of Operatorship under PEDL244, the Balcombe Field Discovery, to Angus Energy Weald Basin No.3 Limited, a wholly owned subsidiary of Angus Energy.
Subsequent to the Company's RNS's of 10 May and 22 January, Angus Energy has now completed the transaction to form the new Joint Venture with Cuadrilla and Lucas.
With this final approval, Angus Energy now assumes Operatorship of the Balcombe Field Discovery on behalf of its newly formed partnership. Angus Energy will conduct an approved 7 day well test on the horizontal well at Balcombe before the end of the Q3/18. The market will be updated in due course.
All operations at Balcombe will be performed through conventional production. There will be no hydraulic fracturing or "fracking".