RE: Great day18 Apr 2023 15:41
Angus Energy (ANGS LN) 1.69p, Market Cap £61m: Production update
Angus announced current production rates of 4-5mmcf/d from the SF7v sidetrack development well at the Saltfleetby gas field (100% WI), onshore UK.
The Company expects the well to clean up further, which is likely to raise that flow rate in the future, and will move to construct a new well flowline to enable full plateau production this summer.
The shares are down by 7% in early trading, reflecting test results from the SF7V sidetrack well that are in line with expectations and no more. The CPR had estimated a P90 target of ~10mmcf/d for the plateau rate of flow from all three wells, with the new well expected to nearly double volumes from the Saltfleetby field after clean-up. Following a transformational 2022 for the Company, additional development operations have been funded by a junior debt facility to limit dilution and management remains on-track to deliver sales gas volume growth in 2023.