New message20 May 2025 19:47
Angus Energy* (ANGS LN) suspended: Potential acquisition by reverse takeover
Following recent market speculation, Angus announced it has entered into a non-binding agreement to purchase a group of producing assets located in the Gulf of Mexico.
The potential transaction would constitute a reverse takeover under Rule 14 of the AIM Rules for Companies and accordingly, the Company’s shares have been suspended from trading.
Completion of this transformational transaction would represent a major strategic development for Angus, with a significant increase in reserves, production and positive cash flow.
The Company also confirmed that while resculpting discussions are ongoing, Trafigura has granted an extension of the first principal repayment until 26 May.
While details are understandably limited at this stage, Angus is now working towards finalising the asset purchase agreement and further details and timing will be communicated in due course.
Management has previously commented the team was focused on maximising production from its existing reserves, maturing its gas storage project and potentially expanding the Company’s footprint outside of the UK.
The potential transaction would thereby diversify Angus’ portfolio away from the challenging UK energy sector into assets in the highly supportive US oil and gas jurisdiction, with stable and reliable production and low decline.
However, the Company’s ordinary shares will remain suspended until such time as either an admission document is published, or an announcement is released confirming that the transaction is not proceeding
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