SP Angel's comment20 Feb 2026 08:00
A positive update from Angus, where the recent Saltfleetby workover programme on two of the three producing wells has resulted in a material initial boost to gas volumes and sales revenues, with monitoring set to continue as the wells stabilise. The coil tubing was deployed for a wellbore clean-up campaign in two wells to remove additives left during the original drilling process, lift accumulated liquids in the wellbore and remediate near wellbore damage that has occurred naturally over time. Angus is also continuing efforts to consolidate and refinance the existing debt facilities with its main creditors, in order to better position the balance sheet to raise new capital in support of organic growth, increased production, and potential M&A activity. While the proposed asset transaction is no longer expected to be considered a reverse takeover under Rule 14 of the AIM Rules for Companies, the shares will remain suspended pending the conclusion of the Company’s financial restructuring. *SP Angel acts as Nominated Advisor and Corporate Broker to Angus Energy