Paul Vonk presentation4 Nov 2017 12:47
Paul Vonk brr media 121 conference Oct 2017 transcript of presentation:
"Angus Energy was listed on the AIM Market in November last year and we raised �3.5 million to do two things - to drill a sidetrack in our Brockham field and to drill a new horizontal well at the Lidsey field. Two weeks ago we completed drilling at our Lidsey field. Both wells were drilled on budget and on time.
Angus Energy management team - the company was founded by Jonathan (Tidswell). We both started off as wireline engineers. I started off in Northern Africa Egypt Algeria working onshore and after about five years moved into finance and became an oil and gas corporate finance manager. Jonathan stayed in the technical side of things. From a wireline engineer he became a production engineer, enhanced oil recovery engineer, driller and finally set up Angus Energy a few years ago. Complimented by the Non Executives.....
What Angus Energy is at this moment in time is very much focussed on Southern England and in particular the Weald Basin. We are the company that, unknown and private, drilled the original Horse Hill well, which might be better known to yourselves as the 'Gatwick Gusher'. We sold out of Horse Hill because we have 7.5kms to the west of it the Brockham field which is a production field that has been there for almost 30 years. We drilled the sidetrack to see if we can mimic Horse Hill. And Lidsey is further to the south. In February this year we increased our acreage position by taking a minority stake in the Holmwood licence which is an extension of what we are doing at Brockham.
The strategy is relatively simple. We increase production and recovery from our existing assets. We grow the portfolio through select onshore and appraisal opportunities and we keep the operational and management control of the entire process. At this moment in time cost is key. Having control of the operations differentiates yourself from the majority.
In the production assets that we have right now in Brockham we are the majority owner, we are the operator, we have partners to minimise our risk. And then we expand with a little bit of exploration. We are a production company. We don't look for the next 100 million barrel oilfield but what we have is when we know the oil is there, and that is really where the opportunity is at the moment, it's like can you get it out of the ground, can you get it out of the ground cheaper, are there areas which have been missed especially with Brockham. That's a region where 35 wells have been drilled in southern England but we are suddenly finding that a layer that we've drilled through, which was the share layer which was difficult to drill through because you had a lot of losses and you wanted to get through it as fast as possible, is actually the pay zone and it might be much better than anything that has been produced to date.
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