Pin to quick picksAngus Energy Regulatory News (ANGS)

Share Price Information for Angus Energy (ANGS)

London Stock Exchange
Share Price: 1.575
Bid: 1.55
Ask: 1.60
Change: -0.025 (-1.56%)
Spread: 0.05 (3.23%)
Open: 1.575
High: 1.725
Low: 1.525
Yest. Close: 1.60
ANGS Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Angus Energy PLC - Brockham Well Test Results and Balcombe Update

Fri, 28th Jun 2019 10:15

RNS Number : 8139D
Angus Energy PLC
28 June 2019
 

 

 

28 June 2019

 

Angus Energy Plc

("Angus Energy", "Angus" or the "Company")

 

 

Brockham Well Test Results

and

Balcombe Update

 

Angus provides the following update on its Brockham and Balcombe Fields:

 

Brockham Results

 

Further to our announcement of 3 June 2019, Angus hereby updates Shareholders on the results of the work programme which began at Brockham on 12 April 2019.  Further works on the BR-X4Z borehole have been completed and, following analysis of the results, it is the view of the Company that, on any conventional approach, it is extremely unlikely that commercial hydrocarbon flow can be established from the Kimmeridge layer at Brockham.  Supplementary stimulation techniques including hydraulic fracturing have been ruled out by the present Operator. The Company, in its role as Operator, has already made clear that it is not a proponent of the use of such unconventional production techniques in the Weald and this position remains unchanged.

 

In the interim, whilst the Company evaluate options for the site and the Licence, including addressing the Portland reservoir, the Company announces that it has entered into preliminary discussions with a third party regarding a sale of the Company's own 65% interest in the Licence.  These negotiations are at a very early stage and there can be no certainty as to the outcome including the terms on which any such sale can be made. In the light of this, the Company will be considering whether any impairment will be required in the carrying cost of the Brockham licence, currently representing 26% of the Company's gross asset valule as at 31 March 2019. The Company will update Shareholders as soon as any material development takes place.

 

Balcombe Update

 

The Company is pleased to announce the extension of the Second Term of the PEDL 244 Licence to 1 July 2020.  Furthermore, the partners in the Licence convened on 23 June 2019 to formulate their plans for an extended well test at Balcombe and a planning application to that end is already in the process of preparation. The application is expected to be submitted to West Sussex County Council before the end of August.

 

 

 

Managing Director, George Lucan, writes:

 

"The result from recent works is clearly disappointing although as stated above we are examining our options for the Pl235 Licence including the Brockham site.  This serves to underline the importance of our strategy of diversifying our source of hydrocarbons by participating in the developments of fields which already have a proven production record but bring with them very substantial reserve opportunities.  The Saltfleetby opportunity which has been brought to Shareholders fits exactly this profile and will also complement the near term stable cash flow we anticipate, with a high level of confidence, from our onshore oil interests at Balcombe."

 

Enquiries:

Angus Energy Plc

www.angusenergy.co.uk

George Lucan

Tel: +44 (0) 208 899 6380

Beaumont Cornish (Nomad)

www.beaumontcornish.com

James Biddle/ Roland Cornish

Tel: +44 (0) 207 628 3396

WH Ireland Limited (Broker)

Katy Mitchell/ Harry Ansell

Tel: +44 (0) 113 394 6600

Yellow Jersey

angus@yellowjerseypr.com

Tim Thompson

Tel: +44 (0) 203 004 9512

Henry Wilkinson

 

 

 

Notes

About Angus Energy plc. Angus Energy plc. is a UK AIM quoted independent onshore oil and gas production and development company focused on leveraging its expertise to advance its portfolio of UK assets as well as acquire, manage and monetise select projects. Angus Energy majority owns and operates conventional oil production fields at Brockham (PL 235) and Lidsey (PL 241) and has a 25% interest in the Balcombe Licence (PEDL244) and a 12.5% interest in the Holmwood licence (PEDL143).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDCKFDPFBKKCAB

Login to your account

Don't have an account? Click here to register.