Angus Energy Regulatory News (ANGS)

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 6/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.

24 January 2023

Angus Energy Plc 

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

Appointment of Non-Executive Director

Angus Energy (AIM: ANGS) is pleased to announce that Richard Herbert has been appointed a Non-Executive Director of the Company with immediate effect. It is expected that Richard will rotate into the role of Non-Executive Chairman at the forthcoming Annual General Meeting, with current Chairman Patrick Clanwilliam becoming a Non-Executive Director at that time.

George Lucan, CEO, comments: "Richard brings broad and deep experience in the oil and gas sector and in particular of managing the challenging onshore drilling environment in the UK. Angus' Board is considerably stronger for his presence and we look forward to working with him."

Richard Herbert comments: "I am very pleased to be appointed to the Angus Board to support the development and operations of the Company's strategic asset at the Saltfleetby gas field. After many years in the international oil and gas industry, I am very happy to be returning to work in the onshore UK sector, where I formally worked for BP as the manager of the Wytch Farm oil field in Dorset. Saltfleetby makes an important contribution to securing energy for the UK and is a solid platform on which to build a low-carbon energy company for the future needs of the country."

Richard Herbert is a geologist by background and has worked in the exploration and production business for over 42 years. After a long career at BP, he retired as COO Exploration in 2016. Former roles include Executive Vice-President for Technology at TNK-BP in Russia, Vice-President of Exploration for Talisman Energy in Alberta, Canada and most recently, CEO of Canadian independent Frontera Energy Corporation, operating in Latin America.

Richard Herbert (aged 64) is or has during the last five years been a director or partner of the following companies and partnerships:

Current:

R Herbert Associates Limited

PGS ASA

Former:

Frontera Energy Corporation

Frontera Energy Colombia Corporation

Other than as disclosed above, there are no further disclosures to be made in accordance with AIM Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies.

The Company and Richard Herbert have entered into a standard services agreement for his director services whilst his existing consultancy arrangement with the Company will continue at the agreed daily rate.

END.

Enquiries:

Notes

About Angus Energy plc

Angus Energy plc is a UK AIM quoted independent onshore Energy Transition company with a complementary portfolio of clean gas development assets, onshore geothermal projects, and legacy oil producing fields. Angus is focused on becoming a leading onshore UK diversified clean energy and energy infrastructure company. Angus Energy has a 100% interest in the Saltfleetby Gas Field (PEDL005), 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). Angus Energy operates all fields in which it has an interest.

Important Notices

This announcement contains 'forward-looking statements' concerning the Company that are subject to risks and uncertainties. Generally, the words 'will', 'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects', 'aims', 'intends', 'anticipates' or similar expressions or negatives thereof identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely. The Company cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. The Company does not undertake any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.

Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company.

Explanation of Terminology:

Kwhr, Therms, megajoules (MJ) are all measures of the energy content of a quantity of gas and have a fixed and unvarying relationship with one another.

scm (standard cubic metre) mscm (thousand standard cubic metre) and mmscf (million standard cubic feet) are traditional measures of volumes of gas. As producers we tend to observe volume flow from wells and through process plant but we are paid on the energy content which is metered and analysed at point of sale.

These two types of measurement, energy and volume, are related by the calorific or higher heating value which is the number of MJ per standard cubic metre. Very intense processing, i.e. lower temperatures, will tend to remove more higher hydrocarbon fractions such as propane, butane and pentane, which will lower the calorific value but improve the margin of safety in terms of meeting transmission grid specification.

55,000 Therms, given a calorific value of about 41MJ per standard cubic metres is approximately equal to 5mmscf or 141,584 scm, 1,612,486 kwhrs, 5,804,948 MJ.