Wed, 9th Jun 2021 16:29
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
9 June 2021
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Approval of Saltfleetby Field Development Plan
Angus Energy plc (AIM: ANGS) is pleased to announce that the Oil & Gas Authority has approved the Company's Field Development plan in relation to its plans for the Saltfleetby Gas Field (the "Field"), which includes the side-track of well SF07, deemed the preferred wellbore over SF05 for this operation, and has consented to the proposals for the recommissioning of the Field.
George Lucan, Managing Director, writes: "This is excellent news and an important milestone in the Company's regulatory timetable for the recommissioning of Saltfleetby. We will proceed to tender for rigs and associated equipment over the coming fortnight."
On other business the Company is pleased to announce that it has become a member of the Renewable Energy Association, one of the leading organisations in the UK for transition energy projects. We are particularly pleased by the interest and support shown by the REA in the arena of geothermal energy.
Finally, the Company regrets that it is engaged in a dispute, disclosed to lenders prior to signing, over a significant invoice from a financial service provider (not the Company's Nomad or Broker) and has sent a letter before action in respect of the same. In the opinion of the Board, properly advised by legal counsel, the net claim is unlikely to be material.
Angus Energy Plc
Tel: +44 (0) 208 899 6380
Beaumont Cornish (Nomad)
James Biddle/ Roland Cornish
Tel: +44 (0) 207 628 3396
WH Ireland Limited (Broker)
Katy Mitchell/ Harry Ansell
Tel: +44 (0) 113 394 6600
Tel: +44 (0) 207 129 1474
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 51% 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).