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.

14 February 2023

Angus Energy Plc 

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

Balcombe Planning Appeal Successful

Angus Energy (AIM: ANGS) is pleased to announce that, further to its RNS of 2 March 2021 and 2 August 2021, its appeal against the decision by West Sussex County Council to refuse permission for an extended well test at its Balcombe oil site has been upheld.

Angus Energy has a 25% interest in the Balcombe field discovery (PEDL 244) targeting the Kimmeridge limestones. The Balcombe 2Z horizontal sidetrack was drilled in 2013 and permission for a flow test was granted in 2018. The test evidenced a definitive oil show with high flow rates for short periods.

The planning permission expired prior to the completion of clean up operations leaving a quantity of, what the Company subsequently determined to be, left-over drilling fluids from the 2013 operation. 

Hence a new planning permission was applied for in 2020 in order to complete the clean-up exercise and follow with an extended well test. 

As a consequence of yesterday's decision by the Planning Inspectorate, the Company is now capable of pursing this well test subject to satisfaction of planning conditions noted in the Appeal Decision as well as the determination of the variation to the Environmental Permit by the Environment Agency which we understand to be imminent.

END.

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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.