Last checked at 25 Aug 2022 09:43
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 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.
25 August 2022
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Commissioning Update at Saltfleetby
Angus Energy (AIM: ANGS) is pleased to announce that the Company's site operations team, with supporting specialists, has now introduced and processed well head gas throughout the combined extraction and condensate processing facility.
Well B2 has alone been delivering at an equivalent rate of 5 million standard cubic feet per day, surpassing the Company's internal expectations, although we expect deliverability to normalise with time. The Company will introduce the stream from the A4 well shortly.
The stream has been passed through the whole process plant including condensate stabilisation and storage tanks as well as gas analysis. Specification gas has been achieved in short tests to date as has an export pressure of approximately 60 barg sufficient for entry into the national transmission system, or "grid"
The Company will make nominations for gas sales when it is satisfied of stable flow, uninterrupted by electronic trips, for an extended period of time being not less than 8 hours continuous flow which we strongly believe will occur before the end of August thereby meeting the current deadline under the Company's revised hedge arrangements as notified on 29 July 2022.
END.
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 |
Flagstaff PR/IR | angus@flagstaffcomms.com |
Tim Thompson | Tel: +44 (0) 207 129 1474 |
Fergus Mellon | |
Aleph Commodities | info@alephcommodities.com |
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.