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Pin to quick picksAngus Energy Regulatory News (ANGS)

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Notice of GM and increase in interest in Brockham

21 Oct 2020 16:11

RNS Number : 8302C
Angus Energy PLC
21 October 2020
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) ("MAR"). THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

21 October 2020

Angus Energy Plc

("Angus Energy" or the "Company")

Notice of GM and Acquisition of Doriemus plc interest in Brockham Licence (PL 235)

 

Dear Shareholder

General Meeting

On 23 September the Company announced that it had completed an equity fundraise to raise £1,000,000 before expenses (Placing), through the issue of 111,111,105 ordinary shares of £0.002 each in the capital of the Company (Ordinary Shares). In addition the Company announced that as the Placing would use up most of the authority given to the Directors to issue Ordinary Shares, which was approved by Shareholders at the March 2020 annual general meeting, the Directors may require the authority of Shareholders in order to have the flexibility to allot further Ordinary Shares in the future, whether in the context of the prospective Saltfleetby Equipment Financing facility or more generally, should they consider it to be in the best interests of the Company to do so.

Accordingly, the Company is now calling a general meeting (GM) to table resolutions to authorise the Directors to allot further Ordinary Shares and to disapply statutory pre-emption rights in respect of allotment up to a certain amount.

The Company's general meeting will be held on 9 November 2020 at 11.00 a.m. The formal notice of the meeting is set out on page 5 of this document and contains the proposed resolutions to be considered and voted on at the meeting.

Format of General Meeting and attendance

As a result of the current COVID-19 crisis and the UK Government's restrictions, and in accordance with the provisions of the Corporate Insolvency and Governance Act 2020 (as amended), the Company's GM will be run as a closed meeting, electronically. Shareholders are therefore not able to attend the meeting in person and instead are strongly encouraged to submit their proxy vote, appointing the Chairman of the meeting as their proxy, to ensure that their votes are registered.

Shareholders should not appoint any other person as their proxy, as that person will not be able to attend the meeting in order to be able to cast the shareholder's vote.

The business at the Company's GM will be restricted to formal business only. The format of the GM will be simply to propose and vote (on a poll, with votes cast by proxy) on the resolutions set out in the notice. Although shareholders will not be able to attend the GM in person, shareholder participation is crucial.

 

Acquisition of Doriemus plc interest in Brockham Licence (PL 235)

In addition, the Company has executed a Sale & Purchase Agreement for the purchase of Doriemus plc's ("Doriemus") 10% interest in the Brockham PL235 Licence, thereby increasing the Company's interest from 65% to 75%. The purchase price for the Licence is adjusted for the settlement of outstanding amounts due from Doriemus to the Company and a contribution towards the estimated share of long-term abandonment liabilities and results in a net payment to the Company of approximately £260,000 in cash in Completion.

On successful completion of the conditions precedent ("Completion"), which include approval of transfer by the Licencees and the Oil & Gas Authority along with formal documentation being agreed, the Company will add a further £100,000 to the existing £350,000 abandonment reserve for the Brockham Field. This addition reflects a modest increase in our estimate of overall costs of decommissioning and site restoration at the end of life together with Doriemus' share thereof.

George Lucan comments: "Whilst we await Environment Agency approval for water injection and the resumption of commercial production from the Portland, we continue to perform housekeeping on our eventual abandonment liabilities."

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

 

 

 

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 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).

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.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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ACQBUBDGIGDDGGB
Date   Source Headline
27th Mar 20247:00 amRNSInvestor Presentation
22nd Mar 20247:00 amRNSBoard Changes
19th Mar 20247:30 amRNSInvestor Presentation
19th Mar 20247:00 amRNSAnnual Report and Accounts and Notice of AGM
14th Mar 202412:42 pmRNSResult of Meeting
13th Mar 20249:26 amRNSUpdate regarding the forthcoming GM
6th Mar 20247:00 amRNSIssuance of Fee Shares and TVR
27th Feb 20245:02 pmRNSNotice of General Meeting (“GM”)
22nd Feb 20247:04 amRNSSaltfleetby Gas Storage MOU
22nd Feb 20247:03 amRNS£20 million Financing Facility drawn down
19th Feb 20245:38 pmRNSShort term extension to £6m Bridge Facility
19th Jan 20248:01 amRNSUpdate on Financing and Options Award
8th Jan 20247:00 amRNSFourth Quarter 2023 Production
20th Dec 20237:17 amRNS£20 million Global Refinance
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12th Oct 20237:00 amRNSNotice of General Meeting
12th Oct 20237:00 amRNSUpdate on Board Changes
5th Oct 20233:41 pmRNSTotal Voting Rights
3rd Oct 20237:00 amRNSThird Quarter Production and Operations Update
28th Sep 202310:23 amRNSEquitisation of £3m Junior Bridge Facility
18th Sep 20231:32 pmRNSIssuance of Lender Shares & TVR
15th Aug 20237:00 amRNSUpdate on Board Changes
14th Aug 20237:55 amRNSDirector/PDMR Shareholding
14th Aug 20237:53 amRNSDirector/PDMR Shareholding
21st Jul 20234:43 pmRNSFinancing, Corporate Update, Issue of Equity & TVR
14th Jul 20233:44 pmRNSUpdate on Financing and Board Change
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6th Jul 20237:00 amRNSRemedial Engine Maintenance
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30th May 20237:00 amRNSSaltfleetby Field: Production and Pricing Update
15th May 20237:00 amRNSSaltfleetby Field: Production Ramp Up
4th May 20235:27 pmRNSTotal Voting Rights
2nd May 20231:00 pmRNSSaltfleetby Field: Commissioning of B7T Well
21st Apr 20235:29 pmRNSHolding(s) in Company
19th Apr 20237:00 amRNSFinalisation of Management Changes & Options issue
18th Apr 20234:30 pmRNSDirector/PDMR Shareholding
18th Apr 20237:00 amRNSSaltfleetby Sidetrack Well Test Results
13th Apr 20237:00 amRNSDirector/PDMR Shareholding
4th Apr 20233:58 pmRNSDirector/PDMR Shareholding

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