Last checked at 9 Aug 2017 14:30
9 August 2017
Angus Energy plc
("Angus Energy" or the "Company")
Receives OGA approval for the drilling of Lidsey-X2 development well
Angus Energy is pleased to announce that it has received permission from the Oil and Gas Authority ("OGA") to drill and then produce the Lidsey-X2 horizontal production well at its Lidsey production oil field, license PL 241.
The Company now has all regulatory consents to drill and produce Lidsey-X2.
Today's announcement follows the required approvals already received from the West Sussex County Council ("WSCC") and the Environmental Agency ("EA") as stated in the Company's RNS of 18 April and 2 May 2017.
The Lidsey Oil Field is located near Bognor Regis in the south of the United Kingdom. Lidsey-X2 production will target the upper crest of the producing Great Oolite reservoir. It passes through the Kimmeridge layers allowing for the detailed logging and sampling of drill cuttings. This data will be analysed and compared to the encouraging results Angus encountered at Brockham-X4Z.
The Company notes its timeline for Lidsey-X2 to re-commence production from Lidsey may now be delayed by a few weeks due to the extension of BDF Rig 28's current work obligations for an unrelated third party. These modified operations have postponed the equipment mobilisation date to the Lidsey oil field.
The cause of this delivery delay of the necessary equipment is wholly unrelated to Angus Energy and the Company's operations. The delay will not have any material impact on Angus Energy.
The Company expects an operating window of approximately six weeks from the rescheduled mobilisation date, once confirmed, to actual production from Lidsey-X2. A further announcement will be made in due course.
Paul Vonk, Angus Energy's Managing Director, commented:
"The development of the Lidsey-X2 production well aligns with our business plan of providing long term, cost efficient, low geological risk, conventional oil production.
Delays are inevitable in conventional oil production. It is our standard practice to budget and plan for these type of events. We remain focused on providing value to our shareholders and look forward to this next milestone in the very near future."
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Enquiries:
Angus Energy Plc |
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Jonathan Tidswell-Pretorius / Paul Vonk | Tel: +44 (0) 208 899 6380 |
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Beaumont Cornish (NOMAD) |
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James Biddle/ Roland Cornish | Tel: +44 (0) 207 628 3396 |
www.beaumontcornish.com |
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Optiva Securities Limited (BROKER) |
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Jeremy King/ Ed McDermott | Tel: +44 (0) 203 137 1902 |
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Abchurch |
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Tim Thompson | Tel: +44 (0) 20 7398 7700 |
About Angus Energy plc.
Angus Energy plc. is an AIM quoted independent onshore oil and gas 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 owns and operates conventional oil production fields in Brockham (PL 235) and Lidsey (PL 241). Angus Energy has a current interest of 50% in PL 241 and announced on 4 May 2017 its intention to exercise its option to increase this interest to 60%.