Last checked at 22 Sep 2017 07:00
22 September 2017
Angus Energy PLC
("Angus Energy", the "Group" or the "Company")
Operational Update
Angus Energy is pleased to announce that operations at the Lidsey Oil Field are on schedule. Guidance given by the Company in its RNS of 8 September 2017 is unchanged.
A 9 5/8" steel casing has now been set and cemented and the Company is preparing for the next phase of operations: drilling the 8 1/2" section which will pass through the Kimmeridge layer. This will be followed by a 6" section to be drilled through the Great Oolite production reservoir.
Upon completion of this well, the drilling rig will be mobilised off-site and the field is expected to recommence production.
Brockham Oil Field
Following Angus Energy's guidance from its RNS of 11 May 2017, the Company has completed and submitted amendments to its FDP Addendum after consultation with the Oil & Gas Authority ("OGA") to include provisions for on-site power generation. These provisions detail a safe and efficient production process which will have the added benefit of allowing the Company to repurpose surplus power to the National Grid.
In addition, the Company has now received approval for its planning application to regularise the upgraded surface infrastructure at Brockham.
Accordingly, the Company is preparing for final site preparation and subsequent production once the amended FDP Addendum is approved by the OGA. Given the required amendments to the FDP Addendum, the Company's previous guidance regarding bringing Brockham into production by the end of the summer is now delayed. The Company will work to commence production as soon as practical following OGA approval of the FDP Addendum and will update Shareholders in due course.
Paul Vonk, Angus Energy's Managing Director, commented:
"We are pleased with the progress of drilling Lidsey-X2 and look forward to start producing again from the Lidsey oil site in October.
We welcome these further enhancements to the Brockham site and its power generation as we continue to prepare for safe production for years to come."
END.
Enquiries:
Angus Energy Plc | |
Jonathan Tidswell-Pretorius / Paul Vonk | Tel: +44 (0) 208 899 6380 |
Beaumont Cornish (NOMAD) | |
James Biddle/ Roland Cornish | Tel: +44 (0) 207 628 3396 |
www.beaumontcornish.com | |
Optiva Securities Limited (BROKER) | |
Jeremy King/ Ed McDermott | Tel: +44 (0) 203 137 1902 |
Yellow Jersey | |
Tim Thompson | Tel: +44 (0) 203 735 8825 |
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).