Last checked at 15 Dec 2016 09:40
15 December 2016
Angus Energy plc
("Angus Energy")
Receives OGA approval and commences operations at the onshore Brockham oil field
Angus Energy plc. (the "Group") is pleased to announce that it has today received the final approvals required from the UK Government Oil and Gas Authority's ("OGA") and the Health and Safety Executive ("HSE") to commence the work on the BR-X4Z well on UK onshore Production Licence PL 235. The rig is now on site and has started work on the approved program.
Interest in Brockham Oil Field (PL 235):
The Group owns a 55% direct interest in the Brockham Oil Field which is held under UK Production Licence PL 235.
Jonathan Tidswell-Pretorius, Angus Energy's Chairman, commented:
"We are pleased to have received the required approvals from the UK Government to perform the new work. We have commenced with the abandonment of the required redundant wells in the upper Portland formation before re-entering the original Brockham-X1 well that BP drilled in 1987 down through the Portland, Kimmeridge, Corallian and in to the much deeper great Oolite formations. All the original BP wells at Brockham that passed through the Kimmeridge and Corallian formations were drilled without properly assessing their hydrocarbon potential. Angus Energy looks forward to update the market with the results of the assessment in due course"
END.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Angus Energy Plc | |
Jonathan Tidswell-Pretorius | Tel: +44 (0) 208 899 6380 |
Paul Vonk | |
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 |
Notes
Angus Energy's interest in the Licence takes into account a trust arrangement with Alba Mineral Resources plc ("Alba") whereby Alba acquired a 5% interest in the Licence as set out in a Farm-out arrangement dated 14 September 2016.
Full details on the PL235 and PL 241 licences are set out in the Company's AIM Admission document dated 12 November 2016.
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).