Angus Energy Regulatory News (ANGS)

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 6/2014 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.

9 September 2022

Angus Energy Plc 

("Angus Energy", "Angus" or the "Company")

Saltfleetby Flow Rates

Angus Energy (AIM: ANGS) is pleased to announce that transmission specification gas quality has been comfortably achieved by the plant in its 24/7 operations since First Gas.

The Company has achieved flow rates from well A4 of 4 mmscf/d (million standard cubic feet per day) at approximately 55 bar and well over 4.5 mmscf/d from well B2 at approximately 45 bar which, taken together, greatly exceed the 2017 combined shut-in rate of 5 mmscf/d from those wells as advised in the Company's presentation of December 2019 and in subsequent communications.

The Company has been running the process plant at an effective throughput of 3.3 mmscf/d on average for the last three days which has steadily risen from 0.5 mmscf/d at the beginning of operations. Adjusting for short outages resulting from resolving typical commissioning "trip" issues, the plant is evidencing a current capacity to process gas of 4.6 mmscf/d, which would comfortably meet the Company's hedge obligations for September.

Our aim is to raise this process capacity, and reduce the incidence of commissioning trips, such that in the coming days the plant will reach a minimum steady state of 5.5 mmscf/d or greater which would again comfortably meet the Company's hedge obligations for Q4. To that end we continue to increase engine speed and utilise more natural well head pressure. Additionally, stabilised condensate production has started at circa 50 barrels per day.

The Company intends to advise production figures, together with an update on the installation of the second compressor, at the end of this month and thereafter the Company expects to report production figures quarterly.

END.

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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.