Last checked at 20 Dec 2019 07:00
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.
20 December 2019
Angus Energy Plc
("Angus Energy" or the "Company")
Saltfleetby Gas Field
Angus Energy plc (AIM: ANGS) is pleased to update its presentation on the above Field following the submission today of our Field Development Plan to the Oil & Gas Authority. A copy of the presentation is available from the Company's website, www.angusenergy.co.uk and terms herein are more fully explained in the presentation.
In advance of the Competent Persons Report expected to be completed in January 2020 we have not updated figures for volumes or cash flows but, as stated in the presentation, we expect these to be at least as good as those announced therein if not better and will update shareholders as more granular figures can be given on upside.
The revised time line contains details of the various submissions, approvals and parties involved in the technical design and planning of reconnection to the National Gas Transmission Grid and are reproduced as below.
Deliverable | Date |
Legal and Commercial DD | Completed |
OGA Licence Transfer and Approval | Completed |
CPR Reserves Report | Ongoing - Due January-February 2020 |
NTS Feasibility Study | Completed |
NTS Detailed Design, Equipment Procurement, Construction | Ongoing - Due June 2020 |
Pipeline Detailed Design + Construction/Laying | Ongoing - Due June 2020 |
Processing Facility Design | Ongoing - Due January-March 2020 |
Gas Offtake Negotiations w/ Major | Ongoing - Due January-June 2020 |
Processing Facilities Procurement | Due to start in February-March 2020 |
Permit Applications, Planning application preparation and then submission | Ongoing - Due January - May 2020 |
Pipeline Pigging and Commissioning | Due to start in May 2020 |
Facilities Installation and Commissioning | Due to start in May 2020 |
OGA/HSE/EA Approvals | Due to start in May 2020 |
George Lucan, Managing Director, writes: "Progress continues to be made on this reconnection of what was formerly the UKs largest onshore gas field. There are some considerable technical challenges which our team here are in the process of meeting and overcoming. We remain certain that, as advised, the prize for this very attractively priced opportunity will result in considerable value for Shareholders."
Technical Sign off
Andrew Hollis, the Technical Director of the Company, who has over 40 years of relevant experience in the oil and gas industry, has approved the information contained in this announcement. Mr Hollis is a Fellow of the Geological Society and member of the Society of Petroleum Engineers.
END.
Enquiries:
Angus Energy Plc | www.angusenergy.co.uk |
George Lucan | Tel: +44 (0) 208 899 6380 |
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Beaumont Cornish (Nomad) | www.beaumontcornish.com |
James Biddle/ Roland Cornish | Tel: +44 (0) 207 628 3396 |
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WH Ireland Limited (Broker) |
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Katy Mitchell/ Harry Ansell | Tel: +44 (0) 113 394 6600 |
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Flagstaff PR/IR | angus@flagstaffcomms.com |
Tim Thompson | Tel: +44 (0) 207 129 1474 |
Fergus Mellon |
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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 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) and a 12.5% interest in the PEDL143 Licence (A24 Prospect).