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.

28 October 2022

Angus Energy Plc 

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

Side track Spud and Forward Plan

Angus Energy (AIM: ANGS) is pleased to announce that the side-track of SF-07 programme began today with testing of blow-out preventers in advance of spudding the well. The Company will supply regular photographic coverage supported by graphics of the progress of the drilling programme on its social media platforms with a 12 hour delay. This will allow any material change to the programme to be properly communicated by RNS ahead of the updates.

This being a side track rather than a new well, the Company expects to be running equipment in hole to a depth of 1300m reasonably swiftly over the weekend and it is above this depth, at around 1150m that a whipstock (essentially a wedge allowing the hole to be drilled at an angle to the vertical) will be set and the 9 5/8" window will be milled through the casing and cement.

Early next week directional drilling begins in earnest in 8.5'' bore at a low angle to the vertical to a total depth of around 2,560m (TD) which should terminate about 1m into the target reservoir. The speed of drilling the first section (8.5'' section) is likely to vary during this element of the programme, but an estimate of 8-10 days is not unreasonable. 

Thereafter the drilling will be nearly horizontal and slower for a further 300-400 m. The total programme, including clean up of the well, is expected to last some 35 days. The Company may be able to advise success in the actual drilling activity after approximately 30 days but a further 10 days would be required to begin to have confidence as to likely production rates. However few drilling programmes follow predicted timetables closely and investors should expect variance.

Production from the existing wells continues at previously advised rates at Saltfleetby excepting a four hour planned maintenance shutdown yesterday for a software upgrade.

END.

Enquiries:

Notes

Qualified Person's Statement:

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.

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.