Angus Energy PLC Shareholder Update Presentation (2102Q)
February 24 2021 - 06:00AM
UK Regulatory
TIDMANGS
RNS Number : 2102Q
Angus Energy PLC
24 February 2021
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.
24 February 2021
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Shareholder Update Presentation
Angus Energy plc (AIM: ANGS) is pleased to share with investors
a further presentation updating shareholders on progress on all of
its existing assets and its focus on developing Transition projects
and, in particular, on one new project which the Company is
progressing in the geothermal energy sphere.
The presentation also contains a summary of the timetable
associated with Saltfleetby and some of the key suppliers and
milestones ahead. In brief the Company advises the timeline to
re-commissioning of the Field and First Gas to be approximately 6-7
months from drawdown of the proposed Loan Facility (see RNS of 22
February). Nonetheless, the presentation also notes that elements
of detailed design and planning are well advanced and some key
equipment is either purchased or under order as noted in earlier
announcements.
Activity at Balcombe continues to be suspended whilst we await
planning permission for our application for a one year well test.
If approved on March 2(nd) at West Sussex County Council Planning
Committee, where it carries the recommendation of the Planning
Officer, Environment Agency and OGA permissions will be needed
prior to actual works commencing. The Environment Agency permit
application is already in the review system.
At Brockham we have successfully completed a Cement Bond Log of
the proposed water injector well, the results of which showed very
satisfactory well integrity and will be added to our submission to
the Environment Agency in support of our permit application. If
successful we will resume production from the Portland reservoir
from BR-2 with improved recoveries expected from water
injection.
At Lidsey, as noted earlier in the week, we have engaged a third
party to acquire one further seismic line in the next eight weeks
to be followed by a full seismic re-interpretation and
simultaneously a planning application for a side track of Lidsey X2
or X1. In the interim we are suspending production on X2 whilst we
examine the suitability of that well for side-track operations and
whilst we await cheaper water disposal options at Brockham.
The full presentation may be found under the Presentations
section on the Angus website. The Company will be following this
with a live presentation via the Investor Meet Company platform on
4th March 2021 at 5:00pm GMT (details below).
George Lucan, Angus CEO, comments: "In response to HMG's recent
Energy White Paper: Powering our net zero future, we have set
forward our own view of the Energy Transition and how Angus plays
its part, as a responsible and profitable supplier within the
energy infrastructure mix of the UK over the coming decades.
Following the strong indicative support for the funding of the
Saltfleetby Gas Development announced earlier this week, we are
pleased by the expressions of interest we have already received
from investors in that Development for further investment in Angus'
pipeline of Energy Transition projects.
We look forward to the future of Angus; the combination of
strong pipeline and assets with continued and growing investor
support will contribute to the collective push for net zero in a
sustainable and profitable way."
Shareholder Live Presentation
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via your
Investor Meet Company dashboard up until 9am the day before the
meeting or at any time during the live presentation. Investors can
sign up to Investor Meet Company for free and add to meet ANGUS
ENERGY PLC via:
https://www.investormeetcompany.com/angus-energy-plc/register-investor
Investors who already follow ANGUS ENERGY PLC on the Investor
Meet Company platform will automatically be invited.
Enquiries:
Angus Energy Plc www.angusenergy.co.uk
George Lucan Tel: +44 (0) 208
899 6380
Beaumont Cornish www.beaumontcornish.com
(Nomad)
James Biddle/ Roland Tel: +44 (0) 207
Cornish 628 3396
WH Ireland Limited
(Broker)
Katy Mitchell/ Harry Tel: +44 (0) 113
Ansell 394 6600
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson Tel: +44 (0) 207
129 1474
Fergus Mellon
Notes
About Angus Energy plc
Angus Energy plc is a UK AIM quoted independent onshore energy
transition 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 in
upstream, geothermal and renewable energy. Angus Energy has a 51%
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).
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END
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