Angus Energy PLC Saltfleetby Finance Facility Signed (4576Y)
May 13 2021 - 1:00AM
UK Regulatory
TIDMANGS
RNS Number : 4576Y
Angus Energy PLC
13 May 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.
13 May 2021
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Saltfleetby Finance Facility Signed
Angus Energy plc (AIM: ANGS) is pleased to announce that the
Loan Facility, conditional only on the setting of the hedge,
regulatory approval of the royalty arrangement by the Oil and Gas
Authority (the "OGA") and a handful of administrative provisions,
has now been signed between Angus and Saltfleetby Energy Limited,
as Borrower and Guarantor respectively, and Mercuria Energy Trading
Limited ("Mercuria") and Aleph Saltfleetby Limited ("Aleph"), as
the co-Lenders. As previously notified, the Company awaits approval
of the Field Development Plan from the OGA although this is now
expected to follow the initial drawdown under the Facility.
The terms of the Loan Facility remain substantially unchanged
from those advised in our RNS of 30 November 2020 with changes to
the profile, but not amount, of shares issued to Lenders, to be
detailed at drawdown, and tighter provisions on change of
control.
George Lucan comments: "We are delighted to have signed the Loan
Facility and when completed to have the financial support of Aleph
and Mercuria, which combined will unlock the substantial
shareholder value of the Saltfleetby Gas Field as well as provide
financial, commercial and technical support for Angus's energy
transition plans. Attaching this calibre of funders demonstrates
the quality of the Saltfleetby asset and further validates the
strategic direction of the board. I look forward to continuing to
work closely with our new funders as we develop this field and our
other projects.
We have continued to progress the detailed engineering design
for the rehabilitation of Saltfleetby during the documentation
process and have decided, with the support of the Aleph and
Mercuria, to drill the third production well at Saltfleetby before
reconnecting the two existing gas wells. This will allow us to
begin with the daily plateau production of 10mmscf originally
envisaged by the Competent Person's P90 case, immediately after the
new processing facilities have been commissioned and as such it is
expected that first gas will begin in Q4 2021. The timing of this
will allow us to benefit immediately from winter gas prices at the
capacity rate of the facility thus enhancing the initial revenues
from the field.
Concurrently, we are progressing our potential geothermal
projects in the South West, while evaluating other acquisitions and
renewable opportunities with our new funding partners and
investors. I look forward to updating the market on this in the
coming months."
Jason Joannou (Aleph Commodities Ltd) comments: "The funding and
redevelopment of the Salftleetby Gas Field is a key milestone for
Angus, cementing its position in a region which is developing into
one of the UK's leading renewable energy hubs. Working with
Mercuria, Albanwise Synergy (a leading renewables developer and
partner of Aleph) and Aleph will provide Angus with the financial,
commercial and technical support to develop new projects and
achieve their Energy Transition goals."
David Haughie (Managing Director at Mercuria Energy Trading
Limited) comments: "We are pleased to participate in the
re-development of Saltfleetby and look forward to working with the
Angus team beyond this first transition project, on their wider
portfolio of future geothermal and other sustainable energy
opportunities."
Frazer Lang (Executive Director, G.P. Jersey, major shareholder)
comments: "I would like to congratulate the Angus Energy board on
achieving this significant milestone, this debt facility allows
Angus to monetise the Saltfleetby Gas Field, which is the key to
unlocking significant shareholder value."
Paul Forrest (M.D. Saltfleetby Energy Limited) comments: "We are
very pleased to have secured such quality funding partners for
ourselves and Angus and look forward to getting on with the job at
hand."
END.
Enquiries:
Angus Energy Plc www.angusenergy.co.uk
George Lucan Tel: +44 (0) 208 899 6380
Beaumont Cornish (Nomad) www.beaumontcornish.com
James Biddle/ Roland Cornish Tel: +44 (0) 207 628 3396
WH Ireland Limited (Broker)
Katy Mitchell/ Harry Ansell Tel: +44 (0) 113 394 6600
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson Tel: +44 (0) 207 129 1474
Fergus Mellon
Aleph Commodities info@alephcommodities.com
Notes
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 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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