Angus Energy PLC Lidsey Oil Field Update (2648Q)
September 08 2017 - 8:00AM
UK Regulatory
TIDMANGS TIDMANGB
RNS Number : 2648Q
Angus Energy PLC
08 September 2017
8 September 2017
Angus Energy Plc
("Angus Energy", the "Group" or the "Company")
Lidsey-X2 Operational Update
Angus Energy plc. is pleased to announce that the BDF drilling
rig 28 has arrived on location at the Lidsey Oil Field and is in
the process of rigging up prior to rig acceptance. Ancillary
equipment and casing is already on site and equipment inspections
continue. The plan is to spud (official start of the drilling
process) the Lidsey-X2 horizontal production well early next week.
Lidsey-X2 will be a conventional production well targeting the
existing Great Oolite reservoir, in addition, the well will also
pass through the Kimmeridge formation and enable Angus Energy to
assess its potential in the Southern edge of the Weald basin.
The Kimmeridge formation will be logged thoroughly as part of
the drilling process. The existing production well Lidsey-X1 has
been temporarily suspended due to the site preparation works
required for the drilling of Lidsey-X2, however design options are
under consideration to turn it into a water injector or Kimmeridge
producer depending on Lidsey-X2 drilling results. As previously
announced, the Company expects an operating window of approximately
six weeks from the spud date early next week to actual production
from Lidsey-X2.
Interest in Lidsey Oil Field (PL 241):
Following completion of the acquisition of a 10% interest from
Terrain Energy (RNS 4 May 2017) the Group will own a 60% direct
interest in the Lidsey Oil Field and a 50% economic interest in the
Lidsey-X2 well which is held under UK Production Licence PL
241.
Paul Vonk, Angus Energy's Managing Director, commented:
"We are pleased with the arrival on site of the drilling rig and
look forward to the commencement of drilling operations and
bringing Lidsey-X2 into production."
END.
Enquiries:
Angus Energy Plc
----------------------------- --------------------------
Jonathan Tidswell-Pretorius Tel: +44 (0) 208 899 6380
/ Paul Vonk
----------------------------- --------------------------
Beaumont Cornish (NOMAD)
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James Biddle/ Roland Cornish Tel: +44 (0) 207 628 3396
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www.beaumontcornish.com
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Optiva Securities Limited
(BROKER)
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Jeremy King/ Ed McDermott Tel: +44 (0) 203 137 1902
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Yellow Jersey
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Tim Thompson Tel: +44 (0) 203 735 8825
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About Angus Energy plc.
Angus Energy plc. is an AIM quoted independent onshore oil and
gas 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 owns and operates
conventional oil production fields in Brockham (PL 235) and Lidsey
(PL 241).
Technical Glossary
BDF- British Drilling and Freezing Company Limited, an oil
services company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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