Angus Energy PLC Angus Energy Commences Production from Lidsey-X2 (7727W)
November 17 2017 - 1:00AM
UK Regulatory
TIDMANGS TIDMANGB
RNS Number : 7727W
Angus Energy PLC
17 November 2017
17 November 2017
Angus Energy Plc
("Angus Energy" or the "Company")
Angus Energy Commences Production from Lidsey-X2
Angus Energy Plc, a conventional oil and gas production and
development company, is pleased to announce it has commenced
production at Lidsey Oil Field from the well, Lidsey-X2.
Following the drilling and completion of the Lidsey-X2
horizontal production well, which was drilled on time and within
budget, the Company is working through the production start-up and
production has now been initiated. Initial start-up rates of
production from the Great Oolite reservoir are coming in at forty
barrels of 38.5 API of dry oil per day. The fluid column (oil)
extends to 322m from surface (bottom hole depth of 1,009.3m) with a
measured static bottom hole pressure of 764 psi. The Great Oolite
is the first of three reservoirs with potential viability in
Lidsey-X2 as per the Company RNS of 6 November 2017.
Compared to pre-drill assessments set forth in the Competent
Person's Report ("CPR") of the 7 November 2016 Admission Document,
flow rates from the Great Oolite reservoir are below expectations,
and work is continuing to clean up the well. The Company is
investigating the new geological and borehole information to update
its understanding of the reservoir. In addition, the Company is
currently examining evidence that suggests a partial flow reduction
is the result of a hole in the production tubing, therefore not
allowing the well to be fully drawn down. The Company is conducting
further analysis and if confirmed, the Company will undertake
operations to repair the tubing which will allow maximum draw from
the reservoir. This is the priority for the Company over the coming
weeks.
In addition to any necessary repair, industry information and
technical guidance on analogous wells in the region suggest initial
flow rates can be improved. Angus Energy believes its initial flow
rates from Lidsey-X2 have similar potential for increased yield.
Therefore, the Company is conducting a thorough study to optimise
and enhance production levels from the Great Oolite.
Further to the Company RNS of 6 November 2017, Angus Energy will
submit an FDP Addendum to the Oil and Gas Authority ("OGA") to
begin production appraisal of the Kimmeridge and Oxford layers at
Lidsey.
Operations Update: Lidsey-X1
The Lidsey-X1 well, first drilled in 1987, will now resume
production from the Great Oolite reservoir in addition to
production from Lidsey-X2. The Company expects to achieve the
historic production levels of 15-20 barrels of oil per day ("bopd")
before the well was shut in nearly 2 years ago in January 2016.
Given the encouraging geochemical analysis of Lidsey-X2's
Kimmeridge and Oxford Layers, disclosed in the Company RNS of 6
November 2017, the above-mentioned FDP Addendum will include a
submission to conduct analysis of the production potential from the
Kimmeridge layer and Lias source rock from Lidsey-X1. The Lidsey-X1
exploration well was previously drilled through all the
aforementioned layers.
The Lias source rock, positioned beneath the Great Oolite, has a
comparable composition to the interbedded limestones / shales found
in the hybrid Kimmeridge reservoir at the Company's Brockham Oil
Field, located on the northern end of the Weald Basin. The deeper
depth of the Lias source rock in the Lidsey-X1 indicates an
increased maturity as compared to layers above the Great Oolite
such as the component Kimmeridge and Oxford layers of the
Lidsey-X2, as outlined in the Company RNS of 6 November 2017.
Paul Vonk, Manging Director of Angus Energy, commented:
"Production has now commenced from Lidsey-X2. This project was
delivered on time and on budget. Even with these initial flow
rates, Lidsey-X2 provides commercial production and cash flow. We
will continue to optimise production from the Great Oolite
reservoir at Lidsey as we work to increase flow rates and we look
forward to developing its additional reservoirs to enhance long run
value for our shareholders."
Qualified Person's Statement:
Chris de Goey, a Non-Executive Director of the Company, who has
over 20 years of relevant experience in the oil and gas industry,
has approved the information contained in this announcement. Mr de
Goey is a member of the Petroleum Exploration Society of Great
Britain and the Society of Petroleum Engineers.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
END.
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 12.5% interest in the Holmwood
licence (PEDL143).
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.
Enquiries:
Angus Energy Plc
----------------------------- --------------------------
Jonathan Tidswell-Pretorius Tel: +44 (0) 208 899 6380
/ Paul Vonk
----------------------------- --------------------------
Beaumont Cornish (NOMAD)
----------------------------- --------------------------
James Biddle/ Roland Cornish Tel: +44 (0) 207 628 3396
----------------------------- --------------------------
Optiva Securities Limited
(BROKER)
----------------------------- --------------------------
Jeremy King/ Ed McDermott Tel: +44 (0) 203 137 1902
----------------------------- --------------------------
Yellow Jersey
----------------------------- --------------------------
Tim Thompson Tel: +44 (0) 203 735 8825
----------------------------- --------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLLFFIFLFLRLID
(END) Dow Jones Newswires
November 17, 2017 02:00 ET (07:00 GMT)
Angus Energy (LSE:ANGS)
Historical Stock Chart
From Nov 2024 to Dec 2024
Angus Energy (LSE:ANGS)
Historical Stock Chart
From Dec 2023 to Dec 2024
