Angus Energy PLC Acquisition of 25% Interest in Balcombe Completes (6841N)
May 10 2018 - 5:50AM
UK Regulatory
TIDMANGS
RNS Number : 6841N
Angus Energy PLC
10 May 2018
10 May 2018
Angus Energy Plc
("Angus Energy" or the "Company")
Completes Acquisition of a 25% Interest in the Balcombe Licence
(PEDL244)
Finalises new partnership with Cuadrilla and Lucas
Angus Energy Plc, a conventional oil and gas production and
development company, is pleased to announce that, having received
Oil and Gas Authority (the "OGA") approval for the transfer and
paid GBP2million to the Sellers, it has now completed the
acquisition of a 25.0% interest in licence PEDL244 (which includes
the entire Balcombe Field discovery) as announced on 22
January.
The Partnership of licence PEDL244 is now as follows:
Cuadrilla Balcombe Limited 56.25%
Angus Energy Plc* 25.00%
-------
Lucas Bolney Limited 18.75%
-------
* Angus Energy's interest is held through its wholly owned
subsidiary Angus Energy Weald Basin No.3 Limited
On behalf of the partnership, Angus Energy will, subject to OGA
approval, assume Operatorship of the Balcombe licence. The Company
will then commence a fully approved well test program of the
Balcombe-2Z horizontal well at the earliest opportunity. As
Operator, Angus Energy will also establish a local Community
Liaison Group and contact local residents, at the appropriate time,
before work commences.
All operations at Balcombe will be performed through
conventional production. There will be no hydraulic fracturing or
"fracking".
Balcombe Licence - PEDL244
Highlights:
-- Balcombe licence positioned in the centre of the thickest
section of the Weald Basin's Kimmeridge Clay
-- 568 meters of Kimmeridge Clay penetrated by the Balcombe-1 well
-- The Balcombe-2Z horizontal well has a 1600 ft. section
through the Kimmeridge Upper Limestone.
The Balcombe field is located within exploration licence PEDL
244, approximately 8km south east of Crawley near the village of
Balcombe. The conventional oil accumulation lies on the downthrown
side of the Borde Hill Fault, with dip closure present both to the
east and west at Upper Jurassic level. The field is positioned in a
prime central location of the Weald Basin, where buried rock
intervals are at their thickest, and oil source rock intervals at
their most mature.
The discovery well Balcombe - 1 was first drilled in 1986 by
Conoco, targeting the Great Oolite, Portland Sandstone and
Kimmeridge limestones. Approximately 568m of Kimmeridge Clay was
encountered in the well, including thick micritic limestone layers.
Balcombe - 2 and its associated side track Balcombe-2Z completed
drilling in September 2013 to a vertical depth of 2,200 ft, and
horizontally through the Kimmeridge Upper Limestone to a length of
some 1,714 ft.
Further information is available on the company website:
www.angusenergy.co.uk/media/presentations
END.
About Cuadrilla
Cuadrilla Resources is a Lancashire based company which is
leading the exploration for shale gas in the UK. It is acutely
aware of the responsibilities this brings, particularly with regard
to safety, environmental protection and working with local
communities.
For further information and media enquiries please call the
Cuadrilla press office on 0800 9012 494 or
press@cuadrillaresources.com or visit
www.cuadrillaresources.com
About Lucas Bolney Limited
Lucas Bolney Limited is a 100% subsidiary of AJ Lucas Group
Limited (Lucas). Lucas is a specialist service provider to the
energy, mining and infrastructure sectors. In each market, its
multi-disciplined teams have earned a reputation for innovative
solutions and reliable project delivery. For further details on
Lucas, please see the following link: www.lucas.com.au
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) and a 25% interest in the Balcombe Licence
(PEDL244).
Enquiries:
Angus Energy Plc
Jonathan Tidswell-Pretorius / Tel: +44 (0) 208 899 6380
Paul Vonk
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Beaumont Cornish (NOMAD)
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James Biddle/ Roland Cornish Tel: +44 (0) 207 628 3396
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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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This information is provided by RNS
The company news service from the London Stock Exchange
END
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