Angus Energy PLC Balcombe Oil Field Planning Application (5089G)
March 17 2020 - 11:13AM
UK Regulatory
TIDMANGS
RNS Number : 5089G
Angus Energy PLC
17 March 2020
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.
17 March 2020
Angus Energy Plc
("Angus Energy" or the "Company")
Balcombe Oil Field Planning Application
Angus Energy plc (AIM: ANGS) has been informed that the West
Sussex County Council Planning Committee meeting of 24 March 2020
together with all meetings up to the end of April 2020 have been
cancelled due to Covid-19.
The Company has also been reviewing the Planning Officer's
recommendation to West Sussex County Council Planning Committee.
The recommendation of the Planning Officer is presently to decline
the application based on interpretations of local and national
requirements for hydrocarbons and whether these may be sufficient
to justify a development of this kind in the High Weald Area of
Oustanding Natural Beauty.
We are pleased to use this delay as an opportunity to present
further information to the Planning Officer which we believe may
have a bearing on the final recommendation and decision.
George Lucan, Managing Director, writes "The delay and
recommendation are both frustrating but by no means final and many
options exist to reach a more satisfactory outcome.
In terms of the impact on cashflow, the Balcombe project was
forecast to result in cash outflow during calendar 2020 due to
capital expenditures at the site. To the extent that the delay
continues we shall have additional funds to direct to bringing
Saltfleetby to first gas."
Technical Sign off
Andrew Hollis, the Technical Director of the Company, who has
over 40 years of relevant experience in the oil and gas industry,
has approved the information contained in this announcement. Mr
Hollis is a Fellow of the Geological Society and member of the
Society of Petroleum Engineers.
END.
Enquiries:
Angus Energy Plc www.angusenergy.co.uk
George Lucan Tel: +44 (0) 208
899 6380
Beaumont Cornish (Nomad) www.beaumontcornish.co
m
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
Notes
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 25%
interest in the Balcombe Licence (PEDL244) and a 12.5% interest in
the PEDL143 Licence (A24 Prospect).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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