Angus Energy PLC Operational Update & Final conversion of notes (1593E)
November 04 2020 - 1:00AM
UK Regulatory
TIDMANGS
RNS Number : 1593E
Angus Energy PLC
04 November 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.
4 November 2020
Angus Energy Plc
("Angus Energy" or the "Company")
Operational Update
Final conversion of notes
and
Total Voting Rights
Angus Energy (AIM: ANGS) is pleased to announce further progress
in the reconnection of the Saltfleetby Gas Field to the national
gas transmission network and the acquisition of key components of
the processing plant necessary to deliver gas to statutory
specification.
Specifically Angus has entered into agreements, with relatively
modest initial financial commitments, to acquire a full fiscal
metering and gas analysis system, two Caterpillar gas driven engine
system, two Ariel Compressor Units, one of the most up-to-date,
fully shrouded, emergency flaring systems and expects to follow
with finalisation of terms on a gas dehydration and dewpoint
control unit.
Simultaneously, as part of the work to complete the connection
to the national transmission system, Angus is pleased to announce
the successful outcome to two extended horizontal directional
drills and threading of the Soluforce 4" pipeline to within 15
metres of the national transmission grid entry point at
Theddlethorpe ready to be connected at surface - the first instance
of very high pressure, Hydrogen-capable pipework in a commercial
connection to the national transmission system. The Company will
now turn all its attentions to completing the 10" connection.
Termination of Riverfort/YA Loan Facility
The Company today also announces that, in relation to the GBP1.5
million convertible loan facility announced on 25 October 2019 (the
"Loan") and amended on 20 April 2020, it has received a notice from
Riverfort Global Opportunities PCC Limited and YA II PN Ltd
("Investors") to convert the final GBP58,335 of the Loan into Angus
shares. After today's conversion there are no outstanding
liabilities between the Company and the Noteholders.
The Company has therefore today allotted 9,678,945 new ordinary
shares to the noteholders ("Relevant Shares"). Application has
therefore been made for the Relevant Shares to be admitted to
trading on AIM with admission expected to take place on 10 November
2020. The Relevant Shares will rank pari passu in all respects with
all existing ordinary shares in the Company.
Total Voting Rights
Following admission of the Relevant Shares, the Company's
enlarged issued share capital will comprise 724,837,270 ordinary
shares with voting rights. The figure of 724,837,270 ordinary
shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the Disclosure
Rules and Transparency Rules of the United Kingdom Listing
Authority.
George Lucan comments: "We continue to progress procurement of
key processing equipment for the Saltfleetby Gas Field.
Specifically we are aiming to secure only those items which require
the greatest lead times in production, re-engineering or delivery,
with only modest financial outlay, whilst we proceed to negotiate
and structure the full debt financing facility for the processing
plant. We are very pleased by the interest expressed to date by
potential funding partners and by their estimation of the value of
the asset to be financed."
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 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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