Angus Energy PLC Saltfleetby & Debt Funding Update (6792M)
January 25 2021 - 1:00AM
UK Regulatory
TIDMANGS
RNS Number : 6792M
Angus Energy PLC
25 January 2021
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.
25 January 2021
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Saltfleetby & Debt Funding Update
Angus Energy plc (AIM: ANGS) is pleased to announce, further to
the RNS of 30 November, the Company, Saltfleetby Energy Limited and
Aleph Energy Limited ("Aleph") have appointed lawyers, following
the completion of technical due diligence.
Legal and corporate due diligence is being conducted in parallel
with the drafting of the loan facility and security agreements,
with the objective of concluding the documentation in the coming
two to three weeks, with drawdown shortly thereafter following the
satisfaction of the conditions precedent, standard for a facility
of this nature.
At Salfleetby (the "Field"), to date almost all elements of the
procurement and engineering schedule have been advanced even prior
the availability of the full facility. In particular, deposits have
been made on the Compressors, two Generators and the Flare Stack,
whilst integration engineering is in progress on the Analysis
Equipment and the Metering Skid, and most conceptual and some
detailed design work is completed. Additionally, final quotations,
including delivery times, have been received for elements of the
Condensate Stabilisation Package, a Joule Thomson Valve and a
passive dehydration unit.
Finally, we are pleased to welcome back to the Field the former
Health and Safety Manager and a further operative both of whom were
long term employees of the former Licensee.
George Lucan, Angus CEO, comments: "We are pleased to be moving
forward with the Aleph Facility and the planned re-start of the
Saltfleetby Gas Field, which in conjunction with the developments
in the associated renewables projects, we hope will provide a major
move forward for Angus as a disruptive Energy Transition company
with production assets . We will also look forward to providing an
update on the Company's progress on other assets in due
course."
END.
Enquiries:
Angus Energy Plc www.angusenergy.co.uk
George Lucan Tel: +44 (0) 208 899 6380
Beaumont Cornish (Nomad) www.beaumontcornish.com
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
Aleph Commodities info@alephcommodities.com
Notes
About Angus Energy plc
Angus Energy plc is a UK AIM quoted independent onshore energy
transition company focused on leveraging its expertise to advance
its portfolio of UK assets as well as acquire, manage and monetise
select projects in upstream, geothermal and renewable energy. 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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