Angus Energy PLC Re-evaluation of Lidsey Field & Update
RNS Number : 9095P
Angus Energy PLC
22 February 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
22 February 2021
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Re-evaluation of Lidsey Field (PL 241)
Clarification around Debt Funding Update
Angus Energy plc (AIM: ANGS) is pleased to share with investors
an update and adjoining presentation on recent work done by the
Company on reprocessing and reinterpreting the Lidsey seismic data.
One of the conclusions of the work is that previous seismic mapping
both underestimated the aerial extent of the reservoir and most
importantly its shape. As a consequence of which, the presentation
addresses the likelihood that both wells X1 and X2 have been
addressing the flank or edge of the structure rather than its
The Company therefore intends to acquire a new line of seismic
data and reprocess the existing seismic lines. Angus will
reinterpret and remap the field using the new data with the aim of
identifying a new drilling target. Assuming the further seismic
line does not result in a wholly unexpected remapping, the Company
will then explore farmout or other financing for a short sidetrack
back to the crest of the structure, subject to Planning, EA and
other regulatory permissions.
George Lucan, Angus CEO, comments: "Lidsey was one of the two
oil fields which supported the launch of Angus onto the AIM at its
initial public offering in 2016. Expectations were for over 250
barrels a day and the disappointment at low flow rates in late 2017
was one of two defining moments for the Company in its early years
on the market.
The Company believes that the Field has more potential than
previously considered and that our technical view concerning depth
conversion and seismic interpretation will shortly be
incontrovertibly confirmed by the addition on further short seismic
line. This has already been budgeted for."
A copy of the presentation is available in the Presentations
section of the Company's website.
Clarification regarding Debt Funding Update
Further to the announcement released at 8.30am today, the
Company advises that the references to the RNS of 19 January should
have referred to 30 November 2020 ("Memorandum of Understanding on
Saltfleetby Finance Facility and Geothermal Projects").
Additionally, and for clarification, the Mandate referred to
anticipates the involvement of the group of investors led by Aleph.
Thus the proposed GBP12 million Loan Facility has soft commitments
and Mandate "best effort" commitments of approximately GBP20
million in aggregate.
Qualified Person's Statement:
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.
Angus Energy Plc www.angusenergy.co.uk
George Lucan Tel: +44 (0) 208
Beaumont Cornish www.beaumontcornish.com
James Biddle/ Roland Tel: +44 (0) 207
Cornish 628 3396
WH Ireland Limited
Katy Mitchell/ Harry Tel: +44 (0) 113
Ansell 394 6600
Flagstaff PR/IR firstname.lastname@example.org
Tim Thompson Tel: +44 (0) 207
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
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(END) Dow Jones Newswires
February 22, 2021 07:03 ET (12:03 GMT)