Angus Energy PLC Re-evaluation of Lidsey Field (PL 241) (9509M)
September 24 2021 - 8:50AM
UK Regulatory
TIDMANGS
RNS Number : 9509M
Angus Energy PLC
24 September 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH
THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.
24 September 2021
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Re-evaluation of Lidsey Field (PL 241)
Angus Energy plc (AIM: ANGS) is pleased to share with investors
an update on recent work done by the Company on reprocessing and
reinterpreting the Lidsey seismic data. As previously mentioned on
the 22(nd) of February one of the conclusions of the work is that
previous seismic mapping failed to define the reservoir
accurately.
The Company therefore acquired a new line of seismic data to
link existing seismic lines across the structure in the vicinity of
the two existing wells. This work went very smoothly and was
accomplished using a very simple low cost but high-quality method.
When the data from the new line became available all of the
existing seismic lines were reprocessed to a uniform standard.
Subject to some further work on the processing particularly
processing to depth, Angus are now in a position to reinterpret the
seismic, using the new data, with the aim of remapping the
structure. The preliminary work suggests that the historical
mapping should be discarded and the structure mapped afresh using
the new data and with further work to tie in two historical wells
nearby at Middleton and Pagham (outside of the Lidsey Field) to
provide depth and structural control. This additional data should
provide a more complete picture.
George Lucan, CEO, comments: "Whilst the Company views these oil
producing fields as essentially legacy assets, and clean gas and
geothermal as our primary focus, we remain committed to good
husbandry of all of our sites and extracting maximum value for
shareholders and expect this work to advance that goal.
Progress continues with Saltfleetby procurement with no
significant deviations from timing or budget but with a
significantly improved gas price environment. Additionally the
Company looks forward to updating shareholders on its geothermal
projects at the end of the month."
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.
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 with a complementary portfolio of clean gas
development assets, onshore geothermal projects, and legacy oil
producing fields. Angus is focused on becoming a leading onshore UK
diversified clean energy and energy infrastructure company. 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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