REG - Angus Energy PLC - Saltfleetby Gas Field Update

Angus EnergyAnnouncement

20/12/2019 07:05

RNS Number : 5720X
Angus Energy PLC
20 December 2019
 


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.
 
20 December 2019
 
Angus Energy Plc
("Angus Energy" or the "Company")
Saltfleetby Gas Field
 
Angus Energy plc (AIM: ANGS) is pleased to update its presentation on the above Field following the submission today of our Field Development Plan to the Oil & Gas Authority. A copy of the presentation is available from the Company's website, www.angusenergy.co.uk and terms herein are more fully explained in the presentation.
In advance of the Competent Persons Report expected to be completed in January 2020 we have not updated figures for volumes or cash flows but, as stated in the presentation, we expect these to be at least as good as those announced therein if not better and will update shareholders as more granular figures can be given on upside.
The revised time line contains details of the various submissions, approvals and parties involved in the technical design and planning of reconnection to the National Gas Transmission Grid and are reproduced as below.
 




Deliverable


Date




Legal and Commercial DD


Completed




OGA Licence Transfer and Approval


Completed




CPR Reserves Report


Ongoing - Due January-February 2020




NTS Feasibility Study


Completed




NTS Detailed Design, Equipment Procurement, Construction


Ongoing - Due June 2020




Pipeline Detailed Design + Construction/Laying


Ongoing - Due June 2020




Processing Facility Design


Ongoing - Due January-March 2020




Gas Offtake Negotiations w/ Major


Ongoing - Due January-June 2020




Processing Facilities
Procurement


Due to start in February-March 2020




Permit Applications, Planning application
preparation and then submission


Ongoing - Due January - May 2020




Pipeline Pigging and Commissioning


Due to start in May 2020




Facilities Installation and Commissioning


Due to start in May 2020




OGA/HSE/EA
Approvals


Due to start in May 2020




 
 
George Lucan, Managing Director, writes:  "Progress continues to be made on this reconnection of what was formerly the UKs largest onshore gas field.   There are some considerable technical challenges which our team here are in the process of meeting and overcoming.  We remain certain that, as advised,  the prize for this very attractively priced opportunity will result in considerable value for Shareholders."
 
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.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


 




 
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).
 
                           
 




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END
 
 
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