REG - Angus Energy PLC - Appointment of Non-Executive Director

Angus EnergyAnnouncement

24/01/2023 11:45

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RNS Number : 7115N  Angus Energy PLC  24 January 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 6/2014 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 January 2023

Angus Energy Plc

("Angus Energy", "Angus" or the "Company")

Appointment of Non-Executive Director

Angus Energy (AIM: ANGS) is pleased to announce that Richard Herbert has been
appointed a Non-Executive Director of the Company with immediate effect.  It
is expected that Richard will rotate into the role of Non-Executive Chairman
at the forthcoming Annual General Meeting, with current Chairman Patrick
Clanwilliam becoming a Non-Executive Director at that time.

George Lucan, CEO, comments: "Richard brings broad and deep experience in the
oil and gas sector and in particular of managing the challenging onshore
drilling environment in the UK.  Angus' Board is considerably stronger for
his presence and we look forward to working with him."

Richard Herbert comments: "I am very pleased to be appointed to the Angus
Board to support the development and operations of the Company's strategic
asset at the Saltfleetby gas field. After many years in the international oil
and gas industry, I am very happy to be returning to work in the onshore UK
sector, where I formally worked for BP as the manager of the Wytch Farm oil
field in Dorset. Saltfleetby makes an important contribution to securing
energy for the UK and is a solid platform on which to build a low-carbon
energy company for the future needs of the country."

 

Richard Herbert is a geologist by background and has worked in the exploration
and production business for over 42 years. After a long career at BP, he
retired as COO Exploration in 2016. Former roles include Executive
Vice-President for Technology at TNK-BP in Russia, Vice-President of
Exploration for Talisman Energy in Alberta, Canada and most recently, CEO of
Canadian independent Frontera Energy Corporation, operating in Latin America.

Richard Herbert (aged 64) is or has during the last five years been a director
or partner of the following companies and partnerships:

Current:

R Herbert Associates Limited

PGS ASA

Former:

Frontera Energy Corporation

Frontera Energy Colombia Corporation

 

Other than as disclosed above, there are no further disclosures to be made in
accordance with AIM Rule 17 and paragraph (g) of Schedule Two of the AIM Rules
for Companies.

The Company and Richard Herbert have entered into a standard services
agreement for his director services whilst his existing consultancy
arrangement with the Company will continue at the agreed daily rate.

END.

 

Enquiries:

 Angus Energy Plc              www.angusenergy.co.uk (http://www.angusenergy.co.uk/)
 George Lucan                  Tel: +44 (0) 208 899 6380

 Beaumont Cornish (Nomad)      www.beaumontcornish.com (http://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 (mailto: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 100% 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). Angus Energy operates all fields in which it has
an interest.

 

Important Notices

This announcement contains 'forward-looking statements' concerning the Company
that are subject to risks and uncertainties. Generally, the words 'will',
'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects',
'aims', 'intends', 'anticipates' or similar expressions or negatives thereof
identify forward-looking statements. These forward-looking statements involve
risks and uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements. Many of these risks
and uncertainties relate to factors that are beyond the Company's ability to
control or estimate precisely. The Company cannot give any assurance that such
forward-looking statements will prove to have been correct. The reader is
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this announcement. The Company does not
undertake any obligation to update or revise publicly any of the
forward-looking statements set out herein, whether as a result of new
information, future events or otherwise, except to the extent legally
required.

 

Nothing contained herein shall be deemed to be a forecast, projection or
estimate of the future financial performance of the Company.

 

Explanation of Terminology:

Kwhr, Therms, megajoules (MJ) are all measures of the energy content of a
quantity of gas and have a fixed and unvarying relationship with one another.

scm (standard cubic metre) mscm (thousand standard cubic metre) and mmscf
(million standard cubic feet) are traditional measures of volumes of gas.  As
producers we tend to observe volume flow from wells and through process plant
but we are paid on the energy content which is metered and analysed at point
of sale.

These two types of measurement, energy and volume, are related by the
calorific or higher heating value which is the number of MJ per standard cubic
metre.  Very intense processing, i.e. lower temperatures, will tend to remove
more higher hydrocarbon fractions such as propane, butane and pentane, which
will lower the calorific value but improve the margin of safety in terms of
meeting transmission grid specification.

55,000 Therms, given a calorific value of about 41MJ per standard cubic metres
is approximately equal to 5mmscf or 141,584 scm, 1,612,486 kwhrs, 5,804,948
MJ.

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