REG - Angus Energy PLC - Balcombe Oil Field Update

Angus EnergyAnnouncement

17/10/2023 07:31

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RNS Number : 2959Q  Angus Energy PLC  17 October 2023

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

 

17 October 2023

 

Angus Energy Plc

("Angus Energy", the "Company" or together with its subsidiaries, the "Group")

(AIM:ANGS)

 

Balcombe Oil Field Update

 

Angus Energy plc (AIM: ANGS) is pleased that the High Court has upheld its
right to test the existing well at its Balcombe wellsite in the PEDL244
Licence in West Sussex.  The Balcombe-2Z well was drilled almost a decade ago
and a short-term, inconclusive test was carried out by the Company in November
2018. Testing operatons can now be restarted according to normal oilfield
practice to determine the commercial viability of the discovery.

The Company presently has a 25% interest in the Licence and is in discussions
with the 75% majority partner regarding that interest and the work programme
with regard to the project's various stages.

The Company notes that in the 40 years of this site's existence there has
never been any hydraulic fracturing either proposed or employed.

Richard Herbert, CEO, comments  "The Kimmeridge reservoir at Balcombe is
presently an unknown quantity, and now we are able to conduct the necessary
flow testing to determine the potential to flow at commercial rates. We remain
most mindful of the concerns of local residents in our common pursuit, in a
safe and responsible manner, of a diverse source of domestically-sourced
energy as against higher carbon footprint imports."

 

END

For further information on the Company, please visit www.angusenergy.co.uk
(http://www.angusenergy.co.uk) or contact:

Enquiries:

Angus Energy
Plc
www.angusenergy.co.uk (http://www.angusenergy.co.uk)

Richard
Herbert
Tel: +44 (0) 208 899 6380

 

Beaumont Cornish Limited (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) 207 220 1666

 

Flagstaff
PR/IR
angus@flagstaffcomms.com

Tim Thompson / Fergus Mellon                 Tel: +44 (0) 207
129 1474

 

Aleph
Commodities
info@alephcommodities.com

 

Disclaimers - this Announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "forecasts", "plans", "prepares", "anticipates",
"projects", "expects", "intends", "may", "will", "seeks", "should" or, in each
case, their negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or
intentions. These forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
Announcement and include statements regarding the Company's and the Directors'
intentions, beliefs or current expectations concerning, amongst other things,
the Company's prospects, growth and strategy. By their nature, forward-looking
statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance. The
Company's actual performance, achievements and financial condition may differ
materially from those expressed or implied by the forward-looking statements
in this Announcement. In addition, even if the Company's results of
operations, performance, achievements and financial condition are consistent
with the forward-looking statements in this Announcement, those results or
developments may not be indicative of results or developments in subsequent
periods. Any forward-looking statements that the Company makes in this
Announcement speak only as of the date of such statement and (other than in
accordance with their legal or regulatory obligations) neither the Company,
nor the Bookrunner nor Beaumont Cornish nor any of their respective
associates, directors, officers or advisers shall be obliged to update such
statements. Comparisons of results for current and any prior periods are not
intended to express any future trends or indications of future performance,
unless expressed as such, and should only be viewed as historical data.

Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of this
announcement or any matter referred to in it.

 

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