REG - Angus Energy PLC - Company Update

Angus EnergyAnnouncement

20/11/2025 14:30

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RNS Number : 4148I  Angus Energy PLC  20 November 2025

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.

 20 November 2025

Angus Energy PLC

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

(AIM:ANGS)

 

Update on Potential Acquisition, Financial Restructuring and Suspension of
Trading on AIM

 

·    Due diligence completed on the potential acquisition of an attractive
portfolio of producing assets in the Gulf of America as announced on 19 May
2025.

·    Introduction of an experienced US based third-party operator to
manage the project, enabling Angus to focus financial and human capital
efficiently, reduce operational risk and enhance potential returns on
investment.

·    Board now pursuing a strategically advantageous minority,
non-operated interest, expected to deliver enhanced returns on capital while
significantly lowering capital and operational commitments.

·    If terms are agreed, the transaction is no longer expected to
constitute a reverse takeover, streamlining the process and reducing
regulatory complexity.

·    Constructive debt-restructuring discussions with Angus creditors
continue, with momentum and progress achieved.

·    Given the ongoing financial uncertainty, suspension in trading of the
Company's shares to remain in place pending a satisfactory conclusion of the
financial restructuring.

 

Potential Acquisition

 

During the comprehensive due diligence process, the Board recognised the
complex nature of the operations offshore in the Gulf of America and the
Company's existing financial and human capital constraints. As a result, it
introduced and opened discussions with a specialist, experienced, US-based
offshore operator to take forward the operations of the project. This step
enables Angus to retain potential upside from the asset while benefiting from
the proposed operator's technical and operational capabilities and financial
contribution.

 

Following the progression of due diligence (and subject to the vendor
providing clarification on certain outstanding items identified during the
process), the Board has determined that securing a minority non-operated
interest represents the most value-enhancing and risk-appropriate structure
for the Company and its shareholders. This structure would allow Angus to
participate in the project's potential returns with materially lower financial
and human capital requirements and reduced execution risk.

 

Terms are still under negotiation between the relevant parties, however, the
Board notes that, should an agreement for a minority interest be reached, and
subject to a number of matters, including funding, the transaction is no
longer expected to be considered a reverse takeover under Rule 14 of the AIM
Rules for Companies, significantly simplifying the regulatory process and
reducing associated costs and timelines. A further update on the target assets
and the detailed terms will be provided should we reach final agreement.

 

Finance Update

 

As previously notified, while the Company continues to meet its obligations to
trade creditors, it has sought to defer and restructure its arrangements with
three key creditor groups where payments are currently overdue, namely the
senior debt provided by Trafigura (including amounts due in relation to
crystallised and other hedging arrangements), the Overriding Royalty Interest
in connection with the Company's principal Saltfleetby asset and the Deferred
Consideration due to Forum Energy Services Ltd. In aggregate, the total amount
of debt being restructured is circa £29 million.

 

The Company confirms that positive discussions with the above-mentioned
creditors remain ongoing, with the preparation of long-form term sheets
underway which will underpin definitive agreements with the aim of creating a
solid foundation for future growth. The Board is encouraged by the progress
and momentum achieved. The Board reiterates that failure to reach a suitable
agreement could create material uncertainty in respect of the Company's
ability to continue as a going concern.

 

The Company will update the market once terms have been agreed. In the
meantime, the Board continues to prudently manage working capital in close
coordination with its lenders.

 

Suspension of Trading on AIM

 

The Company's shares are expected to remain suspended from trading on AIM
pending the conclusion of its financial restructuring.

 

The Board remains committed to delivering a sustainable and value-driven
strategy for the Company and will provide further updates as appropriate.

 

END

For further information please visit www.angusenergy.co.uk
(http://www.angusenergy.co.uk) .

Angus Energy Plc
 

 

Carlos Fernandes

Finance Director
                                     Via
Flagstaff

 

SP Angel Corporate Finance LLP (Nomad and Broker)     www.spangel.co.uk
(http://www.spangel.co.uk/)

 

Stuart Gledhill / Jen Clarke / Richard Hail Tel: +44 (0)20 3470 0470

 

Flagstaff  PR/IR
                             angus@flagstaffcomms.com
(mailto:angus@flagstaffcomms.com)

 

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

 

About Angus Energy plc

 

Angus Energy plc is a UK AIM quoted independent oil and gas company. Angus is
the leading onshore gas producer in the UK and has ambitious plans to grow
onshore production and diversify internationally. 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.

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