REG - Angus Energy PLC - First Quarter 2024 Production & Operations Update

Angus EnergyAnnouncement

04/04/2024 07:00

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RNS Number : 2387J  Angus Energy PLC  04 April 2024

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.

4 April 2024

 

Angus Energy Plc

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

(AIM:ANGS)

 

First Quarter 2024 Production and Operations Update

 

·    Production for the Quarter was 6.92 mm therms of natural gas and
11,717 bbls of condensate

·    Estimated revenues of £4.86m for the Quarter

 

Gas volumes produced and sold from the Saltfleetby Field equalled 6.92 mm
therms in aggregate for the months of January, February and March 2024
combined, compared to 7.35 mm therms produced and sold in the fourth quarter
2023. First quarter production equates to an average of 2.30 mm therms per
month (2.45 mm therms per month in the fourth quarter 2023), as against hedged
volumes of 1.5 mm therms per month for the quarter. Operational efficiency was
92% for the first quarter (87% operational efficiency for the fourth quarter
2023). Gas condensate (liquid) production averaged 128 bbl/day.

 

The quarter included a planned major service on the 'A' compressor whilst a
top-end major service was also carried out on the 'A' engine as a parallel
activity. A planned intervention was also made on the 'B' engine with all
cylinder heads on the engine changed out as part of an engine reliability
improvement plan. Dual compressor operation was reinstated on the 20th March.

 

At the Brockham Oil Field, site work has commenced in preparation for rig
arrival early in Q2 to reinstate production from the Brockham 2Y well.

 

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

Chief Executive
Director
                Via Flagstaff

 

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

 

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.

Explanation of Terminology:

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. Mmscfd represents mmscfd per day.

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.  Note that "mm" in respect of therms or scf means million.  Confusingly,
in the case of Joules, different nomenclature is used and "MJ" is an
abbreviation for megajoules which is equivalent to millions of joules.

 

 

 

 

 

 

 

 

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