REG - Angus Energy PLC - Potential Reverse Takeover and Suspension

Angus EnergyAnnouncement

19/05/2025 12:45

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RNS Number : 2463J  Angus Energy PLC  19 May 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.

19 May 2025

 

Angus Energy PLC

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

 

Potential Acquisition by Reverse Takeover and Suspension of Trading on AIM

 

 

Following recent market speculation, Angus Energy (AIM: ANGS) announces it has
entered into a non-binding agreement to purchase a group of producing assets
located in the Gulf of America ("Potential Transaction").

 

Given the nature of the Potential Transaction, this would constitute a reverse
takeover under Rule 14 of the AIM Rules for Companies and accordingly, the
Company's shares have been suspended from trading.

 

Rationale for the Proposed Transaction

 

Completion of this transformational transaction would represent a major
strategic development for Angus Energy, with a significant increase in
reserves, production and positive cash flow. The transaction diversifies Angus
away from the challenging UK energy sector into assets in a highly supportive
oil and gas jurisdiction, with stable and reliable production and low decline.

 

As part of the acquisition and reverse takeover process, approval of the
Company's shareholders in a General Meeting will be required under the AIM
Rules. As such, a further announcement with full details of the transaction
will be issued at the appropriate time once binding contracts are entered into
and an admission document published and sent to shareholders with a notice of
general meeting. The Company is working towards finalising the asset purchase
agreement and further details and timing will be communicated in due course.

 

At this stage, the Potential Transaction is non-binding and subject to
completing due diligence, funding and other material considerations and there
is no certainty that it will be completed, and the timing thereof cannot be
determined.

 

In accordance with Rule 14 of the AIM Rules for Companies, the Company's
shares have been suspended from trading on AIM with effect from today. The
Company's ordinary shares will remain suspended until such time as either an
admission document is published, or an announcement is released confirming
that the transaction is not proceeding.

 

Shareholders should be aware that there is a risk that admission of the
Company's securities could be cancelled if they have been suspended from
trading for six months.

 

Finance Update

 

Further to the announcement of 7 May 2025, Angus Energy confirms that while
resculpting discussions are ongoing, Trafigura has granted the Company an
extension of the first principal repayment until 26 May 2025.

 

END

 

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

 

Angus Energy Plc

 

Richard Herbert

Chief Executive
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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