REG - Angus Energy PLC - Production, Operations, Corporate, Finance Update

Angus EnergyAnnouncement

03/11/2025 07:00

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RNS Number : 7931F  Angus Energy PLC  03 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.

 3 November 2025

Angus Energy PLC

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

(AIM:ANGS)

 

Third Quarter 2025 Production, Operations, Corporate and Finance Update

 

·    Production from the Saltfleetby Field in the Third Quarter of 2025
was 374 million standard cubic feet of natural gas and 6,519 barrels of gas
condensate.

·    Gas sales of 4.16 million therms were achieved in the Quarter from
the Saltfleetby Field.

·    Legacy Hedges have rolled off, and Company recorded a hedging profit
of £0.152m in the quarter.

·    Annual maintenance shutdown completed without incident.

·    The Brockham Field produced 3,632 barrels of crude oil during the
Quarter.

·    Estimated revenues of £3.21m for the Quarter.

·    Production uplift due to improved well performance, improvements in
well management, and optimisation of Booster Compressor operation with lower
well head pressures.

 

Production and Operations Update

 

Saltfleetby

Gas sales from the Saltfleetby Field equalled 4.16 million therms in aggregate
for the months of July, August and September 2025, compared to 3.90 million
therms sold in the second quarter of 2025, an increase of circa 6.7%.  Third
quarter 2025 production equates to an average of 1.39 million therms per month
(up circa 6.9% from 1.30 million therms per month in the second quarter of
2025). Gas condensate (liquid) production averaged 69.5 bbl/day, up circa 3.7%
against an average of 67 bbl/day in the second quarter 2025. Saltfleetby
operational efficiency remains at 87% for the Quarter.

 

Higher production at Saltfleetby this quarter reflects improved well
performance, improvements in well management, and optimisation of Booster
Compressor operation with lower well head pressures.

Well performance under the new operating regime of lower well head pressures
continues to be evaluated by the sub-surface team and the operations team with
the aim of delivering further increases in production.

 

The annual maintenance shutdown was delivered two days ahead of schedule, with
four days of lost production associated with the shutdown, during the month of
July. The annual shutdown was delivered without incident and with no harm to
the environment, and all regulatory commitments were met.

 

Brockham

Oil volumes produced from the Brockham Field equalled 3,632 barrels in
aggregate for the months of July, August and September 2025, with an average
of 39.5 bbl/day. This is a decrease of circa 6.6% compared to 3,890 barrels
for the second quarter of 2025 averaging 43 bbl/day. Brockham operational
efficiency remained at 100% for the Quarter.

 

Finance Update

Estimated revenues during the quarter were £3.21m (Quarter 2: £3.44m), a 7%
reduction on the second quarter due principally to lower gas prices which
averaged £0.79 per therm (Quarter 2: £0.84 per therm).

 

As previously announced, low priced legacy hedging volumes rolled off in June
2025. Hedged volume for the quarter was 3,220 million therms at an average
price of £0.84 per therm, resulting in a hedging profit of £0.152m for the
quarter.

 

Further to the announcement of 13 October 2025, Angus Energy confirms that
positive discussions with its creditors regarding restructuring of its debt
remain ongoing. While the Board is encouraged in respect of recent progress in
these discussions, the Company cautions that if a suitable agreement is not
reached, it would create a material uncertainty around the Company's ability
to continue to operate as a going concern. The Company will inform the market
once an agreement has been reached and the terms of such agreement, and in the
meantime continues to carefully manage its working capital position in
conjunction with its lenders.

 

Potential Acquisition by Reverse Takeover

Further to the announcement of 13 October 2025, the Company is continuing with
its due diligence on the purchase of a group of producing assets located in
the Gulf of America. The Board is meeting in the next week to agree whether or
not to proceed with the transaction as currently structured. The Company will
update the market accordingly in respect of any further developments.

 

Management Update

Further to the announcement of 11 July 2025, and as requested by Forum Energy
Services Limited ("Forum"), Jonathan Tidswell-Pretorius was appointed as
non-board Interim COO.  After completing a review of the Company's
operations, Jonathan Tidswell-Pretorius has resigned to pursue other
interests. On behalf of the Company the Board wishes to thank him for his
guidance and efforts during this time.

 

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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