REG - Angus Energy PLC - Q1 2025 Production and Operations Update

Angus EnergyAnnouncement

16/04/2025 07:15

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RNS Number : 2554F  Angus Energy PLC  16 April 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.

16 April 2025

Angus Energy PLC

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

(AIM:ANGS)

 

Booster Compressor Successfully Commissioned

First Quarter 2025 Production and Operations Update

 

·    Booster compressor successfully commissioned on 11 April 2025.

·    Production from the Saltfleetby Field in the First Quarter of 2025
was 411 million standard cubic feet of natural gas and 7,381 barrels of gas
condensate.

·    Gas sales of 4.55 million therms were achieved in the Quarter from
the Saltfleetby Field.

·    The Brockham Field produced 2,150 barrels of crude oil during the
Quarter.

·    Estimated revenues of £5.32m for the Quarter.

 

Booster Compressor Update

The new booster compressor at the Saltfleeby Gas Field commenced operation on
11 April 2025. The compressor operates at a lower suction pressure than the
two existing compressors at the field, allowing more pressure drawdown of the
wells and helping to alleviate the impact of liquid loading in the wells,
which has been increasingly impacting gas flow rates in the last three months.
The introduction of the booster compressor has resulted in an 18% increase in
production compared with the average production for the first 10 days of March
and a 15% increase compared to average daily production in March. Work is
continuing to optimise plant and well performance with the new compressor,
with the aim of further improving and stabilising gas flow rates from the
three wells in the field.

 

Production and Operations Update

Gas sales from the Saltfleetby Field equalled 4.55 million therms in aggregate
for the months of January, February and March 2025, compared to 5.73 million
therms sold in the fourth quarter of 2024. First quarter 2025 production
equates to an average of 1.52mm therms per month (1.91 mm therms per month in
the fourth quarter of 2024). Gas condensate (liquid) production averaged 82
bbl/day, against an average of 102 bbl/day in the fourth quarter 2024.
Saltfleetby operational efficiency was 90% for the Quarter compared to 94% for
the previous Quarter.  Brockham operational efficiency was 98% for the
Quarter compared to 90% for the previous Quarter.

 

Lower production at Saltfleetby this first quarter reflects the impact of cold
weather on well and plant performance in January and the increasing effect of
liquids, mainly condensate, restricting gas flow in the 3 wells in the field.
The introduction of the booster compressor will reduce well head pressures and
increase gas flow rates and gas velocities from each of the wells and assist
in the lifting of liquids to surface and improve the stability of production.

 

Estimated revenues of £5.21m are down c.15% compared to third quarter
revenues of £6.12m, with lower gas volumes being partially offset by higher
gas prices over the winter months. As previously announced, legacy hedging
volumes will remain at 1.25m therms per month until they roll off in June
2025.

Oil volumes produced from the Brockham Field equalled 2,150 barrels in
aggregate for the months of January, February and March 2025, an average of 24
bbl/day, compared to 2,130 barrels for the fourth quarter of 2024 averaging 23
bbl/day.

 

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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