REG - Angus Energy PLC - Q2 2025 Production, Operations and Finance Update

Angus EnergyAnnouncement

Mon 12:00

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RNS Number : 8981R  Angus Energy PLC  21 July 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.

 21 July 2025

Angus Energy PLC

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

(AIM:ANGS)

 

Second Quarter 2025 Production, Operations and Finance Update

 

·    Legacy Hedges roll off at end of June providing a significant
increase in operating cashflows.

·    Production from the Saltfleetby Field in the Second Quarter of 2025
was 351 million standard cubic feet of natural gas and 6,129 barrels of gas
condensate.

·    Gas sales of 3.90 million therms were achieved in the Quarter from
the Saltfleetby Field.

·    Booster compressor successfully commissioned on 11 April 2025 with
the installation impacting production through outages during connection but
subsequently positively impacting on production.

·    The Brockham Field produced 3,890 barrels of crude oil during the
Quarter.

·    Estimated revenues of £3.44m for the Quarter.

·    Angus analysing opportunities for production uplift

 

Production and Operations Update

 

Saltfleetby

Gas sales from the Saltfleetby Field equalled 3.90 million therms in aggregate
for the months of April, May and June 2025, compared to 4.55 million therms
sold in the first quarter of 2025.  Second quarter 2025 production equates to
an average of 1.3mm therms per month (down circa 14% from 1.52 mm therms per
month in the first quarter of 2025). Gas condensate (liquid) production
averaged 67 bbl/day, down circa 18% against an average of 82 bbl/day in the
first quarter 2025. Saltfleetby operational efficiency was 87% for the Quarter
compared to 90% for the previous Quarter.

 

Lower production at Saltfleetby this second quarter reflects the impact of
commissioning activities, comprising short duration site outages for
connecting the Booster compressor to existing site systems and infrastructure.
Well testing under new operating conditions also contributed to production
losses in the quarter with a three-day planned outage on all infield wells
during the last week of April.

 

Well performance under the new operating regime of lower well head pressures
is being evaluated by the sub-surface team to enable optimisation of the
infield wells and the team are examining ways to increase production.

 

The annual maintenance shutdown commenced today with a scheduled duration of
six days.

 

Brockham

Oil volumes produced from the Brockham Field equalled 3,890 barrels in
aggregate for the months of April, May and June 2025, with an average of 43
bbl/day. This is an increase of circa 80% compared to 2,150 barrels for the
first quarter of 2025 averaging 24 bbl/day. Brockham operational efficiency
was 100% for the Quarter compared to 98% for the previous Quarter. The
increase in production is due to production optimisation and the increase in
operating efficiencies.

 

Finance Update

Estimated revenues during the quarter were £3.44m, a reduction on the first
quarter due principally to lower gas volumes, however the company is
encouraged by comparatively strong summer gas prices.

 

As previously announced, legacy hedging volumes of 1.25m therms per month
rolled off in June 2025. Hedged volumes for the rest of 2025 is 6.370m therms
or 1.062m therms per month at an average price of £0.84 per therm in quarter
three rising to £0.91 in quarter four 2025. This represents a price increase
of circa 180% and 213% respectively when compared to quarter two pricing of
£0.29 per therm and will provide the Company with a significant increase in
operating cashflows.

 

Further to the announcement of 6 June 2025, Angus Energy confirms that
positive discussions with Trafigura regarding the resculpting of the original
payment schedule and the potential transaction are ongoing which includes the
Company's second repayment which became due as of 30 June 2025 and has also
not been paid as yet. The Company will inform the market once an agreement has
been reached.

 

The Company continues to carefully manage its working capital position in
conjunction with its lenders.

 

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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