REG - Angus Energy PLC - Q3 2024 Production and Operations Update

Angus EnergyAnnouncement

07/10/2024 07:00

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RNS Number : 0895H  Angus Energy PLC  07 October 2024

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7 October 2024

Angus Energy PLC

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

(AIM:ANGS)

 

Third Quarter 2024 Production and Operations Update

 

·    Production from the Saltfleetby Field in the Third Quarter of 2024
was 531 million standard cubic feet of natural gas and 9,977 barrels of
condensate. In addition, the Brockham Field exported 1,995 barrels of oil
during the Quarter.

·    Gas sales of 5.85 million therms were achieved in the Quarter from
the Saltfleetby Field

·    Estimated revenues of £5.14m for the Quarter

 

Gas sales from the Saltfleetby Field equalled 5.85 million therms in aggregate
for the months of July, August and September 2024, an average of 1.95 mm
therms per month. Gas condensate (liquid) production averaged 109 bbl/day.
Saltfleetby operational efficiency was 88% for the quarter and 2024 YTD
operational efficiency has been maintained at a high level of 90%. Quarterly
production and operational efficiency reflects the impact of a planned full
field shutdown for five days in early July.

 

Oil volumes produced and sold from the Brockham Field equalled 1,995 barrels
in aggregate for the months of July, August and September 2024, an average of
22 barrels/day. The field is capable of producing 25-30 barrels/day from the
single well on production, with the lower quarterly volume reflecting
stoppages for facilities maintenance and operational improvement work.

 

Hedging Update

 

At the start of the third quarter 2024, the monthly volumes of gas hedged
under the legacy risk management programme put in place for the redevelopment
of the Saltfleetby Field in 2021-22 dropped to 1.25 million therms per month
from 1.5 million therms per month in the first and second quarters. These
hedges will stay at this level until they expire in June 2025. Thereafter,
hedges for an additional 6.44 mm therms have been struck as detailed in the
table below:

 

 Period    Amount (therms)  Average price (pence/therm)
 Jul 2025  1,085,000        84.41
 Aug 2025  1,085,000        84.41
 Sep 2025  1,050,000        84.41
 Oct 2025  1,085,000        91.63
 Nov 2025  1,050,000        91.63
 Dec 2025  1,085,000        91.63
 TOTAL     6,440,000

 

The Company is working closely with Trafigura Trading (Europe) Sarl
("Trafigura") on its existing hedging commitments, including the impact of
previously crystalised hedges, and has the required flexibility under its
financing facility with Trafigura to manage these commitments ahead of the
installation of the booster compressor and the expiry of the legacy hedges.

Richard Herbert, CEO, commented: "Angus is pleased with the production from
Saltfleetby during the third quarter which extends our track record of safe,
reliable production. Even with the planned maintenance shutdown in July,
revenues were up on stronger gas prices. Engineering work is proceeding to
plan for the installation of the third compressor (the booster compressor) in
late 2024-early 2025 which is expected to raise production levels and increase
ultimate recovery from the field. We are also very satisfied with the
performance of the Brockham Field which has now delivered 13 tanker loads of
crude oil to the market since production was restarted in late May this year."

 

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 / Caroline Rowe / 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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