REG - Angus Energy PLC - Q4 2024 Production and Operations Update

Angus EnergyAnnouncement

16/01/2025 07:00

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RNS Number : 5075T  Angus Energy PLC  16 January 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 January 2025

Angus Energy PLC

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

(AIM:ANGS)

 

Fourth Quarter 2024 Production and Operations Update

 

·    Production from the Saltfleetby Field in the Fourth Quarter of 2024
was 517 million standard cubic feet of natural gas and 9,387 barrels of gas
condensate. In addition, the Brockham Field   produced 2,130 barrels of
crude oil during the Quarter.

·    Gas sales of 5.73 million therms were achieved in the Quarter from
the Saltfleetby Field.

·    Estimated revenues of £6.12m for the Quarter.

·    Booster compressor shipped from the USA and expected to arrive on
site during January 2025.

 

Gas sales from the Saltfleetby Field equalled 5.73 million therms in aggregate
for the months of October, November and December 2024, compared to 5.85
million therms sold in the third quarter of 2024. Fourth quarter production
equates to an average of 1.91mm therms per month (1.95 mm therms per month in
the third quarter of 2024). Gas condensate (liquid) production averaged 102
bbl/day, against an average of 109 bbl/day in the third quarter 2024.
Quarterly production reflects an improvement in plant uptime at Saltfleetby,
with operational efficiency of 94% for the Quarter compared to 92% for the
year, offsetting natural well decline.

 

Estimated revenues of £6.12m are up c.19% compared to third quarter revenues
of £5.14m, primarily due  to increased gas prices over the winter months. As
previously announced, legacy hedging volumes, which are priced materially
lower than current spot pricing, will remain at 1.25m therms per month until
they roll off at the end of June 2025.

 

Oil volumes produced from the Brockham Field equalled 2,130 barrels in
aggregate for the months of October, November and December 2024, an average of
23 bbl/day, compared to 1,995 for the third quarter of 2024 averaging 22
bbl/day. The field is capable of producing at a daily rate of 20-30 barrels
from the single well on production, with the average quarterly volume
reflecting stoppages for facilities maintenance and operational improvement
work.

 

Booster Compressor Update

The new booster compressor was shipped from the USA in December 2024 and is
scheduled to arrive in the UK in the next two weeks. It will be transported to
Saltfleetby for installation and commissioning, with start-up planned for late
first Quarter 2025. This compressor is planned to increase production through
the ability to operate within a greater pressure range and will increase the
ultimate recovery of gas from the reservoir.

 

Royalty Interest

As announced on 22 February 2024 at the time of Angus's financial
restructuring, there is an agreement with the royalty interest holders that
until the end of the Second Quarter 2025, the royalty interest can either be
settled in cash or through the issue of new ordinary shares in the Company at
the Company's option. Under existing arrangements and calculation methods the
Company is required to issue 183,595,230 shares (or cash equivalent) in
aggregate in settlement of the Q2 and Q3 2024 royalty interest. Angus intends
to negotiate the timing of the settlement with the royalty interest holders
and will provide an update accordingly.

 

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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