REG - Angus Energy PLC - Saltfleetby Field: Production Ramp Up

Angus EnergyAnnouncement

15/05/2023 07:00

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RNS Number : 3373Z  Angus Energy PLC  15 May 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 6/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED
IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.

 

15 May 2023

Angus Energy Plc

("Angus Energy", "Angus" or the "Company")

Saltfleetby Field: Production Ramp Up

 

Angus Energy (AIM: ANGS) is pleased to announce that, as planned, the second
compressor at Saltfleetby Field was successfully commissioned in dual
compressor mode on 10(th) May and the 3 producing wells in the field, B2, A4
and the new B7T well, have been flowing gas to the National Grid at the
combined average daily rate of 9.5 mmscfd since then. This represents more
than a 75% increase in production over that achieved in the first quarter of
this year. As expected, the new B7T well is producing between 4-5 mmscfd
through the temporary flowline with stable flow as it continues to clean-up.

Angus CEO, Richard Herbert, commented: "The achievement of our goal of putting
3 wells in production through the Saltfleetby facility is very satisfying and
represents an important milestone for the Company as it positions for strong
cash flow generation and growth in the future. I am very grateful to the Angus
team for all their hard work to deliver this great progress."

 

END.

 

Enquiries:

 Angus Energy Plc              www.angusenergy.co.uk (http://www.angusenergy.co.uk/)
 George Lucan                  Tel: +44 (0) 208 899 6380

 Beaumont Cornish (Nomad)      www.beaumontcornish.com (http://www.beaumontcornish.com/)
 James Biddle/ Roland Cornish  Tel: +44 (0) 207 628 3396

 WH Ireland Limited (Broker)
 Katy Mitchell/ Harry Ansell   Tel: +44 (0) 113 394 6600

 Flagstaff PR/IR               angus@flagstaffcomms.com (mailto:angus@flagstaffcomms.com)
 Tim Thompson                  Tel: +44 (0) 207 129 1474
 Fergus Mellon
 Aleph Commodities             info@alephcommodities.com

 

Qualified Person's Statement: Andrew Hollis, the Technical Director of the
Company, who has over 40 years of relevant experience in the oil and gas
industry, has approved the information contained in this announcement. Mr
Hollis is a Fellow of the Geological Society and member of the Society of
Petroleum Engineers.

 

Notes

 

About Angus Energy plc

Angus Energy plc is a UK AIM quoted independent onshore Energy Transition
company with a complementary portfolio of clean gas development assets,
onshore geothermal projects, and legacy oil producing fields. Angus is focused
on becoming a leading player in the aggregation, production and storage of
energy.  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.

 

Important Notices

This announcement contains 'forward-looking statements' concerning the Company
that are subject to risks and uncertainties. Generally, the words 'will',
'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects',
'aims', 'intends', 'anticipates' or similar expressions or negatives thereof
identify forward-looking statements. These forward-looking statements involve
risks and uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements. Many of these risks
and uncertainties relate to factors that are beyond the Company's ability to
control or estimate precisely. The Company cannot give any assurance that such
forward-looking statements will prove to have been correct. The reader is
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this announcement. The Company does not
undertake any obligation to update or revise publicly any of the
forward-looking statements set out herein, whether as a result of new
information, future events or otherwise, except to the extent legally
required.

 

Nothing contained herein shall be deemed to be a forecast, projection or
estimate of the future financial performance of the Company.

 

Explanation of Terminology:

scm (standard cubic metre) mscm (thousand standard cubic metre) and mmscf
(million standard cubic feet) are traditional measures of volumes of gas.
As producers we tend to observe volume flow from wells and through process
plant but we are paid on the energy content which is metered and analysed at
point of sale. Mmscfd represents mmscfd per day.

These two types of measurement, energy and volume, are related by the
calorific or higher heating value which is the number of MJ per standard cubic
metre.  Very intense processing, i.e. lower temperatures, will tend to remove
more higher hydrocarbon fractions such as propane, butane and pentane, which
will lower the calorific value but improve the margin of safety in terms of
meeting transmission grid specification.

55,000 Therms, given a calorific value of about 41MJ per standard cubic metres
is approximately equal to 5mmscf or 141,584 scm, 1,612,486 kwhrs, 5,804,948
MJ.

FWHP- Flowing Well Head Pressure

 

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