REG - Angus Energy PLC - Saltfleetby Flow Rates

Angus EnergyAnnouncement

09/09/2022 13:00

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RNS Number : 9737Y  Angus Energy PLC  09 September 2022

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.

 

 

9 September 2022

 

Angus Energy Plc

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

Saltfleetby Flow Rates

 

Angus Energy (AIM: ANGS) is pleased to announce that transmission
specification gas quality has been comfortably achieved by the plant in its
24/7 operations since First Gas.

The Company has achieved flow rates from well A4 of 4 mmscf/d (million
standard cubic feet per day) at approximately 55 bar and well over 4.5 mmscf/d
from well B2 at approximately 45 bar which, taken together, greatly exceed the
2017 combined shut-in rate of 5 mmscf/d from those wells as advised in the
Company's presentation of December 2019 and in subsequent communications.

The Company has been running the process plant at an effective throughput of
3.3 mmscf/d on average for the last three days which has steadily risen from
0.5 mmscf/d at the beginning of operations.  Adjusting for short outages
resulting from resolving typical commissioning "trip" issues, the plant is
evidencing a current capacity to process gas of 4.6 mmscf/d, which would
comfortably meet the Company's hedge obligations for September.

Our aim is to raise this process capacity, and reduce the incidence of
commissioning trips, such that in the coming days the plant will reach a
minimum steady state of 5.5 mmscf/d or greater which would again comfortably
meet the Company's hedge obligations for Q4.   To that end we continue to
increase engine speed and utilise more natural well head pressure.
  Additionally, stabilised condensate production has started at circa  50
barrels per day.

The Company intends to advise production figures, together with an update on
the installation of the second compressor, at the end of this month and
thereafter the Company expects to report production figures quarterly.

 

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

 

 

 

 

 

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 onshore UK diversified clean energy and energy
infrastructure company.  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.

 

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