REG - Angus Energy PLC - Saltfleetby Gas Storage MOU

Angus EnergyAnnouncement

22/02/2024 07:15

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RNS Number : 0746E  Angus Energy PLC  22 February 2024

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.

22 February 2024

 

Angus Energy Plc

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

(AIM:ANGS)

 

Saltfleetby Gas Storage

 

Angus Energy plc (AIM:ANGS) is pleased to announce that it has entered into a
Memorandum of Understanding with a subsidiary of Trafigura Group Pte Ltd.
("Trafigura") with regard to gas storage at the Company's Saltfleetby Gas
Field in Linconlnshire - volumetrically the UK's largest onshore gas field and
its largest potential subsurface porous rock storage reservoir.

 

The Trafigura group is one of the world's leading international commodity
traders engaging in the trading of physical commodities including oil, gas,
minerals and metals, as well as renewable energy generation and clean energy
technologies.

 

As part of the wider co-operation between Trafigura and Angus, the parties
wish to leverage their complementary capabilities and collaborate on an
underground gas storage facility in the UK, for natural gas, CO2, or hydrogen,
and the offtake by Trafigura of pre-agreed capacity of the proposed gas
storage facility.

 

The Memorandum sets out the terms, and a model for co-operation, under which
Trafigura and Angus intend to review technical and commercial feasibility of
storage at Saltfleetby and agree commercial terms and schedule for a future
storage project.  Specifically it is envisaged Trafigura would act as initial
customer or offtaker of a proportion of the stored product subject to
specifications as to quality.

 

Within 12 months of the date of this Memorandum, Trafigura and Angus will
agree and set out specific milestones, subject to technical and commercial
feasibility. required to establish a gas storage facility at Saltfleetby.

 

Richard Herbert, CEO, comments:  "This project builds on the strategic
relationship Angus has established with Trafigura with its new loan facility
and gas sales from the Saltfleeby Field.  The gas storage project has the
potential to facilitate the United Kingdom's transition from carbon heavy
fuels to energy sources with a lower environmental impact, while making
attractive commercial returns for shareholders."

 

 

END

 

For further information on the Company, please visit www.angusenergy.co.uk
(http://www.angusenergy.co.uk) or contact:

Enquiries:

 

Angus Energy Plc
                www.angusenergy.co.uk
(http://www.angusenergy.co.uk)

 

George Lucan
 
                Tel: +44 (0) 208 899 6380

 

Beaumont Cornish Limited (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) 207 220 1666

 

Flagstaff PR/IR
 
                angus@flagstaffcomms.com

 

Tim Thompson / Fergus Mellon                 Tel: +44 (0) 207
129 1474

 

Aleph Commodities
                info@alephcommodities.com

 

Disclaimers - this Announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "forecasts", "plans", "prepares", "anticipates",
"projects", "expects", "intends", "may", "will", "seeks", "should" or, in each
case, their negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or
intentions. These forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
Announcement and include statements regarding the Company's and the Directors'
intentions, beliefs or current expectations concerning, amongst other things,
the Company's prospects, growth and strategy. By their nature, forward-looking
statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance. The
Company's actual performance, achievements and financial condition may differ
materially from those expressed or implied by the forward-looking statements
in this Announcement. In addition, even if the Company's results of
operations, performance, achievements and financial condition are consistent
with the forward-looking statements in this Announcement, those results or
developments may not be indicative of results or developments in subsequent
periods. Any forward-looking statements that the Company makes in this
Announcement speak only as of the date of such statement and (other than in
accordance with their legal or regulatory obligations) neither the Company,
nor the Bookrunner nor Beaumont Cornish nor any of their respective
associates, directors, officers or advisers shall be obliged to update such
statements. Comparisons of results for current and any prior periods are not
intended to express any future trends or indications of future performance,
unless expressed as such, and should only be viewed as historical data.

 

Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of this
announcement or any matter referred to in it.

 

 

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