REG - Angus Energy PLC - Side track Spud and Forward Plan

Angus EnergyAnnouncement

28/10/2022 08:30

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RNS Number : 4779E  Angus Energy PLC  28 October 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.

 

 

28 October 2022

 

Angus Energy Plc

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

Side track Spud and Forward Plan

Angus Energy (AIM: ANGS) is pleased to announce that the side-track of SF-07
programme began today with testing of blow-out preventers in advance of
spudding the well.  The Company will supply regular photographic coverage
supported by graphics of the progress of the drilling programme on its social
media platforms with a 12 hour delay.  This will allow any material change to
the programme to be properly communicated by RNS ahead of the updates.

This being a side track rather than a new well, the Company expects to be
running equipment in hole to a depth of 1300m reasonably swiftly over the
weekend and it is above this depth, at around 1150m that a whipstock
(essentially a wedge allowing the hole to be drilled at an angle to the
vertical) will be set and the 9 5/8" window will be milled through the casing
and cement.

Early next week directional drilling begins in earnest in 8.5'' bore at a low
angle to the vertical to a total depth of around 2,560m (TD) which should
terminate about 1m into the target reservoir.  The speed of drilling the
first section (8.5'' section) is likely to vary during this element of the
programme, but an estimate of 8-10 days is not unreasonable.

Thereafter the drilling will be nearly horizontal and slower for a further
300-400 m.  The total programme, including clean up of the well, is expected
to last some 35 days.  The Company may be able to advise success in the
actual drilling activity after approximately 30 days but a further 10 days
would be required to begin to have confidence as to likely production rates.
However few drilling programmes follow predicted timetables closely and
investors should expect variance.

Production from the existing wells continues at previously advised rates at
Saltfleetby excepting a four hour planned maintenance shutdown yesterday for a
software upgrade.

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

 

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.

 

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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