REG - Angus Energy PLC - Investor Presentation

AnsellAnnouncement

05/10/2022 09:32

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RNS Number : 8550B  Angus Energy PLC  05 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.

 

 

5 October 2022

Angus Energy Plc

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

Investor Presentation

 

Angus Energy Plc (AIM: ANGS), is pleased to announce that its presentation
from 4 October 2022 London South East Investor webinar is now available on the
Company's website  www.angusenergy.co.uk (http://www.angusenergy.co.uk) .

 

The presentation refers to the Company's timetable of future operations
including, inter alia, a further proposed sidetrack during Q2/3 2023 of the
southern lobe of the Saltfleetby Field to address further gas contingent
resources (1C) of approximately 12 BCFs as detailed in our CPR of February
2020.

 

Additionally, as noted in RNS of 27 April 2022 and 23 May 2022 it is the
Company's intention to abandon the Kimmeridge layer in BRX4-Z and reperforate
the same well in the Portland reservoir.  The Field is currently achieving
flow rates of between 40 and 50 bbl/day.

 

It is the Company's expectation that this operation, addressing the crest of
the structure, will add a further 100 bbl/day to production from the field
during Q1 2023.  Planning permission for this operation has been obtained and
preliminary permit approval has been received from the Environment Agency.

 

The Company also expressed its expectation that the Loan Facility and
contingent payments to Forum Energy would be satisfied in full by Q3 2022.

 

 

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.

 

Explanation of Terminology:

Kwhr, Therms, megajoules (MJ) are all measures of the energy content of a
quantity of gas and have a fixed and unvarying relationship with one another.

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.

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.

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