Angus Energy PLC Angus Energy Brockham and Lidsey update (8682B)
15 January 2018 - 9:30PM
UK Regulatory
TIDMANGS
RNS Number : 8682B
Angus Energy PLC
15 January 2018
15 January 2018
Angus Energy Plc
("Angus Energy" or the "Company")
Angus Energy To Resume Conventional Production
From Brockham & Lidsey Oil Fields
Company Will Increase Production To Four Wells in Q1 2018
Angus Energy Plc, a conventional oil and gas production and
development company, is pleased to announce that it will resume
conventional production from two currently temporarily suspended
wells in its portfolio.
The Company will re-commence production from the Portland
Resevoir via the BR-X2Y well at Brockham in March, as well as the
Great Oolite Resevoir at Lidsey from the Lidsey-X1 well this
February. This, combined with existing production from the
Lidsey-X2 well and expected production from the Brockham BR-X4Z
well (see below), is expected to give the Company a total of four
wells in production in Q1 2018.
These operations reflect improved market conditions and an
increase in oil pricing and will enhance the Company's financial
flexibility. Prior to their temporary closure, the BR-X2Y and
Lidsey-X1 wells had normative operations at approximately 50bbl/day
combined.
Brockham BR-X4Z
Further to the Company RNS 23 October 2017, the installation of
a connection to the National Grid for selling on-site power
generated from associated gas production is in progress, contracts
have been executed with a scheduled completion in March 2018. Prior
Company guidance for the beginning of production from BR-X4Z is
unchanged.
Lidsey-X2
Subsequent to the Company RNS 20 November 2017, the Company has
completed its review of initial flow rates from Lidsey-X2. The
installation of a new pump to optimise pressure differentials and
maximize production flow rates will be completed in February
2018.
All the aforementioned operations are performed through
conventional production. There will be no hydraulic fracturing or
"fracking".
Further information is available on the company website:
www.angusenergy.co.uk/media/presentations
END.
About Angus Energy plc.
Angus Energy plc. is a UK AIM quoted independent onshore oil and
gas production and development company focused on leveraging its
expertise to advance its portfolio of UK assets as well as acquire,
manage and monetise select projects. Angus Energy majority owns and
operates conventional oil production fields at Brockham (PL 235)
and Lidsey (PL 241) and has a 12.5% interest in the Holmwood
licence (PEDL143).
Enquiries:
Angus Energy Plc
----------------------------- --------------------------
Jonathan Tidswell-Pretorius Tel: +44 (0) 208 899 6380
/ Paul Vonk
----------------------------- --------------------------
Beaumont Cornish (NOMAD)
----------------------------- --------------------------
James Biddle/ Roland Cornish Tel: +44 (0) 207 628 3396
----------------------------- --------------------------
Optiva Securities Limited
(BROKER)
----------------------------- --------------------------
Jeremy King/ Ed McDermott Tel: +44 (0) 203 137 1902
----------------------------- --------------------------
Yellow Jersey
----------------------------- --------------------------
Tim Thompson Tel: +44 (0) 203 735 8825
----------------------------- --------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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