Angus Energy PLC OGA approvals received regarding Saltfleetby (2410V)
02 December 2019 - 6:00PM
UK Regulatory
TIDMANGS
RNS Number : 2410V
Angus Energy PLC
02 December 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU No. 596/2014) ("MAR"). THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
2 December 2019 7 a.m.
Angus Energy Plc
("Angus Energy" or the "Company")
OGA approves transfer of Saltfleetby Licence and
Operatorship
Angus Energy plc (AIM: ANGS) is pleased to announce that,
further to its announcement of 19 June 2019, the Oil and Gas
Authority has given its consent to the assignment of a 51% share in
Saltfleetby Energy Limited's interest in the Saltfleetby Field (the
"Field") blocks of PEDL005 to Angus Energy Weald Basin No 3
("AWB"), a wholly owned subsidiary of the Company. That Authority
has also given consent to the appointment of AWB as Exploration and
Production Operator of the Field.
This is a great day for Angus and it enables the Company to
disclose much of the hard work it has engaged in to reconnect this
Field. Some of the achievements to date are:
-- National Grid plc ("NTS") have already begun detailed design
work for the reconnection facilities at the Theddlethorpe Entry
Point and aiming to keep to our timetable.
-- Angus has already identified most of the long lead items
needed to compress and treat the gas to NTS pressure and
specification and will make determination on pricing options in the
coming weeks.
-- Angus have mapped the pathway of the additional stretch of
pipeline needed to extend the existing connection to Theddlethorpe
on to the Entry Point. All of this additional pipeline will run
underneath NTS owned land.
-- We have engaged planning consultants to prepare Applications
for Planning approval from North Lincolnshire County Council
("NLCC") for putting additional equipment on site and laying
pipeline extensions.
-- We have engaged the services of Oilfield International to
produce a Competent Persons Report ("CPR") on the Field. This we
hope to have available during the early part of Q1 2020.
-- We have prepared an Abandonment Plan for two of the eight
wells which, subject to regulatory approvals, we hope to execute
within a month to six weeks. This reduces the overall liability on
the Field.
-- We have opened discussions with an oil major for a multi-year
annual off-take arrangement. The Field's first full year's gross
production we continue to expect to be between 17 million and 19
million therms based on last known and reported production rates of
c. 50,750 therms per day in 2017 as adjusted for a steady twenty
year decline curve.
There are still quite a few hoops to get through, most
particularly OGA approval of our Field Development Plan (which will
also remove the Abandonment Notice on the Field put in place as a
holding measure following the change in ownership), EA, HSE and
NLCC approval of changes to the site, assent of partners on this
split Licence to the Licence transfer itself, and the everyday
technical challenges themselves but, for the moment, the Company is
forging ahead.
George Lucan, Managing Director, writes:
"This comes as fantastic news for the Company and opens up a
pathway towards real production and cashflow without the
exploration risk attendant on many other projects. This is gas
right next door to one of the dozen or so entry points on the NTS
system. This is gas producing on a steady and predictable decline
curve for 20 years. This is gas to be pulled immediately from two
wells which show the same or greater well head pressure than when
they were shut in in 2017. Now we have to complete reconnection and
start squeezing this gas into people's homes and dividends into
shareholders pockets."
Technical Sign off
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.
END.
Enquiries:
Angus Energy Plc www.angusenergy.co.uk
George Lucan Tel: +44 (0) 208
899 6380
Beaumont Cornish (Nomad) 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
Tim Thompson Tel: +44 (0) 207
129 1474
Fergus Mellon
Notes
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 25%
interest in the Balcombe Licence (PEDL244) and a 12.5% interest in
the PEDL143 Licence (A24 Prospect).
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END
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