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.
7 October 2024
Angus
Energy PLC
("Angus Energy", the "Company" or together with its
subsidiaries, the "Group")
(AIM:ANGS)
Third Quarter 2024 Production
and Operations Update
·
Production from the Saltfleetby Field in the Third
Quarter of 2024 was 531 million standard cubic feet of natural gas
and 9,977 barrels of condensate. In
addition, the Brockham Field exported 1,995 barrels of oil during
the Quarter.
·
Gas sales of 5.85 million
therms were achieved in the Quarter from the Saltfleetby
Field
·
Estimated revenues of £5.14m for the
Quarter
Gas sales from the Saltfleetby Field
equalled 5.85 million therms in aggregate
for the months of July, August and September 2024, an average of
1.95 mm therms per month. Gas condensate (liquid) production
averaged 109 bbl/day. Saltfleetby operational
efficiency was 88% for the quarter and 2024 YTD operational
efficiency has been maintained at a high level of
90%. Quarterly production and
operational efficiency reflects the impact of a planned full field
shutdown for five days in early July.
Oil volumes produced and sold from
the Brockham Field equalled 1,995 barrels in aggregate for the
months of July, August and September 2024, an average of 22
barrels/day. The field is capable of producing 25-30 barrels/day
from the single well on production, with the lower quarterly volume
reflecting stoppages for facilities maintenance and operational
improvement work.
Hedging Update
At the start of the third quarter
2024, the monthly volumes of gas hedged under the legacy risk
management programme put in place for the redevelopment of the
Saltfleetby Field in 2021-22 dropped to 1.25 million therms per
month from 1.5 million therms per month in the first and second
quarters. These hedges will stay at this level until they expire in
June 2025. Thereafter, hedges for an additional 6.44 mm therms have
been struck as detailed in the table below:
|
Period
|
Amount
(therms)
|
Average price
(pence/therm)
|
|
Jul
2025
|
1,085,000
|
84.41
|
|
Aug
2025
|
1,085,000
|
84.41
|
|
Sep
2025
|
1,050,000
|
84.41
|
|
Oct
2025
|
1,085,000
|
91.63
|
|
Nov
2025
|
1,050,000
|
91.63
|
|
Dec
2025
|
1,085,000
|
91.63
|
|
TOTAL
|
6,440,000
|
|
The Company is working closely with
Trafigura Trading (Europe) Sarl ("Trafigura") on its existing
hedging commitments, including the impact of previously crystalised
hedges, and has the required flexibility under its financing
facility with Trafigura to manage these commitments ahead of the
installation of the booster compressor and the expiry of the legacy
hedges.
Richard Herbert, CEO, commented:
"Angus is pleased with the
production from Saltfleetby during the third quarter which extends
our track record of safe, reliable production. Even with the
planned maintenance shutdown in July, revenues were up on stronger
gas prices. Engineering work is proceeding to plan for the
installation of the third compressor (the booster compressor) in
late 2024-early 2025 which is expected to raise production levels
and increase ultimate recovery from the field. We are also very
satisfied with the performance of the Brockham Field which has now
delivered 13 tanker loads of crude oil to the market since
production was restarted in late May this year."
END
For further information please
visit www.angusenergy.co.uk.
Angus Energy Plc
Richard
Herbert
Chief Executive Director
Via Flagstaff
SP
Angel Corporate Finance LLP (Nomad and Broker)
www.spangel.co.uk
Stuart Gledhill / Caroline Rowe /
Richard Hail Tel: +44 (0)20 3470 0470
Flagstaff PR/IR
angus@flagstaffcomms.com
Tim Thompson / Fergus Mellon /
Alison Alfrey Tel: +44 (0) 207 129 1474
About Angus Energy plc
Angus Energy plc is a UK AIM quoted
independent oil and gas company. Angus is the leading onshore gas
producer in the UK and has ambitious plans to grow onshore
production and diversify internationally. 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.
