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.
16 January 2025
Angus
Energy PLC
("Angus Energy", the "Company" or together with its
subsidiaries, the "Group")
(AIM:ANGS)
Fourth Quarter 2024
Production and Operations Update
·
Production from the Saltfleetby Field in the
Fourth Quarter of 2024 was 517 million standard cubic feet of
natural gas and 9,387 barrels of gas condensate. In addition, the Brockham Field
produced 2,130 barrels of crude oil during the
Quarter.
·
Gas sales of 5.73 million
therms were achieved in the Quarter from the Saltfleetby
Field.
·
Estimated revenues of £6.12m for the
Quarter.
·
Booster compressor shipped from the USA and
expected to arrive on site during January 2025.
Gas sales from the Saltfleetby Field
equalled 5.73 million therms in aggregate
for the months of October, November and December 2024, compared to
5.85 million therms sold in the third quarter of 2024. Fourth
quarter production equates to an average of 1.91mm therms per month
(1.95 mm therms per month in the third quarter of 2024). Gas
condensate (liquid) production averaged 102 bbl/day, against an average of 109 bbl/day in the third
quarter 2024. Quarterly production reflects an improvement in plant
uptime at Saltfleetby, with operational efficiency of 94% for the
Quarter compared to 92% for the year, offsetting natural well
decline.
Estimated revenues of £6.12m are up
c.19% compared to third quarter revenues of £5.14m, primarily due
to increased gas prices over the winter months. As previously
announced, legacy hedging volumes, which are priced materially
lower than current spot pricing, will remain at 1.25m therms per
month until they roll off at the end of June 2025.
Oil volumes produced from the
Brockham Field equalled 2,130 barrels in aggregate for the months
of October, November and December 2024, an average of 23 bbl/day,
compared to 1,995 for the third quarter of 2024 averaging 22
bbl/day. The field is capable of producing at a daily rate of 20-30
barrels from the single well on production, with the average
quarterly volume reflecting stoppages for facilities maintenance
and operational improvement work.
Booster Compressor Update
The new booster compressor was
shipped from the USA in December 2024 and is scheduled to arrive in
the UK in the next two weeks. It will be transported to Saltfleetby
for installation and commissioning, with start-up planned for late
first Quarter 2025. This compressor is planned to increase
production through the ability to operate within a greater pressure
range and will increase the ultimate recovery of gas from the
reservoir.
Royalty Interest
As announced on 22 February 2024 at
the time of Angus's financial restructuring, there is an agreement
with the royalty interest holders that until the end of the Second
Quarter 2025, the royalty interest can either be settled in cash or
through the issue of new ordinary shares in the Company at the
Company's option. Under existing arrangements and calculation
methods the Company is required to issue 183,595,230 shares (or
cash equivalent) in aggregate in settlement of the Q2 and Q3 2024
royalty interest. Angus intends to negotiate the timing of the
settlement with the royalty interest holders and will provide an
update accordingly.
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 / Jen Clarke /
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.
