TIDMANGS
RNS Number : 4466O
Angus Energy PLC
03 October 2023
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.
3 October 2023
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Third Quarter Production and Operations Update
-- Production for the Quarter was 7.9 mm thermsup
-- Estimated revenues of GBP6.3m for the Quarter
Gas volumes produced and sold from the Saltfleetby Field
equalled 7.9 mm therms in aggregate for the months of July, August
and September 2023 combined, compared to 6.8 mm therms produced and
sold in the second quarter of this year. Third quarter production
equates to an average of 2.6 mm therms per month (2.3 mm therms per
month in the second quarter), as against hedged volumes of 1.5 mm
therms per month for the third quarter (1.75 mm therms per month
for the second quarter). Operational efficiency was 90% for the
3(rd) quarter (88% operational efficiency for the second quarter).
Gas condensate (liquid) production averaged 160 bbl/day.
The quarter included a planned full plant shut down for 4 days
at the end of August for safety-critical maintenance and remedial
work on one of the two compressor engines on the Saltfleetby site.
One of the compressor engines suffered a mechanical issue in the
second half of September. The compressor returned to service on 2
October, allowing dual compressor operations to recommence.
The B07T well has continued to clean up through the temporary
flowline connecting it to the field facilities and now returns only
minor quantities of solids, associated with the drilling fluids
used to drill the well. Construction of the permanent flowline from
the well continues, with civil works complete and the fabrication
of the pipework largely finished. Installation of the flowline will
take place in the coming weeks, with commissioning planned for the
second half of October.
Work on the previously announced global refinance of the
Company's debt is well advanced, with a new reservoir model and
production forecasts in the process of being finalized for
lenders.
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 Tel: +44 (0) 207 628
Cornish 3396
WH Ireland Limited
(Broker)
Katy Mitchell/ Harry Tel: +44 (0) 113 394
Ansell 6600
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson Tel: +44 (0) 207 129
1474
Fergus Mellon
Aleph Commodities info@alephcommodities.com
Qualified Person's Statement: 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.
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 player in
the aggregation, production and storage of energy. 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:
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. Mmscfd
represents mmscfd per day.
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. Note that "mm" in respect of
therms or scf means million. Confusingly, in the case of Joules,
different nomenclature is used and "MJ" is an abbreviation for
megajoules which is equivalent to millions of joules.
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END
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October 03, 2023 02:00 ET (06:00 GMT)
Angus Energy (LSE:ANGS)
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