TIDMANGS
RNS Number : 2955Q
Angus Energy PLC
17 October 2023
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 AMED . UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN .
17 October 2023
Angus Energy Plc
("Angus Energy", the "Company" or together with its
subsidiaries, the "Group")
(AIM:ANGS)
Updated Saltfleetby Competent Persons Report ("CPR")
-- Updated CPR commissioned at the Company's wholly-owned
Saltfleetby Gas Field ("Saltfleetby" or "SGF") on the basis of
Angus' decision to drill two new wells in 2025-2026, for a total of
five wells producing from the Westphalian Main Reservoir along with
potential for conversion for gas storage or CO2 injection in the
future
-- P90 NPV10 valuation of GBP57.1 million and P50 NPV10
valuation of GBP64.5 million post tax, (including the full impact
of the Energy Profits Levy)
-- Over 2 BCF of Sales Gas produced and exported since August 2022
-- Reserves uncertainty reduced from 2021 CPR with P90 Gross
Sales Gas Reserves up by 8 BCF to 24.2 BCF and P50 Reserves
decreased by 2.6 BCF to 27.2 BCF net of historic production
Revised Saltfleetby Competent Persons Report
Angus Energy Plc (AIM: ANGS) is pleased to share the updated
Competent Persons Report ("CPR") for its Saltfleetby Gas Field
("SGF"). The full CPR is available for download in the
"Presentations" section of the Company's website
(www.angusenergy.co.uk/media/presentations).
The CPR, performed by Oilfield International Limited, gives the
net present value of the cash flows from SGF, including the impact
from the revised capex, the senior loan facility debt service
costs, the associated royalties and the mandatory hedging. Oilfield
International Limited has used a discount rate of 10%. The CPR is
updated from the previous CPR commissioned by Angus in October 2021
("2021 CPR").
The new CPR has taken account of production performance from the
3 wells in the SGF in the period from August 2022, when it was
brought on line, to the end of July 2023. During this time, 2 BCF
of sales gas has been processed and exported. The CPR includes an
allowance for plant availability of 92.3% and an estimate of gas
consumed in operations of 10% (P50) to 15% (P90), compared to 2.75%
in the 2021 CPR, one of the reasons for the decrease in P50
Reserves as noted above. The Company is confident that gas usage
will prove to be lower than this estimate once the plant has fully
stabilised with the new flowline in operation.
Two further wells on the Main Westphalian reservoir, SF9 and
SF10, are scheduled to enter production in January 2025 and January
2026 respectively, to extend plateau production and accelerate the
extraction of gas. The cost of these additional wells, expected to
be funded out of field cashflows, has been included in the NPV10
valuations outlined above.
We highlight below the NCF and NPV10, discounted to August 1st,
2023: Net Attributable to the Company:
Net Cash Flow NPV10 Attributable Operator
Attributable to to the Company
the Company
Scenario 1P 2P 1P 2P
---------- ---------- --------- ---------- ---------
Including GBPm MOD GBPm MOD GBPm MOD GBPm MOD AEWB
AEWB's Contractual
Loan terms
---------- ---------- --------- ---------- ---------
Pre-Tax GBP125.4m GBP153.5m GBP86.9m GBP104.1m
---------- ---------- --------- ---------- ---------
Post-Tax GBP78.9m GBP90.6m GBP57.1m GBP64.3m
---------- ---------- --------- ---------- ---------
MOD: money of the day
The CPR includes Reserves in the Main Field Westphalian
Reservoir and Contigent Resources in the Main Field Namurian
Reservoir and Southern Lobe Westphalian Reservoir as follows:
Main Field Westphalian Reservoir: Sales Gas Reserves: Gross, and
Net Attributable to the Company after Royalties:
Saltfleetby Gross Net Attributable Operator
Field* to AE
Sales Gas
Reserves 1P 2P 1P 2P
----- ----- --------- -------- ---------
BCF BCF BCF BCF
----- ----- --------- -------- ---------
Main Field
Westphalian
Reservoir 24.2 27.2 22.4 25.2 AEWB
----- ----- --------- -------- ---------
Main Field Westphalian Reservoir: Sales Liquids Reserves: Gross,
and Net Attributable to the Company after Royalties:
Saltfleetby Gross Net Attributable Operator
Field* to AE
Sales Gas
Reserves 1P 2P 1P 2P
------ ------ --------- -------- ---------
M STB M STB M STB M STB
------ ------ --------- -------- ---------
Main Field
Westphalian
Reservoir 357 447 332 415 AEWB
------ ------ --------- -------- ---------
* Angus Energy Plc ("AE") through its wholly owned subsdiaries
Angus Energy Weald Basin No 3 Ltd ("AWEB") and Saltfleetby Energy
Limited, has a 100% working interest in the Saltfleetby Gas Field
which is part of the UK onshore licence PEDL005. The figures quoted
above have been prepared in compliance with the SPE Petroleum
Resource Management System (SPE-PRMS).
Both cases are inclusive of the projected Energy Profits Levy,
which has had a major impact on the valuation of SGF. Despite this,
the CPR has confirmed the significant value of the field and the
value of additional drilling to accelerate the production of the
field's reserves.
Contingent Gas Resources: Main Field Namurian Reservoir and
Southern Lobe Westphalian Reservoir
Saltfleetby Gross Operator
Field
Sales Gas
Contingent
Resources 1C 2C 3C
----- ----- ------- ---------
BCF BCF BCF
----- ----- ------- ---------
Main Field
Westphalian
Reservoir 0.1 1.7 3.7 AEWB
----- ----- ------- ---------
Southern
Satellite
Westphalian
Reservoir 10.2 15.6 22.9
----- ----- ------- ---------
Total Remaining
Recoverable
Gas 10.3 17.2 26.7
----- ----- ------- ---------
The 1C Sales Gas Contingent Resources are stated net of 15% Gas
Consumed in Operations (CiO). The 2C and 3C are stated net of 10%
CiO. In the 2021 report, they were stated net of 2.75% CiO.
Contingent Liquids Resources: Main Field Namurian Reservoir and
Southern Lobe Westphalian Reservoir
Saltfleetby Gross Operator
Field
Liquids
Contingent
Resources 1C 2C 3C
------ ------ ------ ---------
M STB M STB M STB
------ ------ ------ ---------
Main Field
Westphalian
Reservoir 3 26 57 AEWB
------ ------ ------ ---------
Southern
Satellite
Westphalian
Reservoir 152 213 275
------ ------ ------ ---------
Total Remaining
Recoverable
Gas 155 238 332
------ ------ ------ ---------
More information about Angus' plans for SGF will be shared as
the Company progesses with its projects. A full production update
will be given, as usual, at the end of the calendar quarter.
Richard Herbert, CEO of the Company commented "Following the
redevelopment of the Saltfleeby Field and a first year of
successful production, it is very reassuring to confirm from the
production of the 3 wells in the field that the reservoir is
performing according to our expectations. We have been able to
narrow the range of uncertainty on the Reserves, with a significant
increase in the P90 high-confidence estimate. Despite using a more
conservative shrinkage factor for gas consumed in operations and
the significant impact of the Energy Profits Levy, net cash flow,
discounted and undiscounted, remains strong. This evaluation allows
us to plan the next phase of development of the Saltfleetby
reservoir with confidence."
For further information on the Company, please visit www.angusenergy.co.uk or contact:
Enquiries:
Angus Energy Plc www.angusenergy.co.uk
Richard Herbert Tel: +44 (0) 208 899 6380
Beaumont Cornish Limited (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) 207 220 1666
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson / Fergus Mellon Tel: +44 (0) 207 129 1474
Aleph Commodities info@alephcommodities.com
Qualified Person's Statement: Richard Herbert, CEO of the
Company, who has over 43 years of relevant experience in the oil
and gas industry, has approved the information contained in this
announcement. Richard Herbert is a Fellow of the Geological Society
and a member of American Association of Petroleum Geologists.
Disclaimers - this Announcement includes statements that are, or
may be deemed to be, "forward-looking statements". These
forward-looking statements can be identified by the use of
forward-looking terminology, including the terms "believes",
"estimates", "forecasts", "plans", "prepares", "anticipates",
"projects", "expects", "intends", "may", "will", "seeks", "should"
or, in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts. They
appear in a number of places throughout this Announcement and
include statements regarding the Company's and the Directors'
intentions, beliefs or current expectations concerning, amongst
other things, the Company's prospects, growth and strategy. By
their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance. The Company's actual performance, achievements and
financial condition may differ materially from those expressed or
implied by the forward-looking statements in this Announcement. In
addition, even if the Company's results of operations, performance,
achievements and financial condition are consistent with the
forward-looking statements in this Announcement, those results or
developments may not be indicative of results or developments in
subsequent periods. Any forward-looking statements that the Company
makes in this Announcement speak only as of the date of such
statement and (other than in accordance with their legal or
regulatory obligations) neither the Company, nor the Bookrunner nor
Beaumont Cornish nor any of their respective associates, directors,
officers or advisers shall be obliged to update such statements.
Comparisons of results for current and any prior periods are not
intended to express any future trends or indications of future
performance, unless expressed as such, and should only be viewed as
historical data.
Beaumont Cornish Limited, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting as
nominated adviser to the Company in relation to the matters
referred herein. Beaumont Cornish Limited is acting exclusively for
the Company and for no one else in relation to the matters
described in this announcement and is not advising any other person
and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of
Beaumont Cornish Limited, or for providing advice in relation to
the contents of this announcement or any matter referred to in
it.
Glossary of Technical Terms Used in this Announcemennt and the
CPR
ADR - Abandonment, Decommissioning and Reclamation
Expenditure
bbl - Barrels
/bbl - per barrel
Bscf or Bcf - Billion standard cubic feet
bcpd - Barrels of condensate per day
bbl/d - Barrels of Oil per day
blpd - Barrels of liquid per day
bpd - Barrels per day
boe - Barrels of Oil equivalent @ xxx MCF/bbl
boepd - Barrels of Oil equivalent per day @ xxx MCF/bbl
bopd - Barrels Oil per day
bwpd - Barrels of water per day
bwpd - Barrels water per day
C$,CAD$, CDN$ - Canadian Dollar
CAPEX - Capital Expenditure
E&A - Exploration & Appraisal
E&P - Exploration and Production
EBIT - Earnings before Interest and Tax
EBITDA - Earnings before interest, tax, depreciation, and
amortisation
EI - Entitlement Interest
EIA - Environmental Impact Assessment
EMV - Expected Monetary Value
EOR - Enhanced Oil Recovery
EUR - Estimated Ultimate Recovery
FDP Field Development Plan
G&A General and Administrative costs
GIIP Gas initially in place
GOR Gas Oil Ratio
HSE Health, Safety and Environment
HSSE-SR Health, Safety, Security, Environment and Social
Responsibility
IRR - Internal Rate of Return
km - Kilometres
km2 - Square kilometres
LoF - Life of Field
m - Metres
$m - Million US dollars
M - Thousand, especially of volume
m3 - Cubic metres
Mcf or Mscf - Thousand standard cubic feet
MMcf or MMscf - Million standard cubic feet
m3d - Cubic metres per day
Mean - Arithmetic average of a set of numbers
Median - Middle value in a set of values
Mm3 - Thousand Cubic metres
Mm3d - Thousand Cubic metres per day
MM - Million (especially of volume and energy)
MMbbl - Millions of barrels
MMBTU - Millions of British Thermal Units
Mode - Value that exists most frequently in a set of values =
most likely
Mscfd - Thousand standard cubic feet per day
MMscfd - Million standard cubic feet per day
NGL - Natural Gas Liquids
NPV - Net Present Value
IRR - Internal Rate of Return
MIRR - Modified Rate of Return (Reinvestment of CF at market
rate)
OCM - Operating Committee Meeting
OPEX - Operating Expenditure
p.a. - Per annum
P&A - Plugged and abandoned
PDP - Proved Developed Producing
PUD - Proved Undeveloped
PVT - Pressure volume temperature
P10 - 10% Probability
P50 - 50% Probability
P90 - 90% Probability
Rf - Recovery factor
Sales Gas - Gas that satisfies all National Grid plc's quality
and safety specifications and so can be transported through the
National Gas Grid to domestic and industrial consumers.
scf or cf - Standard Cubic Feet
scfd or cfd - Standard Cubic Feet per day
scf/ton - Standard cubic foot per ton
SEC - Securities and Exchange Commission
SPE - Society of Petroleum Engineers
SPE PRMS - 2018 Guidelines for categorising and valuing
petroleum resources
SPEE - Society of Petroleum Evaluation Engineers
STB or stb - Stock tank barrel
STOIIP - Stock tank Oil initially in place
T - Tonnes
TD - Total Depth
Te - Tonnes equivalent
Tscf or Tcf - Trillion standard cubic feet
TCM - Technical Committee Meeting
Tpd - Tonnes per day
US$ - United States Dollar
WI - Working Interest
1H20 - First half (6 months) of 2020 (example of date)
2Q20 - Second quarter (3 months) of 2020 (example of date)
2D - Two dimensional
3D - Three dimensional
4D - Four dimensional
1P - Proved Reserves
2P - Proved plus Probable Reserves
3P - Proved plus Probable plus Possible Reserves
Contingent Resources - Those quantities of gas and liquids
estimated, as of a given date, to be potentially recoverable from
known accumulations by application of development projects but
which are not currently considered to be commercially recoverable
due to one or more contingencies.
1C - Denotes a low estimate of contingent resources.
2C - Denotes the most likely estimate of contingent
resources.
3C - Denotes a high estimate of contingent resources.
% - Percentag
Reserves are those quantities of petroleum anticipated to be
commercially recoverable by application of development projects to
known accumulations from a given date forward under defined
conditions. Reserves must satisfy four criteria: Discovered,
Recoverable, Commercial, and Remaining (as of the evaluation's
effective date) based on the development project(s) applied.
Reserves are recommended as sales quantities as metered at the
reference point. Where the entity also recognizes quantities
Consumed in Operations (CiO), as Reserves these quantities must be
recorded separately. Non-hydrocarbon quantities are recognized as
Reserves only when sold together with hydrocarbons or CiO
associated with petroleum production. If the nonhydrocarbon is
separated before sales, it is excluded from Reserves. Reserves are
further categorized in accordance with the range of uncertainty and
should be subclassified based on project maturity and/or
characterized by development and production status.
Contingent Resources are those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
known accumulations by application of development projects, but
which are not currently considered to be commercially recoverable
due to one or more contingencies. Contingent may include, for
example, projects for which there are currently no viable markets,
or where commercial recovery is dependent on technology under
development, or where evaluation of the accumulation is
insufficient to clearly assess commerciality. Contingent are
further categorized in accordance with the level of certainty
associated with the estimates and may be sub-classified based on
project maturity and/or characterized by their economic status.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEAXEKFDEDFFA
(END) Dow Jones Newswires
October 17, 2023 02:00 ET (06:00 GMT)
Angus Energy (LSE:ANGS)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Angus Energy (LSE:ANGS)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
