Saltfleetby Gas Field Update

RNS Number : 5720X

Angus Energy PLC

20 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.

20 December 2019

Angus Energy Plc

("Angus Energy" or the "Company")

Saltfleetby Gas Field

Angus Energy plc (AIM: ANGS) is pleased to update its presentation on the above Field following the submission today of our Field Development Plan to the Oil & Gas Authority. A copy of the presentation is available from the Company's website, www.angusenergy.co.uk and terms herein are more fully explained in the presentation.

In advance of the Competent Persons Report expected to be completed in January 2020 we have not updated figures for volumes or cash flows but, as stated in the presentation, we expect these to be at least as good as those announced therein if not better and will update shareholders as more granular figures can be given on upside.

The revised time line contains details of the various submissions, approvals and parties involved in the technical design and planning of reconnection to the National Gas Transmission Grid and are reproduced as below.

Deliverable	Date
Legal and Commercial DD	Completed
OGA Licence Transfer and Approval	Completed
CPR Reserves Report	Ongoing - Due January-February 2020
NTS Feasibility Study	Completed
NTS Detailed Design, Equipment Procurement, Construction	Ongoing - Due June 2020
Pipeline Detailed Design + Construction/Laying	Ongoing - Due June 2020
Processing Facility Design	Ongoing - Due January-March 2020
Gas Offtake Negotiations w/ Major	Ongoing - Due January-June 2020
Processing Facilities Procurement	Due to start in February-March 2020
Permit Applications, Planning application preparation and then submission	Ongoing - Due January - May 2020
Pipeline Pigging and Commissioning	Due to start in May 2020
Facilities Installation and Commissioning	Due to start in May 2020
OGA/HSE/EA Approvals	Due to start in May 2020

George Lucan, Managing Director, writes:  "Progress continues to be made on this reconnection of what was formerly the UKs largest onshore gas field.   There are some considerable technical challenges which our team here are in the process of meeting and overcoming.  We remain certain that, as advised,  the prize for this very attractively priced opportunity will result in considerable value for Shareholders."

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: [phone]
Beaumont Cornish (Nomad)	www.beaumontcornish.com
James Biddle/ Roland Cornish	Tel: [phone]
WH Ireland Limited (Broker)
Katy Mitchell/ Harry Ansell	Tel: [phone]
Flagstaff PR/IR	[e-mail]
Tim Thompson	Tel: [phone]
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).

 

END

 

 

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