Approval of Saltfleetby Field Development Plan

RNS Number : 3839B

Angus Energy PLC

09 June 2021

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

9 June 2021

Angus Energy Plc 

("Angus Energy", "Angus" or the "Company")

Approval of Saltfleetby Field Development Plan

Angus Energy plc (AIM: ANGS) is pleased to announce that the Oil & Gas Authority has approved the Company's Field Development plan in relation to its plans for the Saltfleetby Gas Field (the "Field"), which includes the side-track of well SF07, deemed the preferred wellbore over SF05 for this operation, and has consented to the proposals for the recommissioning of the Field.

George Lucan, Managing Director, writes:  "This is excellent news and an important milestone in the Company's regulatory timetable for the recommissioning of Saltfleetby.  We will proceed to tender for rigs and associated equipment over the coming fortnight."

On other business the Company is pleased to announce that it has become a member of the Renewable Energy Association, one of the leading organisations in the UK for transition energy projects.  We are particularly pleased by the interest and support shown by the REA in the arena of geothermal energy.

Finally, the Company regrets that it is engaged in a dispute, disclosed to lenders prior to signing, over a significant invoice from a financial service provider (not the Company's Nomad or Broker) and has sent a letter before action in respect of the same.  In the opinion of the Board, properly advised by legal counsel, the net claim is unlikely to be material.

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
Aleph Commodities	[e-mail]

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 onshore UK diversified clean energy and energy infrastructure company.  Angus Energy has a 51% 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).

 

END

 

 

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