EA permission to drill at Lidsey-X2 well received

RNS Number : 8764D

Angus Energy PLC

02 May 2017

 

                                                                                                                                                                                2 May 2016

Angus Energy plc

("Angus Energy")

Environment Agency permission received for drilling of the Lidsey-X2 well

Angus Energy plc. (the "Group") is pleased to announce that following West Sussex County Council approval, it has now also received permission from the Environment Agency to drill the Lidsey-X2 horizontal producton well at its Lidsey production oil field, license PL 241. The Group will now seek the required approvals from the Health and Safety Executive ("HSE") and Oil and Gas Authority ("OGA").

The Lidsey Oil Field is located near Bognor Regis in the south of the United Kingdom. Lidsey-X2 will target the upper crest of the producing Great Oolite reservoir and will also pass through the Kimmeridge layers allowing for electronically logging of the layers and sampling of the drill cuttings for a detailed comparison to the encouraging results Angus encountered at Brockham-X4Z.

There is no change to the company's earlier guidance with regards to operations at its Brockham Oil Field.

Jonathan Tidswell-Pretorius, Angus Energy's Chairman, commented: 

"Receiving  approval for the Lidsey-X2 production well from the Environmental Agency is another milestone in delivering our business plan of providing low cost, low geological risk, long term conventional oil production."

 END.

Enquiries:

Angus Energy Plc
Jonathan Tidswell-Pretorius / Paul Vonk	Tel: [phone]
Beaumont Cornish (NOMAD)
James Biddle/ Roland Cornish	Tel: [phone]
www.beaumontcornish.com
Optiva Securities Limited (BROKER)
Jeremy King/ Ed McDermott	Tel: [phone]
Abchurch
Tim Thompson	Tel: [phone]

About Angus Energy plc.

Angus Energy plc. is an AIM quoted independent onshore oil and gas 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 owns the majority interest and operates conventional oil production fields in Brockham (PL 235) and Lidsey (PL 241).

Angus Energy currently has a 50% interest in the Lidsey oil field; however, as announced on 16 December 2016, the Group has an option to acquire a further 10% interest in the Lidsey oil field from Terrain Energy Ltd.

Full details on the PL235 and PL 241 licences are set out in the Company's AIM Admission document dated 12 November 2016.

 

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