Saltfleetby Field Update

Angus Energy PLC

06 November 2023

 

6 November 2023

Angus Energy Plc

("Angus Energy", the "Company" or together with its subsidiaries, the "Group")

(AIM:ANGS)

Commissioning of Saltfleetby BO7T Well Permanent Flowline

Angus Energy (AIM: ANGS) is pleased to announce that the permanent flowline from the BO7T well at the Saltfleetby gas field in Lincolnshire was successfully commissioned on Friday 3^rd November at 16.30 with minimum production loss. This has been a challenging project not least because of the weather conditions during construction but also because of the technical challenges in finalising the flowline design.

Operations Director Tim Kaye commented "This is another key Company milestone delivered safely and with no harm to the environment and we can all take pride in another site goal achieved with the material benefit of reducing costs at site and further improving the long-term sustainability of the Saltfleetby Field".

CEO Richard Herbert added "Since the BO7T well came on stream in May, it has been operating in a temporary separator and flowline configuration, which has added complexity and costs to the operations at the field. The period of well clean up was much longer than we had expected, due to incomplete acidization of the mud additives used to control the wellbore during the drilling of the reservoir section. Now that fines production has reduced and with the completion of the engineering works to install the permanent flowline, we are seeing stable well performance and will have a significant reduction in operating costs with the removal of expensive rented equipment and personnel required for the temporary flowline. I am very grateful to the operations team at Saltfleetby for their excellent work to complete this significant project for the Company".

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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: [phone]

Beaumont Cornish Limited (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 / Fergus Mellon                 Tel: [phone]              

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.

 

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