SPA signed regarding additional interest in Lidsey

RNS Number : 8062S

Angus Energy PLC

14 March 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.

14 March 2019

Angus Energy Plc

("Angus Energy" or the "Company")

SPA signed for purchase of additional interest in Lidsey Field

Further to the previous announcement on 26 February 2018, Angus Energy plc (#ANGS) is pleased to announce that it has entered into a legally binding sale and purchase agreement ("SPA") with Doriemus Plc ("Doriemus") for the purchase of Doriemus's 20% interest in the Lidsey Oil Field Licence (including its 30% direct participating working interest in the Lidsey-X2 production well) ("Acquisition").  Pursuant to the SPA, the Acquisition is conditional upon regulatory and partner approvals.  Angus Energy has already submitted an application for approval of the Acquisition to the UK Oil & Gas Authority and is liaising with its partners in respect of their consent.

George Lucan, interim Managing Director, writes: "Angus is pleased to have consolidated its position in the Lidsey Field at a competitive non-cash price and looks forward to the future for this producing site. Work continues to evaluate possible upside in the existing structure and updates will be provided as this moves ahead."

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]
Yellow Jersey	[e-mail]
Tim Thompson	Tel: [phone]
Henry Wilkinson

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 Holmwood licence (PEDL143).

 

END

 

 

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