Angus Energy PLC Operations Update (6339A)
22 Gennaio 2020 - 4:38PM
UK Regulatory
TIDMANGS
RNS Number : 6339A
Angus Energy PLC
22 January 2020
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.
22 January 2020
Angus Energy Plc
("Angus Energy" or the "Company")
Operations Update
Angus Energy plc (AIM: ANGS) is pleased to provide the following
update on its present or prospective operations at Brockham,
Balcombe and Saltfleetby.
Saltfleetby
A Field Development Plan has been submitted to the Oil & Gas
Authority ("OGA") whilst the Company continues to finalise the
decommissioning of two wells slated for abandonment as per the
Company's announcement of 2 December 2019. We hope to satisfy the
Independent Well Examiner as regards these two wells and complete
operations within four to six weeks having been a little delayed by
the holiday period.
Conceptual design of the reconnection point at the National Grid
Entry point at Theddlethorpe has been completed and detailed design
has begun. Detailed design has also begun on the pipeline route and
the particulars of the pipe sizing, connections and associated
valves and manifolding. Pre-qualification of contractors for
construction of the pipeline, in advance of a tender process, is
underway and selection of long lead items has begun.
Furthermore, the design of on-site processing facilities has
been completed, and equipment identification and procurement has
begun with a view to purchasing equipment as soon as feasible.
These initial design steps have enabled the Company to begin
discussions with planning authorities and other regulatory
agencies. The Company had a positive and constructive meeting with
planning officers at Lincolnshire County Council and is now
preparing an application for planning and additionally a community
liaison programme.
Negotiations with a major gas marketing company are proceeding
with exchange of draft contracts and documentation under
preparation for discussion in the immediate future. This will offer
a clear route to market for future gas sales on an attractive
basis.
Our Competent Persons Report is on schedule for release during
February 2019, the majority of the technical work having been
satisfactorily completed. Economic analysis is expected to be
completed in the next few weeks.
Balcombe
We believe that our application to West Sussex County Council
(WSCC) for our planned extended well test is likely to be
considered by the Planning Committee on 25(th) February 2020
although we have not yet received a formal invitation.
Brockham
In our announcement of 28 June and again on 1 October we
outlined, as one option to obtain commercial value from the
Licence, a plan to resume production from the Portland reservoir.
In that regard, we are preparing an application to the Environment
Agency for permission to re-inject formation water to maintain
pressure in that reservoir to gain maximum hydrocarbon recovery.
This will include an updated Hydrogeological Risk Assessment report
as per our recent submission regarding Balcombe.
Whilst we await a decision on our application to the Environment
Agency, we are this week submitting our final Field Development
Plan to the OGA and, assuming that is approved, we will apply for a
five year extension of the term of the Licence to replace our
temporary extension.
Each of the injector and the producer wells are, from a
technical standpoint, ready to continue operations without any
workover rig or significant capital expenditure or new equipment,
in accordance with the existing planning consent. We will continue
to liaise with Surrey County Council at each stage of the
operations.
Other options for the Licence which include sale or disposal,
whether in part or in whole, are on hold whilst this plan is under
consideration by the various regulators.
George Lucan, Managing Director, writes "After a frustrating
wait for activity on any of our sites, we now have more clarity on
positive outcomes on three of our sites within a reasonable
timetable."
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: +44 (0) 208
899 6380
Beaumont Cornish (Nomad) www.beaumontcornish.com
James Biddle/ Roland Cornish Tel: +44 (0) 207
628 3396
WH Ireland Limited (Broker)
Katy Mitchell/ Harry Ansell Tel: +44 (0) 113
394 6600
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson Tel: +44 (0) 207
129 1474
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)
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END
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