TIDMANGS
RNS Number : 3377B
Angus Energy PLC
30 September 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 6/2014 AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH
THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.
30 September 2022
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Saltfleetby Flow Rates, Second Compressor and Side-Track
Update
-- Total sales of 1.2 million Therms achieved during September
up to the end of the gas day of 29(th) exceeding obligations under
the hedge for that month.
-- Flow rate to be ramped up to 6mmscfd (million standard cubic feet per day) in October.
-- 2(nd) compressor to be delivered in December, allowing an
increase up to 12mmscfd by January 2023.
-- Side Track spudding in October.
Flow Rates
Angus Energy (AIM: ANGS) is pleased to announce that gas volumes
produced and sold equalled 1.2 million Therms comfortably covering
any deliverables under the Company's hedging programme at the end
of September.
From the 17(th) September onward, the Company achieved an
average daily flow rate of 5.2 mmscfd and a peak flow rate of 5.7
mmscfd. These results compare favourably to an expected combined
daily flow rate of gas sales from the existing wells of 5.0 mmscfd
in our Competent Persons Reports of March 2020 and October 2021.
Pressure on the existing two wells A4 and B2 remains high at about
54 bars.
Second Compressor, Side Track and Booster Compressor
The second compressor has already been black-built and is
presently undergoing hydrotesting. Following mechanical completion,
electrical and instrumentation work will conclude during November
and we expect delivery to site in early December. This second
compressor is largely identical to the first and is expected to
double the capacity of the plant.
The side track is expected to be spudded around 20(th) October
with drilling operations expected to have a duration of no more
than 35 days excluding well clean up and completion work.
Simultaneous operations are permitted but we have allowed for two
twelve-hour shut-in periods during this period to undertake
critical works and enable certain equipment to be moved on
site.
George Lucan, CEO, comments: "Congratulations to our
commissioning and operating team at Saltfleetby for a safe and
successful commissioning period. We now have built the foundation
on which to expand our horizons in the energy space."
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 Tel: +44 (0) 207 628
Cornish 3396
WH Ireland Limited
(Broker)
Katy Mitchell/ Harry Tel: +44 (0) 113 394
Ansell 6600
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson Tel: +44 (0) 207 129
1474
Fergus Mellon
Aleph Commodities info@alephcommodities.com
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 100% 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). Angus Energy operates all fields in
which it has an interest.
Important Notices
This announcement contains 'forward-looking statements'
concerning the Company that are subject to risks and uncertainties.
Generally, the words 'will', 'may', 'should', 'continue',
'believes', 'targets', 'plans', 'expects', 'aims', 'intends',
'anticipates' or similar expressions or negatives thereof identify
forward-looking statements. These forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those expressed in the forward-looking
statements. Many of these risks and uncertainties relate to factors
that are beyond the Company's ability to control or estimate
precisely. The Company cannot give any assurance that such
forward-looking statements will prove to have been correct. The
reader is cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
announcement. The Company does not undertake any obligation to
update or revise publicly any of the forward-looking statements set
out herein, whether as a result of new information, future events
or otherwise, except to the extent legally required.
Nothing contained herein shall be deemed to be a forecast,
projection or estimate of the future financial performance of the
Company.
Explanation of Terminology:
Kwhr, Therms, megajoules (MJ) are all measures of the energy
content of a quantity of gas and have a fixed and unvarying
relationship with one another.
scm (standard cubic metre) mscm (thousand standard cubic metre)
and mmscf (million standard cubic feet) are traditional measures of
volumes of gas. As producers we tend to observe volume flow from
wells and through process plant but we are paid on the energy
content which is metered and analysed at point of sale.
These two types of measurement, energy and volume, are related
by the calorific or higher heating value which is the number of MJ
per standard cubic metre. Very intense processing, i.e. lower
temperatures, will tend to remove more higher hydrocarbon fractions
such as propane, butane and pentane, which will lower the calorific
value but improve the margin of safety in terms of meeting
transmission grid specification.
55,000 Therms, given a calorific value of about 41MJ per
standard cubic metres is approximately equal to 5mmscf or 141,584
scm, 1,612,486 kwhrs, 5,804,948 MJ.
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END
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