TIDMANGS
RNS Number : 0485V
Angus Energy PLC
03 April 2023
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.
3 April 2023
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Saltfleetby Sidetrack and Quarterly Flow Rates Update
Initial Flow Rates - Sidetrack SF07V
Angus Energy (AIM: ANGS) is pleased to announce that well
initial clean-up operations concluded early on the weekend since
which time the sidetrack SF07V well testing programme has been
progressing satisfactorily.
The well flowed at 2.1 mmscfd shortly after start up and flow
rates have increased over the last 60 hours to 4 mmscfd with a near
constant 30 barg wellhead pressure. The rate of increase has been
linear and there is, as yet, no deviation in that rate of
increase.
By way of context, deliverability from pre-existing wells has
averaged around 5.4 mmscfd during the quarter and our competent
Persons Reports of March 2020 and October 2021 set a P90 target
just shy of 10 mmscfd for the plateau rate of flow from all three
wells.
Throughout this period we have seen the steady removal of
residual drilling fluids from the well and expect the clean-up to
take several days before we reach the final deliverability.
Connection to the plant for gas processing and export is planned
directly after the clean-up and we expect to realise the combined
flow rates of all three wells later in the month.
Quarterly Flow Rates - Existing Wells
Gas volumes produced and sold equalled 5.4 million Therms in
aggregate for the months of January, February and March combined or
1.8 million Therms per month being in excess of hedge requirement.
This yields an average of 5.4 mmscfd for daily flow rate.
Average daily flow rates were highest in January but suffered
somewhat from work on the second compressor during February and
March.
Peak achieved flow rates from the two wells remained at around
6.0 mmscfd throughout the period and pressure was stable to gently
falling at around 30 barg in line with management expectations.
Gas condensate (liquid) production averaged 120 bbl/day which
continues to be somewhat higher than expected.
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
Qualified Person's Statement: 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.
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 player in
the aggregation, production and storage of energy. 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:
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. Mmscfd
represents mmscfd per day.
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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