TIDMANGS
RNS Number : 8685Y
Angus Energy PLC
08 January 2024
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.
8 January 2024
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Fourth Quarter 2023 Production and Operations Update
-- Production for the Quarter was 7.35 mm therms
-- Estimated revenues of GBP7.2m for the Quarter
Gas volumes produced and sold from the Saltfleetby Field
equalled 7.35 mm therms in aggregate for the months of October,
November and December 2023 combined, compared to 7.9 mm therms
produced and sold in the third quarter. Fourth quarter production
equates to an average of 2.45 mm therms per month (2.6 mm therms
per month in the third quarter), as against hedged volumes of 1.5
mm therms per month for the third and fourth quarter. Operational
efficiency was 87% for the fourth quarter (90% operational
efficiency for the third quarter). Gas condensate (liquid)
production averaged 130 bbl/day.
The quarter included a planned shutdown for 6 days during
October for maintenance and remedial work on one of the two
compressor engines on the Saltfleetby site. The compressor was
returned to service on the 21(st) of October, allowing dual
compressor operations to recommence.
The construction of the B07T permanent flowline was completed
during the quarter with commissioning of the new flowline
completing on the 3(rd) of November. B07T production losses were
minimized to one day for completion of the tie-in work and for
flowline commissioning activities.
A further planned intervention on one of the two compressor
engines took place during November with the work successfully
completed on the 22(nd) of November, allowing dual compressor
operations to recommence.
Equipment hardware upgrades were implemented on one of the two
compressor engines during December with the aim of improving engine
reliability performance. Work was carried out across a small number
of planned interventions prior to the festive period.
Well performance and well optimization trials were carried out
during the quarter further to commissioning of the B07T permanent
flowline and this work remains an ongoing focus for the sub-surface
and operations team.
END.
Enquiries:
Angus Energy Plc www.angusenergy.co.uk
Richard Herbert 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
Qualified Person's Statement: Richard Herbert, the Chief
Executive Officer of the Company, who has over 43 years of relevant
experience in the oil and gas industry, has approved the
information contained in this announcement. Mr Herbert holds a BSc.
Hons in Geology from the University of Bristol and is a Fellow of
the Geological Society of London and a member of the American
Association of Petroleum Geologists.
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. Note that "mm" in respect of
therms or scf means million. Confusingly, in the case of Joules,
different nomenclature is used and "MJ" is an abbreviation for
megajoules which is equivalent to millions of joules.
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END
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