THE INFORMATION CONTAINED WITHIN
THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE
INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU)
NO. 596/2014 AS IT
FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, AS AMENDED.
UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
22
February 2024
Angus Energy
Plc
("Angus Energy", the
"Company" or together with its subsidiaries, the
"Group")
(AIM:ANGS)
Saltfleetby Gas
Storage
Angus Energy plc (AIM:ANGS) is
pleased to announce that it has entered into a Memorandum of
Understanding with a subsidiary of Trafigura Group Pte Ltd.
("Trafigura") with regard to gas storage at the Company's
Saltfleetby Gas Field in Linconlnshire - volumetrically the UK's
largest onshore gas field and its largest potential subsurface
porous rock storage reservoir.
The Trafigura group is one of the
world's leading international commodity traders engaging in the
trading of physical commodities including oil, gas, minerals and
metals, as well as renewable energy generation and clean energy
technologies.
As part of the wider co-operation
between Trafigura and Angus, the parties wish to leverage their
complementary capabilities and collaborate on an underground gas
storage facility in the UK, for natural gas, CO2, or hydrogen, and
the offtake by Trafigura of pre-agreed capacity of the proposed gas
storage facility.
The Memorandum sets out the terms,
and a model for co-operation, under which Trafigura and Angus
intend to review technical and commercial feasibility of storage at
Saltfleetby and agree commercial terms and schedule for a future
storage project. Specifically it is envisaged Trafigura would
act as initial customer or offtaker of a proportion of the stored
product subject to specifications as to quality.
Within 12 months of the date of this
Memorandum, Trafigura and Angus will agree and set out specific
milestones, subject to technical and commercial feasibility.
required to establish a gas storage facility at
Saltfleetby.
Richard Herbert, CEO,
comments: "This project
builds on the strategic relationship Angus has established with
Trafigura with its new loan facility and gas sales from the
Saltfleeby Field. The gas storage project has the potential
to facilitate the United Kingdom's transition from carbon heavy
fuels to energy sources with a lower environmental impact, while
making attractive commercial returns for
shareholders."
END
For further information on the
Company, please visit www.angusenergy.co.uk
or contact:
Enquiries:
Angus Energy
Plc
www.angusenergy.co.uk
George Lucan
Tel: +44 (0) 208 899 6380
Beaumont Cornish Limited
(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) 207 220 1666
Flagstaff PR/IR
angus@flagstaffcomms.com
Tim Thompson / Fergus Mellon
Tel: +44 (0) 207 129
1474
Aleph
Commodities
info@alephcommodities.com
Disclaimers - this Announcement
includes statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements can
be identified by the use of forward-looking terminology, including
the terms "believes", "estimates", "forecasts", "plans",
"prepares", "anticipates", "projects", "expects", "intends", "may",
"will", "seeks", "should" or, in each case, their negative or other
variations or comparable terminology, or by discussions of
strategy, plans, objectives, goals, future events or intentions.
These forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
Announcement and include statements regarding the Company's and the
Directors' intentions, beliefs or current expectations concerning,
amongst other things, the Company's prospects, growth and strategy.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance. The Company's actual performance, achievements and
financial condition may differ materially from those expressed or
implied by the forward-looking statements in this Announcement. In
addition, even if the Company's results of operations, performance,
achievements and financial condition are consistent with the
forward-looking statements in this Announcement, those results or
developments may not be indicative of results or developments in
subsequent periods. Any forward-looking statements that the Company
makes in this Announcement speak only as of the date of such
statement and (other than in accordance with their legal or
regulatory obligations) neither the Company, nor the Bookrunner nor
Beaumont Cornish nor any of their respective associates, directors,
officers or advisers shall be obliged to update such statements.
Comparisons of results for current and any prior periods are not
intended to express any future trends or indications of future
performance, unless expressed as such, and should only be viewed as
historical data.
Beaumont Cornish Limited, which is
authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting as nominated adviser to the Company in
relation to the matters referred herein. Beaumont Cornish Limited
is acting exclusively for the Company and for no one else in
relation to the matters described in this announcement and is not
advising any other person and accordingly will not be responsible
to anyone other than the Company for providing the protections
afforded to clients of Beaumont Cornish Limited, or for providing
advice in relation to the contents of this announcement or any
matter referred to in it.