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.
4 April
2024
Angus Energy
Plc
("Angus Energy", the
"Company" or together with its subsidiaries, the
"Group")
(AIM:ANGS)
First Quarter 2024 Production
and Operations Update
·
Production for the Quarter was 6.92 mm therms of
natural gas and 11,717 bbls of condensate
·
Estimated revenues of £4.86m for the
Quarter
Gas volumes produced and sold from
the Saltfleetby Field equalled 6.92 mm therms in aggregate for the
months of January, February and March 2024 combined, compared to
7.35 mm therms produced and sold in the fourth quarter 2023. First
quarter production equates to an average of 2.30 mm therms per
month (2.45 mm therms per month in the fourth quarter 2023), as
against hedged volumes of 1.5 mm therms per month for the quarter.
Operational efficiency was 92% for the first quarter (87%
operational efficiency for the fourth quarter 2023). Gas condensate
(liquid) production averaged 128 bbl/day.
The quarter included a planned major
service on the 'A' compressor whilst a top-end major service was
also carried out on the 'A' engine as a parallel activity. A
planned intervention was also made on the 'B' engine with all
cylinder heads on the engine changed out as part of an engine
reliability improvement plan. Dual compressor operation was
reinstated on the 20th March.
At the Brockham Oil Field, site work
has commenced in preparation for rig arrival early in Q2 to
reinstate production from the Brockham 2Y well.
END
For further information on the
Company, please visit www.angusenergy.co.uk
or contact:
Enquiries:
Angus Energy
Plc
www.angusenergy.co.uk
Richard
Herbert
Chief Executive
Director
Via Flagstaff
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
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.
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.