REG - Angus Energy PLC - Brockham Oilfield Start-up

Angus EnergyAnnouncement

05/06/2024 07:00

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RNS Number : 1246R  Angus Energy PLC  05 June 2024

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.

5 June 2024

 

Angus Energy Plc

("Angus Energy", the "Company" or together with its subsidiaries, the "Group")

(AIM:ANGS)

 

Brockham Oilfield Start-up

 

Angus Energy (AIM: ANGS) the  independent onshore Energy Transition company
with a complementary portfolio of clean gas development assets and legacy oil
producing fields announces that, further to the Company's declared strategy of
restarting production at Brockham, at Angus's Brockham Oil Field in Surrey,
the workover of the Brockham 2Y well to reinstate production from the field
was successfully concluded in late May. A new pump was installed in the well
and repairs and upgrades made to the surface equipment. After a period of flow
to clean-up the well, it is back online producing c. 120 bbls/day of total
fluid, of which 40% is currently oil. The well will be monitored over the
coming days to determine future production potential. All produced water is
reinjected at the site into the reservoir for pressure support. Further
updates on oil production from Brockham in which Angus has an 80% interest and
other potential developments will be shared over the coming months.

 

Richard Herbert, the Company's CEO commented: "As we stated in our last
strategic update, Angus intends to expand production through organic and
inorganic growth. This is the first step of that journey. We are very pleased
with our progress at the Brockham Field to resume production. The workover was
completed safely and on schedule and budget, with the new pump starting up on
the 28(th) May. The well is now producing oil in excess of management's
predicted flowrates and with the present surface configuration is expected to
sustain 30-40 bbls/day of oil, with potential to increase further with
operational improvements."

 

END

 

For further information on the Company, please visit www.angusenergy.co.uk
(http://www.angusenergy.co.uk) or contact:

Enquiries:

 

Angus Energy Plc
                www.angusenergy.co.uk
(http://www.angusenergy.co.uk)

 

Richard Herbert

Chief Executive
Director
                Via Flagstaff

 

Beaumont Cornish Limited (Nomad)      www.beaumontcornish.com
(http://www.beaumontcornish.com)

 

James Biddle / Roland Cornish                   Tel: +44 (0)
207 628 3396

 

SP Angel Corporate Finance LLP (Broker)
www.spangel.co.uk (http://www.spangel.co.uk)

 

Stuart Gledhill / Caroline Rowe / Richard Hail Tel: +44 (0)20 3470 0470

 

Flagstaff PR/IR
 
                angus@flagstaffcomms.com

 

Tim Thompson / Fergus Mellon / Alison Alfrey   Tel: +44 (0) 207 129 1474

 

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 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.

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.

 

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