Angus Energy Brockham and Lidsey update

RNS Number : 8682B

Angus Energy PLC

15 January 2018

 

                                                                                                                         15 January 2018

Angus Energy Plc

("Angus Energy" or the "Company")

Angus Energy To Resume Conventional Production

From Brockham & Lidsey Oil Fields

Company Will Increase Production To Four Wells in Q1 2018 

Angus Energy Plc, a conventional oil and gas production and development company, is pleased to announce that it will resume conventional production from two currently temporarily suspended wells in its portfolio.

The Company will re-commence production from the Portland Resevoir via the BR-X2Y well at Brockham in March, as well as the Great Oolite Resevoir at Lidsey from the Lidsey-X1 well this February. This, combined with existing production from the Lidsey-X2 well and expected production from the Brockham BR-X4Z well (see below), is expected to give the Company a total of four wells in production in Q1 2018. 

These operations reflect improved market conditions and an increase in oil pricing and will enhance the Company's financial flexibility. Prior to their temporary closure, the BR-X2Y and Lidsey-X1 wells had normative operations at approximately 50bbl/day combined.  

Brockham BR-X4Z

Further to the Company RNS 23 October 2017, the installation of a connection to the National Grid for selling on-site power generated from associated gas production is in progress, contracts have been executed with a scheduled completion in March 2018. Prior Company guidance for the beginning of production from BR-X4Z is unchanged.

Lidsey-X2

Subsequent to the Company RNS 20 November 2017, the Company has completed its review of initial flow rates from Lidsey-X2.  The  installation of a new pump to optimise pressure differentials and maximize production flow rates will be completed in February 2018.

All the aforementioned operations are performed through conventional production. There will be no hydraulic fracturing or "fracking".

Further information is available on the company website: www.angusenergy.co.uk/media/presentations 

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About Angus Energy plc.

Angus Energy plc. is a UK AIM quoted independent onshore oil and gas production and development company focused on leveraging its expertise to advance its portfolio of UK assets as well as acquire, manage and monetise select projects. Angus Energy majority owns and operates conventional oil production fields at Brockham (PL 235) and Lidsey (PL 241) and has a 12.5% interest in the Holmwood licence (PEDL143).

Enquiries:

Angus Energy Plc
Jonathan Tidswell-Pretorius / Paul Vonk	Tel: [phone]
Beaumont Cornish (NOMAD)
James Biddle/ Roland Cornish	Tel: [phone]
Optiva Securities Limited (BROKER)
Jeremy King/ Ed McDermott	Tel: [phone]
Yellow Jersey
Tim Thompson	Tel: [phone]

 

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