First Day of Dealings

RNS Number : 0206P

Angus Energy PLC

14 November 2016

 

                                                                                                                                14 November 2016

Angus Energy plc

("Angus Energy" or the "Company")

Admission and First Day of Dealings

Angus Energy plc is pleased to announce its admission to trading on AIM today. Dealings in the Company's ordinary shares will trade under the TIDM: "ANGS".

Angus Energy and its subsidiaries (together the "Group") operate a UK onshore focused oil and gas business with majority interests in two production oil fields in the UK Weald Basin in southern England with development and exploration upside. The Group is an OGA approved operator and owns a 55% interest in the Brockham oil field in Surrey in PL235 and a 50% interest in the Lidsey oil field located in West Sussex in PL241. The Weald Basin is a proven petroleum system with several commercial producing fields and discoveries.

The Company has raised £3.5 million (gross) in conjunction with Admission to fund its share of the costs of phased development programmes on the Brockham and Lidsey fields. 

Further details can be found on the Company's website http://www.angusenergy.co.uk/ 

Summary of the placing

·     The placing raised £3.5 million (gross) at a price of 6 pence per ordinary share (the "Placing Price") to fund its share of the costs of phased development programmes on the Brockham and Lidsey fields targeting the Portland Sandstone formations as well as, at Brockham, the extension into the lower Kimmeridge Limestone formation.

·     The number of ordinary shares in issue immediately after admission will be 214,980,287 giving the Company a market capitalisation of £12.89 million at the Placing Price.

·     Beaumont Cornish Limited is acting as Nominated Adviser and Optiva Securities as Broker to the Company.

Jonathan Tidswell-Pretorius, Angus Energy's Chairman, commented: "Today marks an important milestone in the development of Angus Energy. With existing cash resources and today's placement proceeds, we now have sufficient funds to undertake the drilling programme at Brockham and Lidsey. Significantly, as an OGA approved operator and with two production licences for these fields, we are able to undertake this programme with the expectation that the additional production can be bought on line shortly after drilling is completed. We look forward to updating the market as the results of this drilling become available."

14 November 2016

Enquiries:

Angus Energy Plc
Jonathan Tidswell-Pretorius	Tel: [phone]
Paul Vonk
Beaumont Cornish (NOMAD)
James Biddle/ Roland Cornish	Tel: [phone]
www.beaumontcornish.com
Optiva Securities Limited (BROKER)
Jeremy King/ Ed McDermott	Tel: [phone]

 

END

 

 

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