Update on Lidsey Oil Field

RNS Number : 5771C

Angus Energy PLC

18 April 2017

 

                                                                                                                                                11.00am on 18 April 2017

Angus Energy plc

("Angus Energy", "Angus" or the "Company")

County Council approval for drilling of second production well at its Lidsey Oil Field.  

Angus Energy is pleased to announce that West Sussex County Council have now approved details under the provision of the planning consent for the proposed drilling of the second well, the new Lidsey-X2 onshore production well at the Lidsey Oil Field (PL241) near Bognor Regis in the south of the United Kingdom.

Angus Energy has planning consent for the development and operation of a three wellhead and beam pump oil production facility plus ancillary works at its Lidsey Oil Field. As permitted by the site planning consent, the first well has already been drilled at the site (Lidsey-X1) and the tophole/cellar completed and installed to enable a second well to be drilled (Lidsey-X2). This second well has not yet been drilled and is planned to be drilled to a depth of approximately 1,000 metres and will target the upper crest of the Great Oolite reservoir that has until being temporarily suspended in February 2016 produced oil from the Lidsey-X1 well which was first discovered in 1987. Lidsey-X2 will also assess the Kimmeridge formation which is located above the Great Oolite reservoir.

Under the provisions of the site planning consent, Condition 8 requires prior approval by West Sussex County Council of details of the drilling rig and equipment and the period of their use to drill additional wells. West Sussex County Council have now approved details under the provision of the extant planning consent for the proposed drilling of the second well together with their approval for a new site security fence and new site administration facilities comprising offices, toilets and mess facilities.

There is no change to the Company's earlier guidance with regards to operations at its Brockham Oil Field.

Jonathan Tidswell-Pretorius, the Company's Chairman, commented:

"We welcome the news from West Sussex County Council. The Lidsey-X2 well fully aligns with our business plan of providing low cost, low geological risk, long term conventional oil production. Lidsey-X2 will target the upper crest of the producing Great Oolite reservoir and will also pass through the Kimmeridge layers allowing us to electronically log the layers and sample the drill cuttings for a detailed comparison to the encouraging results Angus encountered at Brockham-X4Z.

Subject to Environmental Agency consent and approval from the Health and Safety Executive for Lidsey-X2 (both are in process), we will ask the Oil and Gas Authority for consent to drill Lidsey-X2"

END.

Enquiries:

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

About Angus Energy plc.

Angus Energy plc. is an AIM quoted independent onshore oil and gas 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 owns the majority interest and operates conventional oil production fields in Brockham (PL 235) and Lidsey (PL 241).

Angus Energy currently has a 50% interest in the Lidsey oil field; however, as announced on 16 December 2016, the Group has an option to acquire a further 10% interest in the Lidsey oil field from Terrain Energy Ltd.

Full details on the PL235 and PL 241 licences are set out in the Company's AIM Admission document dated 12 November 2016.

 

END

 

 

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