Angus Energy Announces Shareholder Update Presentation

Source: www.gulfoilandgas.com 2/24/2021, Location: Europe

Angus Energy plc is pleased to share with investors a further presentation updating shareholders on progress on all of its existing assets and its focus on developing Transition projects and, in particular, on one new project which the Company is progressing in the geothermal energy sphere.

The presentation also contains a summary of the timetable associated with Saltfleetby and some of the key suppliers and milestones ahead. In brief the Company advises the timeline to re-commissioning of the Field and First Gas to be approximately 6-7 months from drawdown of the proposed Loan Facility (see RNS of 22 February). Nonetheless, the presentation also notes that elements of detailed design and planning are well advanced and some key equipment is either purchased or under order as noted in earlier announcements.

Activity at Balcombe continues to be suspended whilst we await planning permission for our application for a one year well test. If approved on March 2nd at West Sussex County Council Planning Committee, where it carries the recommendation of the Planning Officer, Environment Agency and OGA permissions will be needed prior to actual works commencing. The Environment Agency permit application is already in the review system.

At Brockham we have successfully completed a Cement Bond Log of the proposed water injector well, the results of which showed very satisfactory well integrity and will be added to our submission to the Environment Agency in support of our permit application. If successful we will resume production from the Portland reservoir from BR-2 with improved recoveries expected from water injection.

At Lidsey, as noted earlier in the week, we have engaged a third party to acquire one further seismic line in the next eight weeks to be followed by a full seismic re-interpretation and simultaneously a planning application for a side track of Lidsey X2 or X1. In the interim we are suspending production on X2 whilst we examine the suitability of that well for side-track operations and whilst we await cheaper water disposal options at Brockham.

George Lucan, Angus CEO, comments: "In response to HMG's recent Energy White Paper: Powering our net zero future, we have set forward our own view of the Energy Transition and how Angus plays its part, as a responsible and profitable supplier within the energy infrastructure mix of the UK over the coming decades.

Following the strong indicative support for the funding of the Saltfleetby Gas Development announced earlier this week, we are pleased by the expressions of interest we have already received from investors in that Development for further investment in Angus' pipeline of Energy Transition projects.

We look forward to the future of Angus; the combination of strong pipeline and assets with continued and growing investor support will contribute to the collective push for net zero in a sustainable and profitable way."


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