Interim Accounts for the six months ended 31 March 2023 and proposed £6m bridge financing
Angus Energy is pleased to announce its interim accounts for the six months ended 31 March 2023 as set out below. A copy of the Interims is available on the Company’s website www.angusenergy.co.uk
· Interim accounts published
· Bridge Facility rolled and upsized by £6m
· Evaluation of asset acquisitions and M&A
· Storage continues to be evaluated at Saltfleetby
As noted in the accounts our production target of 9.5 mmscfd has been met which is approximately equivalent to a sales volume of 3 mm therms a month. The forward Heren NBP gas price curve is presently averaging over £1.00 per therm over the next six months.
Additionally the Directors have entered into heads of terms for a further 6 month bridge facility of £6m which, whilst the final terms are to be agreed, they expect will be on substantially the same terms as those announced on 28 March for the £3m bridge facility, which has itself been rolled according to its terms by a further three months. The £6m facility is expected to be agreed next week and further details will be announced at that time.
The combined facilities will provide working capital allowing Angus to close out the final rolled hedges arising from late production in Q3 2022 as well as funding to evaluate acquisitions and the development of storage at Saltfleetby. This capital demonstrates the continued support of our pillar investors and the direction of the new management to deliver returns and growth.
