Angus Energy (AIM: ANGS) is pleased to announce that transmission specification gas quality has been comfortably achieved by the plant in its 24/7 operations since First Gas.
The Company has achieved flow rates from well A4 of 4 mmscf/d (million standard cubic feet per day) at approximately 55 bar and well over 4.5 mmscf/d from well B2 at approximately 45 bar which, taken together, greatly exceed the 2017 combined shut-in rate of 5 mmscf/d from those wells as advised in the Company’s presentation of December 2019 and in subsequent communications.
The Company has been running the process plant at an effective throughput of 3.3 mmscf/d on average for the last three days which has steadily risen from 0.5 mmscf/d at the beginning of operations. Adjusting for short outages resulting from resolving typical commissioning “trip” issues, the plant is evidencing a current capacity to process gas of 4.6 mmscf/d, which would comfortably meet the Company’s hedge obligations for September.
Our aim is to raise this process capacity, and reduce the incidence of commissioning trips, such that in the coming days the plant will reach a minimum steady state of 5.5 mmscf/d or greater which would again comfortably meet the Company’s hedge obligations for Q4. To that end we continue to increase engine speed and utilise more natural well head pressure. Additionally, stabilised condensate production has started at circa 50 barrels per day.
The Company intends to advise production figures, together with an update on the installation of the second compressor, at the end of this month and thereafter the Company expects to report production figures quarterly.
Angus Energy Plc
Tel: +44 (0) 208 899 6380
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