Angus Energy PLC (AIM:ANGS) Saltfleetby Sidetrack and Quarterly Flow Rates

Saltfleetby Sidetrack and Quarterly Flow Rates Update

Initial Flow Rates – Sidetrack SF07V

Angus Energy (AIM: ANGS) is pleased to announce that well initial clean-up operations concluded early on the weekend since which time the sidetrack SF07V well testing programme has been progressing satisfactorily.

The well flowed at 2.1 mmscfd shortly after start up and flow rates have increased over the last 60 hours to 4 mmscfd with a near constant 30 barg wellhead pressure. The rate of increase has been linear and there is, as yet, no deviation in that rate of increase.

By way of context, deliverability from pre-existing wells has averaged around 5.4 mmscfd during the quarter and our competent Persons Reports of March 2020 and October 2021 set a P90 target just shy of 10 mmscfd for the plateau rate of flow from all three wells.

Throughout this period we have seen the steady removal of residual drilling fluids from the well and expect the clean-up to take several days before we reach the final deliverability.

Connection to the plant for gas processing and export is planned directly after the clean-up and we expect to realise the combined flow rates of all three wells later in the month.

Quarterly Flow Rates – Existing Wells

Gas volumes produced and sold equalled 5.4 million Therms in aggregate for the months of January, February and March combined or 1.8 million Therms per month being in excess of hedge requirement. This yields an average of 5.4 mmscfd for daily flow rate.

Average daily flow rates were highest in January but suffered somewhat from work on the second compressor during February and March.

Peak achieved flow rates from the two wells remained at around 6.0 mmscfd throughout the period and pressure was stable to gently falling at around 30 barg in line with management expectations.

Gas condensate (liquid) production averaged 120 bbl/day which continues to be somewhat higher than expected.



Angus Energy Plc

George Lucan

Tel: +44 (0) 208 899 6380

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