Angus Energy PLC (AIM:ANGS) Side track Spud and Forward Plan

Angus Energy (AIM: ANGS) is pleased to announce that the side-track of SF-07 programme began today with testing of blow-out preventers in advance of spudding the well.

The Company will supply regular photographic coverage supported by graphics of the progress of the drilling programme on its social media platforms with a 12 hour delay. This will allow any material change to the programme to be properly communicated by RNS ahead of the updates.

This being a side track rather than a new well, the Company expects to be running equipment in hole to a depth of 1300m reasonably swiftly over the weekend and it is above this depth, at around 1150m that a whipstock (essentially a wedge allowing the hole to be drilled at an angle to the vertical) will be set and the 9 5/8″ window will be milled through the casing and cement.

Early next week directional drilling begins in earnest in 8.5” bore at a low angle to the vertical to a total depth of around 2,560m (TD) which should terminate about 1m into the target reservoir. The speed of drilling the first section (8.5” section) is likely to vary during this element of the programme, but an estimate of 8-10 days is not unreasonable.

Thereafter the drilling will be nearly horizontal and slower for a further 300-400 m. The total programme, including clean up of the well, is expected to last some 35 days. The Company may be able to advise success in the actual drilling activity after approximately 30 days but a further 10 days would be required to begin to have confidence as to likely production rates. However few drilling programmes follow predicted timetables closely and investors should expect variance.

Production from the existing wells continues at previously advised rates at Saltfleetby excepting a four hour planned maintenance shutdown yesterday for a software upgrade.

END.

Enquiries:

Angus Energy Plc

www.angusenergy.co.uk

George Lucan

Tel: +44 (0) 208 899 6380


Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Weekly Newsletter

Sign up to receive exclusive stock market content in your inbox, once a week.

We don’t spam! Read our privacy policy for more info.

Tweet
WhatsApp
Email
Pocket
Share
Share