Angus Energy PLC (AIM:ANGS) Third Quarter Production and Operations Update

Third Quarter Production and Operations Update

·    Production for the Quarter was 7.9 mm thermsup

·    Estimated revenues of £6.3m for the Quarter

Gas volumes produced and sold from the Saltfleetby Field equalled 7.9 mm therms in aggregate for the months of July, August and September 2023 combined, compared to 6.8 mm therms produced and sold in the second quarter of this year. Third quarter production equates to an average of 2.6 mm therms per month (2.3 mm therms per month in the second quarter), as against hedged volumes of 1.5 mm therms per month for the third quarter (1.75 mm therms per month for the second quarter).  Operational efficiency was 90% for the 3rd quarter (88% operational efficiency for the second quarter). Gas condensate (liquid) production averaged 160 bbl/day.

The quarter included a planned full plant shut down for 4 days at the end of August for safety-critical maintenance and remedial work on one of the two compressor engines on the Saltfleetby site. One of the compressor engines suffered a mechanical issue in the second half of September. The compressor returned to service on 2 October, allowing dual compressor operations to recommence.

The B07T well has continued to clean up through the temporary flowline connecting it to the field facilities and now returns only minor quantities of solids, associated with the drilling fluids used to drill the well. Construction of the permanent flowline from the well continues, with civil works complete and the fabrication of the pipework largely finished. Installation of the flowline will take place in the coming weeks, with commissioning planned for the second half of October.

Work on the previously announced global refinance of the Company’s debt is well advanced, with a new reservoir model and production forecasts in the process of being finalized for lenders.

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