Today, Malcolm Graham Wood is joined by George Lucan, Managing Director of Angus Energy. It’s been a busy time for the company, with the acquisition of the remaining portion of the Saltfleetby Project.
George Lucan, CEO, comments: “An opportunity has arisen to consolidate our partners’ 49% holding in the Saltfleetby asset for up to £14.052 million which represents a significant discount to the October 2021 P90 valuation of our own 51% interest at £25.4 million. That October 2021 CPR used an average price per therm for gas of under 70 pence over the entire life of the field whilst the Heren NBP forward price for gas is presently trading at a level which is over double that number out to 2025. In that regard we should note that over 70% of overall field revenues are unhedged.
Equally important to the Company’s long-term future is to attract the support of a strategic investors in the group led by Aleph, who have shown repeated commitment to Angus and have the resources and shared ambitions to grow Angus’s production in hydrocarbons and support its plans in relation to alternative and renewable energies.
Project progress at Saltfleetby is excellent with all major equipment on site, electrical and pipework tie-in underway, and select dry commissioning already begun. With a conservative estimate for wet commissioning we are confident of being able to make initial nominations, or First Gas, toward the middle of June. We aim to focus on new opportunities as soon as this milestone is achieved.”
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