Angus Energy plc is a company Share Talk has covered a lot since the IPO in November 2016. ANGS has announcements three updates this month alone. They update on Brockham oil field operations along with Investor Conference Call and today RNS Update on NEX Exchange Bond Issue.
Angus Energy plc. is an AIM quoted independent onshore oil and gas development company focused on leveraging its expertise to advance its portfolio of UK assets as well as acquire, manage and monetise select projects. Angus Energy owns and operates conventional oil production fields in Brockham (PL 235) and Lidsey (PL 241).
We covered the IPO with the head line “Angus Energy a small company with a bright future” back in November 2016, we revisited Weald Basin in Jan 2017. We published other update’s but thought it would be worth high lighting to our reader’s what the month of June has delivered.
Jonathan Tidswell-Pretorius, Angus Energy’s Chairman must take a lot of credit for the discovery alongside David Lenigas for the development, discovery of Horse Hill.
Angus Energy LON:ANGS
2009 the company was founded, the following year they qualifies as a UK O&G Operator. Jump forward to 2014 and the group acquired Brockham and Lidsey Oil Field Acquisition.
In 2015 Horse Hill Development Ltd. (HHDL) was founded by Angus Energy with Partners brought in to fund drilling of Horse Hill – 1 exploration well.
The Horse Hill-1 exploration well (less than five miles to the southeast of Brockham) was drilled and delivered on-time and on-budget by Angus Energy as the operator, partners. The group (Horse Hill sisters), which was behind the exploration at Horse Hill generated dramatic headlines in April 2105, with claims of a huge oil find near Gatwick airport.
Now we look at this month’s developments
26 June 2017: Update on Brockham oil field operations:
Previous guidance for oil production to commence from the Kimmeridge at Brockham in the summer 2017 remains unchanged.
In addition, the Company notes the RNS published last week, ‘Oil Seeps from Kimmeridge Limestone Core Samples’ by UK Oil & Gas Investments plc. at Broadford Bridge.
The initial coring results at the Broadford Bridge exploratory site, approximately 30km southwest of the Brockham Oil Field and approximately 22km northeast of the Lidsey Oil Field, reported on Friday (23 June 2017) are supplementary confirmation of Angus Energy’s RNS of 3 March 2017 outlining the detailed maturity analysis and fracture analysis of the Brockham-X4Z well’s Kimmeridge reservoir utilising the Weatherford Ultra Wave Acoustic Borehole Imaging Tool.
Results of Angus Energy’s published analysis on the Brockham-X4Z side track confirmed the reservoir consists of numerous interbedded layers of limestone and shale with abundant natural fracturing. The gross thickness of the Kimmeridge reservoir in Brockham-X4Z is calculated to be 385 meters. Further analysis strengthens our hypothesis that the Kimmeridge reservoir in that flank of the Weald Basin (covering Brockham, Horse Hill etc.) is a single reservoir which may even extend as far south as Angus Energy’s field at Lidsey although maturity may not be adequate for hydrocarbon production (to be evaluated during upcoming Lidsey well). This Kimmeridge reservoir is naturally fractured and can be produced via conventional production methods (i.e. no fracking). The production of the Kimmeridge oil will be realised via the natural fracture system present in the interbedded limestone and shale layers in the reservoir.
A 200-meter band of the reservoir in Brockham-X4Z is naturally fractured and will be placed into production following final consent from the OGA.
What we can gather from the RNS update issued on the 26 June 2017, ANGS looks to be on track to go in to production in 2017.
Investor Conference Call
Angus Energy plc (AIM: ANGS) is pleased to announce the Company will hold a conference call for analysts and investors on 12 July 2017 at 16:30 British Summer Time.
Executive Chairman Jonathan Tidswell-Pretorius and Managing Director Paul Vonk will give a short presentation followed by a question and answer session. To participate in this conference call, please dial in to 0808 109 0700 (UK Toll Free) or +44 (0) 20 3003 2666 (Standard International) using the participant password “Angus”.
Please note that all lines will be muted except for Angus Energy. The Company invites shareholders to submit questions via the company’s website investor page under ‘Investor Question’ at this link:
The company has to be commended for being open and giving share holders the opportunity to ask questions. A lot of listed companies truly do forget that the investors are the ones that pay the bills and keep the light’s on.
29 June 2017: Update on NEX Exchange Bond Issue
On 16 February 2017, Angus Energy published an announcement on the NEX Exchange website stating that it had published an Information Memorandum in connection with its application for admission of up to £3,500,000 sterling denominated secured bonds of denomination £1, with a maturity date of 30 June 2022, (the “NEX Bonds”) to trading on the NEX Exchange Growth Market with an expected admission date of on or around 23 March 2017 for the first tranche of NEX Bonds (the “NEX Announcement”).
The expected admission date for the first tranche of NEX Bonds is now on or around 27 July 2017.
ANGS A story that is still unfolding and for current share holders looks to be moving in the right direction. At Share Talk we never give a buy or sell recommendation, we leave that to you the reader.
I think Share Talk will be re-visiting this story in the near future, good luck to all holders, it looks like it’s going to be an interesting year.
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