7.00am 25 October 2017
Angus Energy PLC
("Angus Energy" or the "Company")
Operations Update - Brockham
Angus Energy, a conventional oil and gas development company, has received a letter from the Surrey County Council ("SCC") suggesting that the Company submit a planning application for the operations at the Brockham Oil Field associated with well BR-X4 and its inclusive sidetrack BR-X4Z.
This is the first formal request or formal notice received by Angus Energy either prior to or in the 7 months since 9 March 2017. Angus Energy's guidance from its RNS 23 October 2017, 22 September 2017 and 11 May 2017 remains unchanged.
After a careful and considered review, the Management team and Board of Directors of Angus Energy will, as Operator of the licence, submit a normalisation application for the continued surface activities of the production plant required for well BR-X4 and notably, its inclusive sidetrack BR-X4Z. The Board has determined this application - submitted without predjudice - is a prudent and pragmatic step in the best interests of all stakeholders.
The Company reiterates it has all the required permissions from all of its regulators to continue production at the Brockham Oil Field including the Kimmeridge layers. In taking this intermediate step, the Company has not relinquished any rights or further options at its disposal to protect shareholders.
The Company has worked with the SCC throughout this process and will continue to do so without exception. Both parties continue to maintain a professional relationship and on-going communications.
Subsequent to the Company's RNS of 23 October 2017, Angus Energy will perform conventional oil production at Brockham Oil Field from the Kimmeridge Layers in Q1 2018.
Statement from The Board of Directors:
"The Board of Angus Energy does not take any decision concerning our shareholders lightly. We are confident our actions today have been given thoughtful consideration and fully expect this intermediate step to have minimal impact on our current business plan. We look forward to continued communication and cooperation between Angus Energy and the Surrey County Council."
Further information can be found at www.angusenergy.co.uk
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
END.
About Angus Energy plc.
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) and has a 12.5% interest in the Holmwood licence (PEDL143).
Interest in Brockham Oil Field (PL 235):
Angus Energy has a current 55% interest in PL235 with an agreement, as announced on 16 December 2016, to increase this to 65% following regulatory approval.
Enquiries:
Angus Energy Plc |
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Jonathan Tidswell-Pretorius / Paul Vonk |
Tel: +44 (0) 208 899 6380 |
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Beaumont Cornish (NOMAD) |
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James Biddle/ Roland Cornish |
Tel: +44 (0) 207 628 3396 |
www.beaumontcornish.com |
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Optiva Securities Limited (BROKER) |
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Jeremy King/ Ed McDermott |
Tel: +44 (0) 203 137 1902 |
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Yellow Jersey |
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Tim Thompson |
Tel: +44 (0) 203 735 8825 |
