Angus Energy PLC Drilling Commences - Lidsey-X2 (5642Q)
September 13 2017 - 2:00AM
UK Regulatory
TIDMANGS TIDMANGB
RNS Number : 5642Q
Angus Energy PLC
13 September 2017
13 September 2017
Angus Energy Plc
("Angus Energy", the "Group" or the "Company")
Drilling Commences - Lidsey-X2
Angus Energy Plc is pleased to announce that following its
announcement of 8 September 2017, the drilling of Lidsey-X2 has now
commenced at the Lidsey Oil Field near Bognor Regis.
Lidsey-X2 is a conventional production well targeting the
existing Great Oolite Reservoir. The existing production well
Lidsey-X1 has been temporarily suspended due to the site
preparation works required for the drilling of Lidsey-X2. Design
options are currently under consideration to either convert the
Lidsey-X1 into a water injector or perform production from the
Kimmeridge. No decision will be made until a full analysis of the
Lidsey-X2 drilling results are complete.
The Lidsey-X2 is expected to pass through the Kimmeridge
formation enabling Angus Energy to assess its potential at the
southern edge of the Weald Basin. The formation will be logged
thoroughly as part of the drilling process.
The Company's operational guidance from 8 Sept 2017 is
unchanged. The current works have an expected operating window of
approximately six weeks before actual production from the Lidsey-X2
horizontal well commences.
Interest in Lidsey Oil Field (PL 241):
Following the acquisition of a 10% interest from Terrain Energy
(see RNS 4 May 2017) the Group will own a 60% direct interest in
the Lidsey Oil Field and a 50% economic interest in the Lidsey-X2
well which is held under UK Production Licence PL 241.
Paul Vonk, Angus Energy's Managing Director, commented:
"The Lidsey-X2 production well aligns with our business plan of
providing long term, cost efficient, low geological risk,
conventional oil production.
We remain focused on providing value to our shareholders and
look forward to re-commencing production from the Lidsey Oil
Field."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
END.
Enquiries:
Angus Energy Plc
----------------------------- --------------------------
Jonathan Tidswell-Pretorius Tel: +44 (0) 208 899 6380
/ Paul Vonk
----------------------------- --------------------------
Beaumont Cornish (NOMAD)
----------------------------- --------------------------
James Biddle/ Roland Cornish Tel: +44 (0) 207 628 3396
----------------------------- --------------------------
www.beaumontcornish.com
----------------------------- --------------------------
Optiva Securities Limited
(BROKER)
----------------------------- --------------------------
Jeremy King/ Ed McDermott Tel: +44 (0) 203 137 1902
----------------------------- --------------------------
Yellow Jersey
----------------------------- --------------------------
Tim Thompson Tel: +44 (0) 203 735 8825
----------------------------- --------------------------
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).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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