Angus Energy PLC Lidsey X2- Operations Update (6266V)
November 06 2017 - 3:00AM
UK Regulatory
TIDMANGS TIDMANGB
RNS Number : 6266V
Angus Energy PLC
06 November 2017
6 November 2017
Angus Energy Plc
("Angus Energy" or the "Company")
Lidsey X2 - Operations Update
Angus Energy Plc, a conventional oil and gas production and
development company, is pleased to provide an update to the
Company's RNS of 13 October 2017.
As per the Company's guidance, geochemical analysis of the
Kimmeridge and Oxford layers at the Lidsey Oil Field were
undertaken to determine their commercial viability. The Company is
pleased to advise that the initial results conducted on the drill
cutting samples from the 66.2 metres of Kimmeridge and 105.0m of
Oxford layers indicate a strong similarity to the maturity of the
Kimmeridge layers at Brockham Field.
In terms of temperatures at the time of maximum burial, which is
an important factor in the generation of oil, the historical
temperatures were encouragingly higher than anticipated given the
location of the Lidsey Field in the Weald Basin. Indeed, analysis
of Tmax (maximum historical temperature seen by the rock) gave a
range which overlapped with those seen in Brockham and an average
temperature within 3 degrees (0.7 %) of those seen in Brockham. In
addition, the TOC (total organic content) was virtually the same
within experimental error.
The geochemical evaluations were performed by the same third
party organization that provided the same analysis on the drill
cuttings at Horse Hill and Brockham.
Further to the Company RNS of 13 October 2017, the BDF-28
drilling rig has now been fully demobilised. The Lidsey-X2 well has
been prepared for production after completing the installation of
the flowlines from the well head to the storage tanks, pump and
other necessary equipment. The Company's guidance for actual
production has been adjusted by seven days. After the trial
operation of the pump mechanism carried out last Friday, the pump
experienced a minor technical difficulty requiring repair and is
currently being repaired prior to the well going in to full
service.
Angus Energy still expects to put Lidsey-X2 into full production
this week. The Company will perform testing to optimize production
rates and provide an update in due course.
Paul Vonk, Manging Director, Commented:
"The initial geochemical test results from the Kimmeridge and
Oxford are a pleasant surprise. Their similarity to our Brockham
Oil Field BR-X4Z well in the north of the Weald Basin shows that
Lidsey has the potential to increase the footprint of the oil
bearing Kimmeridge layers in the Weald.
We look forward to putting the Lidsey X2 into production this
week."
Qualified Person's Statement:
Chris de Goey, a Non-Executive Director of the Company, who has
over 20 years of relevant experience in the oil and gas industry,
has approved the information contained in this announcement. Mr de
Goey is a member of the Petroleum Exploration Society of Great
Britain and the Society of Petroleum Engineers.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
END.
About Angus Energy plc.
Angus Energy plc. is a UK AIM quoted independent onshore oil and
gas production and 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 majority owns and
operates conventional oil production fields at Brockham (PL 235)
and Lidsey (PL 241) and has a 12.5% interest in the Holmwood
licence (PEDL143).
Interest in Lidsey Oil Field (PL 241):
Following completion of the acquisition of a 10% interest from
Terrain Energy (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.
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
----------------------------- --------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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