TIDMANGS

RNS Number : 4344J

Angus Energy PLC

27 April 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.

27 April 2022

Angus Energy Plc

("Angus Energy", "Angus" or the "Company")

Update on Installation Schedule at Saltfleetby

The Company updates on progress on its installation and commissioning schedule. Delivery and installation dates remain substantially unchanged with the bulk of the last skids arriving shortly after the bank holiday weekend, although it is possible that the Joule Thomson skid could be delayed to the following week as a consequence of a potential delay in the delivery of an accessory. All earlier packages, referred to in our RNS of 8 April 2022 are now being tied in.

 
 Skid/Unit                  Basc Fabrication   Blasting, Painting    Target Delivery 
                             Status             Assembly, Testing,    Date 
                                                Certification etc 
 Electrical Room            100% complete      Completed             Completed 
                           -----------------  --------------------  ---------------- 
 Separator Vessel           100% complete      Completed             Completed 
                           -----------------  --------------------  ---------------- 
 Passive Dehydration        100% complete      Completed             Completed 
                           -----------------  --------------------  ---------------- 
 1(st) compression          100% complete      Completed             27 April 
                           -----------------  --------------------  ---------------- 
 Gas Engine Generator       100% complete      90% complete          29 April 
                           -----------------  --------------------  ---------------- 
 Export Filters/Diverters   100% complete      Re-assembly           3 May 
                           -----------------  --------------------  ---------------- 
 Condensate Stabilisation   100% complete      Reassembly            4 May 
  Skid 
                           -----------------  --------------------  ---------------- 
 Joule Thomson              100% complete      Re-assembly           5 May-10 May 
  Skid 
                           -----------------  --------------------  ---------------- 
 

The work of dry commissioning has begun with the identification of key lines for initial hydrotesting and the development of programme for some 40 tests. All welds are visible so testing is of a relatively short duration.

Welding and electrical tie-in of these skids to the ring main of pipework and cabling around the site are the immediate objectives. Cable pull is expected over the next 5 working days and the ring main of pipework is 80% complete. We have some 9 squads of welders, riggers and fitters supported by platers and a number of electrical specialists supporting tie in. The first stages of dry commissioning are in progress with determination of the selection of with select hydrotesting of key site pipework. This will be augmented with electrical and control tests during throughout the first two weeks of May.

Wet commissioning is expected to begin at or around 18 May and we are pleased to be assisted in this by an experienced team led by OSL and Inspec. We continue to aim for a short wet commissioning programme and a target date of First Gas of 1 June. This would allow for one full month of production at current high spot prices before the Company's obligations to deliver volumes at the hedge price commence at the end of June.

END.

Enquiries:

 
 Angus Energy Plc       www.angusenergy.co.uk 
 George Lucan           Tel: +44 (0) 208 
                         899 6380 
 
 Beaumont Cornish       www.beaumontcornish.com 
  (Nomad) 
 James Biddle/ Roland   Tel: +44 (0) 207 
  Cornish                628 3396 
 
 WH Ireland Limited 
  (Broker) 
 Katy Mitchell/ Harry   Tel: +44 (0) 113 
  Ansell                 394 6600 
 
 Flagstaff PR/IR        angus@flagstaffcomms.com 
 Tim Thompson           Tel: +44 (0) 207 
                         129 1474 
 Fergus Mellon 
 Aleph Commodities      info@alephcommodities.com 
 

Notes

About Angus Energy plc

Angus Energy plc is a UK AIM quoted independent onshore Energy Transition company with a complementary portfolio of clean gas development assets, onshore geothermal projects, and legacy oil producing fields. Angus is focused on becoming a leading onshore UK diversified clean energy and energy infrastructure company. Angus Energy has a 51% interest in the Saltfleetby Gas Field (PEDL005), majority owns and operates conventional oil production fields at Brockham (PL 235) and Lidsey (PL 241) and has a 25% interest in the Balcombe Licence (PEDL244).

Important Notices

This announcement contains 'forward-looking statements' concerning the Company that are subject to risks and uncertainties. Generally, the words 'will', 'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects', 'aims', 'intends', 'anticipates' or similar expressions or negatives thereof identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely. The Company cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. The Company does not undertake any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.

Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction. Any offer (if made) will be made solely by certain offer documentation which will contain the full terms and conditions of any offer (if made), including details of how such offer may be accepted. This announcement has been prepared in accordance with English law and the Code, and information disclosed may not be the same as that which would have been prepared in accordance with laws outside of the United Kingdom. The release, distribution or publication of this announcement in jurisdictions outside of the United Kingdom may be restricted by laws of the relevant jurisdictions, and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the FCA, is acting as Nominated Adviser and Financial Adviser to Angus and for no one else in connection with any matter referred to in this announcement and will not be responsible to anyone other than Angus for providing the protections afforded to its clients nor for providing advice in relation to any matters set out in this Announcement

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDBKABNABKDDQB

(END) Dow Jones Newswires

April 27, 2022 02:00 ET (06:00 GMT)

Angus Energy (LSE:ANGS)
Historical Stock Chart
From Aug 2024 to Sep 2024 Click Here for more Angus Energy Charts.
Angus Energy (LSE:ANGS)
Historical Stock Chart
From Sep 2023 to Sep 2024 Click Here for more Angus Energy Charts.