Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Angus Energy completes Lidsey-X2 drill programme near Bognor Regis

Angus has unlocked a new productive zone and also cut a section of the Kimmeridge zone which will be the subject of further evaluation.
Onshore oil drilling
The well has been a success

Angus Energy Plc (LON:ANGS) told investors that a drill programme has now been completed at the Lidsey field, in the southern edge of the Weald basin, near Bognor Regis.

The company now plans to produce from 443 metres of net oil pay in the Great Oolite limestone reservoir.

READ: Angus Energy waiting to start up Brockham, advancing Lidsey well

Additionally, the company highlighted that at the end of the horizontal section of the Great Oolite reservoir analysis showed an unexpected change in the lithology of the well indicating a potential extension, continuing to the west of the original reservoir.

The well also passed through two additional potentially productive zones, the Kimmeridge and the Oxford Clay.

WATCH: ANGUS wraps up drill program at Lidsey

It encountered the Kimmeridge between 782 metres and 862 metres, with the zone comprising a mixed series of shales and limestones. Natural fractures appear to be present, though further analysis will be required. The Oxford clay was cut between 920 metres and 1,179 metres.

“I am pleased with the successful drilling of the well,” said Paul Vonk, Angus chief executive.

“We are encouraged the site offers further scope for development.

Significantly, the company has upgraded the surface facilities at Lidsey to efficiently and safely manage all future production.”

Angus shares were up 0.7% to 30.6p late on Friday afternoon.

--Updates for video and share price--

View full ANGS profile View Profile

Angus Energy Plc Timeline

Related Articles

oil barrels in a stack
February 21 2017
Oil is flowing from the Opuama field into the market, now that Eland has established a shipping operation.
Oil rig
April 04 2017
Europa’s CEO, Hugh Mackay said: “The remainder of 2017 will see Europa participate in high impact development and exploration projects for which our share of the costs is now funded”
Oil rig drilling
Thu
In a trading update in May, the AIM-listed firm said discussions over contracts are taking longer than expected to conclude, although it still anticipated orders under negotiation will come through in its financial year ending in June 2018

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use