Angus Energy PLC (AIM:ANGS) saw its shares shoot up 13% to 1.59p after the AIM-quoted onshore energy transition company told investors drilling at its SF7v sidetrack has concluded.
The group said drilling reached a total measured depth of 2,746 meters, with completion operations commencing later this week.
Flow testing is expected to start shortly after the middle of March.
Additionally, Angus said it entered into a non-binding, conditional term sheet with Aleph Commodities for a £3mln junior debt facility.
Cost overrun on drilling and the demands of evaluating new projects has ultimately resorted in short-term funding requirements.