Angus Energy PLC (AIM:ANGS) shares rose over 20% on Monday morning, as it announced progress on its Saltfleetby sidetrack well testing programme.
Gas flows have steadily increased from the well since tests began over the weekend, Angus Energy said, hitting 4mln cubic feet per day, helping it on the way to a targeted 10mln from three wells in the area.
Residual drilling fluid is also being steadily removed, the AIM-listed company added, with this clean-up expected to take “several days” before the well is producing at full capacity.
“Connection to the plant for gas processing and export is planned directly after the clean-up and we expect to realise the combined flow rates of all three wells later in the month,” Angus added.
Shares rose 21.7% to 1.95p.