Shares in Angus Energy PLC (AIM:ANGS) fell 5% on Wednesday, recovering from a 15% drop earlier in the session, after the company revealed it has postponed its first loan repayment due to weaker-than-expected production in early 2025.
The £1.25 million instalment, due under a five-year financing facility with commodity trading group Trafigura, has been deferred as part of ongoing talks to reshape the repayment schedule. Angus said the terms of the facility remain unchanged and discussions are continuing.
The update comes as the company works to optimise output at its Saltfleetby gas field following the recent commissioning of a booster compressor. Testing to determine the best configuration of the plant and wells is ongoing, with further updates expected in due course.
Despite the setback, Angus reiterated its confidence in the field’s gas reserves and said it is exploring options to raise production through well workovers, new drilling and potential acquisitions.
The shares were changing hands for 0.22p.