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Angus Energy shares surge as it advances regulatory process for Brockham development

Angus Energy has submitted a required addendum to the Oil & Gas Authority for the field development plan for the Brockham oil field.

onshore oil and gas drilling operation
Angus shares were up 1.86p or 20.69% changing hands at 10.86p each.

Angus Energy Plc (LON:ANGS) shares jumped almost 25% on Thursday after it confirmed that it had submitted a required addendum to the field development plan for the Brockham oil field in the south of England.

The company noted that, in addition to the standard health and safety executive (HSE), the Oil & Gas Authority (OGA) approval would be the sole regulatory approval required to produce hydrocarbons from the Kimmeridge play at Brockham.

Angus also provided comments on what it described as “unwarranted and groundless speculation” created by some press reports pertaining to the recently drilled BR-X4Z sidetrack, and said it had sought legal confirmation of its planning permission.

“The company has taken the precaution of obtaining additional legal review from Queen's Counsel,” Angus said in the statement.

“Queen's Counsel has confirmed her considered view that well BR-X4 (the donor well of the X4Z sidetrack, also known as well no. 3) has planning permission until 2036.

“Similarly, the QC confirms that the sidetrack to Well BR-X4, drilled in January 2017, is authorised by the 2006 planning permission.”

Angus provided extensive details about matters that may have been potential causes for confusion, and noted that there had been misunderstandings regarding the renumbering of wells.

Paul Vonk, Angus managing director, said: "It is regrettable that some confusion did arise from the discrepancy in well numbering, however Angus have drilled the Brockham-X4Z well in a fully authorised manner under the planning permissions already granted and in existance and with full approvals necessary by the relevant governing authorities.

“Angus Energy dutifully operates under strict supervision from all our regulators.

“During this entire matter, Angus Energy did just that, within both the spirit and letter of the law.

“Our operations will always be performed using best practices for oil field safety and the environment. This is the ethos of Angus Energy.”

“We very much look forward to starting oil production at Brockham from the Kimmeridge layers for the first time in the Weald Basin. This is an exciting chapter for the Company in the long history of onshore UK oil production."

At 13:30, Angus shares were up 1.86p or 20.69% changing hands at 10.86p each.

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Price: 0.95 GBX

Market Cap: £9.18 m

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