logo-loader
viewAngus Energy PLC

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--

Quick facts: Angus Energy PLC

Price: 0.87501 GBX

AIM:ANGS
Market: AIM
Market Cap: £4.73 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Futura Medical sees 'potentially quicker route to market' for its erectile...

Futura Medical PLC's (LON:FUM) executive director and head of R&D Ken James speaks to Proactive London's Andrew Scott following the read-out from the phase III clinical trial of its erectile dysfunction gel. James says while MED2005 showed strong efficacy, excellent safety and rapid speed...

59 minutes ago

2 min read