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Angus Energy shares rise as Lidsey gets Kimmeridge boost

"The significance of this assessment is that we now have demonstrable evidence of oil generation of good quality on the outer perimeter of the basin,” said Andrew Hollis

oil and gas operations
Samples were taken from the Lidsey-X1 well

Angus Energy Plc (LON:ANGS) shares advanced in Tuesday’s early deals after the company told investors about the potential of the Kimmeridge play beneath the Lidsey oil field, in England.

The company, in a stock market statement, said that it has performed a Geochemical Analysis of oil produced from the Kimmeridge layers in the previously drilled Lidsey-X1 well.

“The Kimmeridge formation immediately produced light oil, samples which were sent for third-party analysis,” it said.

READ: Angus Energy approved to operate Balcombe

Oil taken from the Kimmeridge was determined to have a mixed range of source maturities, with the lowest quality was 38.5 degree API oil.

"The significance of this assessment is that we now have demonstrable evidence of oil generation of good quality on the outer perimeter of the basin,” said Andrew Hollis, Angus Energy chief geologist.

“This supports our conclusion that the Weald Basin Kimmeridge play is robust and the highest maturity will be found in the centre of the Weald at Brockham, Balcombe, Holmwood and Horse Hill.

He added: "Based on the data, it is possible that fields centred in the Weald could produce even lighter, sweeter crude at 40 API. Comparatively, Brent Oil is 36 API.”

Angus shares rose 0.64p or 9.9% to trade at 7.14p.

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Price: 0.7667 GBX

Market Cap: £7.41 m

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