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.
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.