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Angus Energy rises on Bergen share disposals

The oil and gas share has strengthened on recent well results, the removal of an 'overhang' now provides a further boost

oil and gas operations
The Balcombe test results impressed investors earlier this month

Angus Energy PLC (LON:ANGS) shares advanced around 12% in Wednesday’s early deals as the company revealed that Bergen Asset Management had reduced its shareholding in the company below the 3% minimum reporting threshold.

A stock market statement, the latest in recent a series of announcements, revealed that Bergen’s stake in Angus had reduced from 5.01% to below 3% on 15 October.

WATCH: Angus Energy’s Brockham test delivers a lot less than hoped for

The company previously, in April, issued convertible securities worth £3mln to Bergen to support the acquisition of Angus’s stake in the Balcombe project, onshore UK.

Earlier this month, Angus reported the results from a horizontal well test at Balcome which impressed investors and strengthened its share price.

Bergen’s disposals, or potential exit, would effectively remove a possible ‘overhang’ or impediment to the AIM-quoted share.

Quick facts: Angus Energy PLC

Price: 1.05 GBX

Market: AIM
Market Cap: £6.34 m

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