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Angus Energy plans more work at Brockham as water inhibits flow test

Brockham X4Z was perforated from 960m to 1155m (an interval of 195m) measured depth

oil worker
Brockham is part of the Weald Basin

Angus Energy PLC (LON:ANGS) remains ‘quietly optimistic’ over the potential of the Brockham prospect in Surrey even though the BRX4Z well flow test hit water.

An engineering programme is now being planned to isolate the water zone that will include the return of a workover rig.

READ: Alba Mineral Resources in focus as Angus confirms restart of Brockham programme

There were also delays in December and early January due to component failures outside of its control, said the company.

Angus is the majority owner-operator at Brockham, while Alba Mineral Resources PLC (LON:ALBA) has a 5% stake.

Brockham X4Z was perforated from 960m to 1155m (an interval of 195m) measured depth. 

In total, 280 barrels were produced, it said.

The well flowed naturally to surface upon the removal of the completion and clean up fluids, with flow rates rising steadily as the test continued.

“Small quantities of oil of 40 plus API have now been returned to surface and sampled in the returns and has been confirmed through analysis as Kimmeridge oil.” 

George Frangeskides, Alba's chairman, added: "Confirmation from Angus Energy that the well has flowed naturally and that oil has been produced to surface are clear positives arising out of the recent test programme at Brockham. We look forward to further proposals from Angus in respect of tackling the water influx which they report as having inhibited oil flow.”

Update a mixed bag

In a note to clients, analysts at SPAngel commented: “The release of the well update is a mixed bag, with the positive being that the oil analysis is able to confirm the thermal maturity of the basin at this location.

“However, perforating a water zone given the number of wells drilled in the immediate vicinity and ready availability of cutting-edge logging tools means that this is shoddy workmanship.”

They added: “Either they should have known that the possibility existed, or proper care should have been taken to prevent it. In engineering there is a saying that ‘proper planning prevents poor performance,’ and nowhere is this truer than with this well result.”

In late afternoon trading, Angus Energy was the biggest faller on the London stock market, down 21.4% at 5.50p. Alba Minerals' shares were dragged 8.9% lower to 0.255p.

 -- Adds analyst comment, share prices -- 

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Price: 0.165 GBX

Market: AIM
Market Cap: £6.18 m

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