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Angus Energy sets out Balcombe plans

In an update alongside its delayed prelims, it told investors it was applying for permission from the local authorities for an extended well test

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Angus said it is assessing other opportunities in the sector

Well-followed oil tiddler Angus Energy Plc (LON:ANGS) said its working towards commercial production from its assets in the Weald Basin, south of London, while evaluating new opportunities.

In an update alongside its delayed prelims, it told investors it was applying for permission from the local authorities for an extended well test at Balcombe, West Sussex.

READ: Angus Energy raises £2.2mln in discount share placing

It is targeting a minimum of 150 days testing and a further, extended assessment of up to two years.

At Brockham in Surrey long lead items required to isolate the water zones found downhole are ready for shipping.

It is starting rig selection and will submit a detailed engineering programme for approval.

“The company welcomes this news as it will greatly speed up the process of re-starting production at Brockham,” chairman Cameron Buchanan said.

“The operation will be in two stages, water identification and isolation followed by production testing without the rig based on successful identification and isolation of the water zone.”

Its producing well at Lidsey, near Bognor Regis, is being hampered by water disposal limitations but is still profitable.

The financial results for the 12 months ended September 30 are largely academic, though for the record the company posted a loss of £2.79mln. It generated £66,000 of revenues from 1,678 barrels of oil equivalent.

Cash at the period-end was just over £1.2mln, though this has since been augmented by two separate share placings that brought in a combined £4.2mln. The company also has a drawdown facility.

Quick facts: Angus Energy PLC

Price: 0.9 GBX

AIM:ANGS
Market: AIM
Market Cap: £4.87 m
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