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Angus Energy shares rise on new hire and receipt of Saltfleetby funds

Mike Wells brings to the company "immense experience in UK onshore", Angus highlighted.

oil and gas operations
Angus now has funds to prepare for operations at Saltfleetby

Angus Energy PLC (LON: ANGS) shares started Tuesday trading higher after the junior UK onshore oil and gas firm appointed a new operations director and confirmed the receipt of a payment tied to its Saltfleetby venture.

Mike Wells has been hired as director of UK operations, though it is not a board appointment, and he brings past experience with prior wells at the Brockham field along with history working the Saltfleetby gas field.

“We are very lucky to have his immense experience in UK onshore to help us as we address reconnection of the field and recommencement of operations,” Angus said in a statement.

Jonathan Tidswell-Pretorius, meanwhile, resigned as director of the three group subsidiaries and he will be replaced by Angus’s technical director Andrew Hollis.

Tidswell-Pretorius can now, following the Wells hire, step back from operations to focus on business development, as the company seeks to expand its asset portfolio.

Separately, a £2.5mln payment has now been received by the company so that Angus can plan and procure equipment for the planned restart of the Saltfleetby field.

Angus last month revealed its deal to farm-in to a 51% stake in Saltfleetby. The agreement with Wingas Storage (UK) Limited (subsequently renamed Saltfleetby Energy) envisages that Angus will run the project, to either re-establish commercial production or abandon the field.

In Tuesday’s early deals on AIM, Angus shares advanced 18% to change hands at 1.42p.

Quick facts: Angus Energy PLC

Price: 1 GBX

Market: AIM
Market Cap: £5.41 m

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