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Angus Energy continues work to reconnect Saltfleetby gas field

It is working to connect to nearby infrastructure and acquiring equipment for gas processing.

Angus Energy PLC - Angus Energy continues work to reconnect Saltfleetby gas field

Angus Energy PLC (LON:ANGS) told investors that it has seen further progress towards reconnection of the Saltfleetby gas field to the national gas transmission network, along with the acquisition of equipment for the project’s gas processing plant.

The company, in a statement, said that it has entered into agreements to acquire a full fiscal metering and gas analysis system, gas driven engine systems, compressor units, and emergency flaring systems.

It also said it expects to finalise terms for a gas dehydration and dewpoint control unit. 

As part of work to connect to the transmission infrastructure the company noted that it has drilled two extended horizontal directional drills and has threaded pipeline and operations continue.

"We continue to progress procurement of key processing equipment for the Saltfleetby gas field,” said George Lucan, Angus managing director.

“Specifically we are aiming to secure only those items which require the greatest lead times in production, re-engineering or delivery, with only modest financial outlay, whilst we proceed to negotiate and structure the full debt financing facility for the processing plant.”

He added: “We are very pleased by the interest expressed to date by potential funding partners and by their estimation of the value of the asset to be financed."

Angus additionally announced that it has received notice from Riverfort regarding a previously agreed £1.5mln facility, notifying that it will convert the final £58,335 of the Loan into Angus shares which closes off the arrangement between the companies.

There are now no outstanding liabilities between the company and the noteholders, Angus added.

Quick facts: Angus Energy PLC

Price: 0.725 GBX

Market: AIM
Market Cap: £5.26 m

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