Business
Agreement to acquire 25% of Balcombe Licence
Agreement to acquire 25% of Balcombe Licence.
About this update from Angus Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4635C Angus Energy PLC 22 January 2018 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (\"MAR\"). \n \n 22 January 2018\nAngus Energy plc\n(\"Angus Energy\" or the \"Company\")\nAngus Energy Agrees to Acquire a 25% Interest in the Balcombe Licence (PEDL244)\n \nCompany to form new partnership with Cuadrilla and Lucas\n \nAngus Energy Plc, a conventional oil and gas production and development company, is pleased to announce that it has entered into a definitive agreement to form a new partnership (\"Partnership\") with Cuadrilla Balcombe Limited (\"Cuadrilla\") and Lucas Bolney Limited (\"Lucas\"). Subject to satisfaction of the terms of the agreement, the Company will join the partnership through the acquisition of a 25.0% interest in licence PEDL244 (the \"Acquisition\") which includes the entire Balcombe Field discovery.\nOn behalf of the partnership, Angus Energy will, subject to Oil and Gas Authority (\"OGA\") approval, assume Operatorship of the Balcombe licence. The Company will commence a fully approved well test program of the Balcombe-2Z horizontal well at the earliest opportunity. Angus Energy will also establish a local Community Liaison Group and contact local residents, at the appropriate time, before work commences.\nUnder the terms of the agreement, Angus Energy will pay a cash amount in two parts as set out below along with the costs of the well test program of Balcombe-2Z. If the results of the well test are determined successful, the Company will a...