Business
Financing, Corporate Update, Issue of Equity & TVR
Financing, Corporate Update, Issue of Equity & TVR.
About this update from Angus Energy Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 6/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.\n \n21 July 2023\n \nAngus Energy Plc \n(\"Angus Energy\", \"Angus\" or the \"Company\")\nFinancing & Corporate Update\nIssue of Equity and TVR\n \n \n· Average Production of 80,000 therms per day in June and 92,000 therms per day in July to date.\n· Gas revenue of £1.735 million in June 2023.\n· Hedged volumes now 50,000 therms per day to July 2024.\n· Future Hedges partially unwound to allow exposure to gas price increases\n· £6m Bridge Facility signed and being drawn\n· Existing £3m Bridge facility rolled\n \n \nProduction & Revenue Update\nThe Company averaged production of 80,000 therms per day in June and has averaged 92,000 therms per day in the first 18 days of July. As of 1st July, the daily hedged volume has reduced to 50,000 therms per day until July 2024 when it reduces further to 21,666 therms per day. As a result, Angus is now producing significantly above the hedged volumes and is benefiting from strong gas prices. It is anticipated that production will be maintained at 90-95,000 therms per day over the next quarter. With current prices and after hedges, the Company generated gas revenue of £1.735 million in June.\n \nPartial Hedge Unwind\nThe Company believes that the winters 23/24 and 24/25 will present the possibility of price spikes as geopolitical tensions and the potential for cold snaps remain. As a consequence, the Company has reduced its future hedge exposure, taking advantage of the recent sell off in gas prices. As announced, the Company has unwound 50% of its hedge position in the second half of 2024 and the first half of 2025. Angus has agreed to settle the following volumes at the following fixed prices: in 3Q24, 1,840,000 therms at GBP1.226/therm; in 4Q24/1Q25, 3,640,000 therms at GBP1.37/therm; in 2Q25, 1,820,000 therms at GBP1.07/therm. This action will provide the Company with exposure to price upside during this period, while keeping 50%...