Business
Investor Questions - Matters Arising
Investor Questions - Matters Arising.
About this update from Angus Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4861B Angus Energy PLC 30 January 2020 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) (\"MAR\"). THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n30 January 2020\n \nAngus Energy Plc\n(\"Angus Energy\" or the \"Company\")\nInvestor Questions - Matters Arising\n \nAngus Energy plc (AIM: ANGS) is pleased to have responded to some two dozen questions this month most of which are on technical matters, however we draw attention to two issues. \nThe first is to clarify that for almost any new or renewed operations, we do seek permissions from, or at any rate make notifications with, all regulators. Specifically, we are seeking in respect of the forthcoming Balcombe works, planning permission from West Sussex County Council, variation of permit from Environment Agency, and will make at least notification to Health & Safety Executive and lastly seek approval of our Extended Well Test from Oil & Gas Authority. There will often be second level conditions imposed, each with their own timetable. There is no statutory precedence of one approval over another nor is their any guidance as to such - they must all be sought, twin-tracked or multi-tracked as the case may be. Once provided by the relevant regulatory bodies the planned extended well test can proceed.\nThe second is to clarify that the £1.5 million 24th October 2019 Convertible Loan Note was raised in replacement of the January 2019 £3 million convertible facility which had been partially drawn on and fully repaid. As of 27th February the Company has drawn down £1 million of the £1.5 million October 2019 facility, of which £100,000 has been converted and £900,000 remains outstanding. At the same date cash at bank and in hand on 27th February 2020 was £3.5 million of which £650,000 is segregated reserving for eventual abandonment at Brockham and Lidsey. Most of the balance of £2.85 million free cash is being held to meet new and ongoing capital expenditure commitments at Saltfleetby and, to a lesser extent, at Balcombe, both of which projects remain within budget.\nWe attach the full text of the questions hereto but they may be found from midnight alongside previous month's questions at http://www.an...