Business
Operations update, £3 million Bridge Facility
Operations update, £3 million Bridge Facility.
About this update from Angus Energy Plc
[{"type":"text","content":"\n \n \n THIS 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 \n \n \n \n \n \n \n \n \n \n \n 28 March 2023\n \n \n \n \n \n \n \n \n \n Angus Energy Plc \n \n \n \n \n (\"Angus Energy\", \"Angus\" or the \"Company\")\n \n \n \n \n Operations Update and £3 million Bridge Facility\n \n \n \n \n Issue of Equity and TVR\n \n \n \n \n \n \n \n \n ·\n \n Completion of Well\n \n \n \n ·\n \n Coiled Tubing now on-site for operations this week, followed by short testing window before flowing the gas from the SF07V sidetrack in the coming days\n \n \n \n ·\n \n Re-iteration of the Company's intention to only raise equity in relation to acquisitions accretive to the Company and the share price\n \n \n \n ·\n \n Company has drawn down GBP 3m of debt and currently has no further cash requirements for Saltfleetby operations\n \n \n \n ·\n \n Knowe Properties Loan Note of 2020 completes its conversion\n \n \n \n \n \n \n \n \n Angus Energy (AIM: ANGS) is pleased to announce that, in line with the announcement of 8 March 2023, with the well completed, coiled tubing operations are taking place this week at Saltfleetby and will be immediately followed by a short period of well testing before flowing the well directly into the process facility for export. Accordingly, we now expect first export during the week of 7 April.\n \n In line with that earlier announcement, and the Company's commitment to deliver returns to shareholders through the appreciation of the share price and distributions, the Company will resort to equity finance only to support accretive acquisitions or projects, Angus is pleased to confirm that it has now entered into a GBP 3 million junior debt facility (the \"Bridge Facility\") to manage costs arising from the extended drilling operations as well as initial studies around the development of natural gas and hydrogen storage at Saltfleetby.\n \n The Bridge Facility provided by the Company's 9.91% shareholder Kemexon Limited, a major commodity trading house, has an initial term of three months, extendable with the payment of a 3% ...