Business
Revised Saltfleetby CPR and Update on Operations
Revised Saltfleetby CPR and Update on Operations.
About this update from Angus Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1967Q\n Angus Energy PLC\n 26 October 2021\n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 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 7 am 26 October 2021\n \n Angus Energy Plc \n (\"Angus Energy\", \"Angus\" or the \"Company\")\n Revised Saltfleetby Competent Persons Report\n and Update on Operations and Brockham Licence\n \n \n \n Angus Energy plc (AIM: ANGS) is pleased to share the updated Competent Persons Report (\"CPR\") for the Saltfleetby Gas Field (\"SGF\") which reflects the higher revenues expected from the field. The Full Report is available for download in the Presentations section of the Company's website.\n The CPR, performed by Oilfield International Limited, gives the net present value of the cash flows from the SGF, including the impact from the revised capex, the loan facility debt service costs, the associated royalties and the mandatory hedging. Oilfield International Limited has used a conservative discount rate of 10%. The previous February 2020 report values in parentheses, presenting the values attributable to Angus:\n \n · A conservative case, or P90, NPV10 of £25.4 million (previously £16.7 million)\n \n · A mid-case, or P50, NPV10 of £38.5 million (previously £25.2 million)\n Alternatively expressed as estimates of net future cashflows, again after all taxes, but without discounting, Angus' 51% interest can be summarised as follows\n \n · A conservative or P90 sum of future cashflows to Angus of £31.7 million (previously £21.5 million)\n \n · A mid-case, or P50, sum of future cashflows to Angus of £55.9 million (previously £36.3 million)\n In summary the Report estimates production giving rise to gross field revenues, before costs etc on a mid-case basis of £230 million (previously £141 million) of which Angus's share is 51%. This approximates to a gas price of 64p/therm being a mix of the actual volumes already hedged at 43p/therm and the remaining unhedged volumes accorded prices derived from the quoted and traded NBP forward curve to December 2026 and thereafter escalated by 1.5% per annum. T...