Business
Saltfleetby Drilling and Corporate Update
Saltfleetby Drilling and Corporate Update.
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 2 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 Saltfleetby Drilling and Operations Update, proposed Board Changes and Offer of Additional Funding\n \n \n \n ·\n SF7v drilling has completed successfully.\n \n \n ·\n Cleaning and Testing to take place in March\n \n \n ·\n 2nd Compressor has now been installed and commissioned with a view of fully running during the course of March\n \n \n ·\n Richard Herbert to be appointed CEO with full control of day to day operations\n \n \n · \n George Lucan to be appointed Executive Chairman with a focus on strategy and stakeholder relations\n \n \n · \n Offer received from a group of core shareholders to provide a junior debt facility to cover any drilling programme overruns as well as diligence costs with potential acquisitions, as an alternative to a dilutive placing\n \n \n \n \n \n Drilling Programme\n \n \n Angus Energy (AIM: ANGS) is pleased to announce that, in line with the announcement of 10 February 2023, the drilling of the SF7v sidetrack at the Saltfleetby Field has concluded, reaching a total measured depth of 2746 meters in the Westphalian 1D reservoir. The well bore has been secured with 4.5\" liner to that depth, slotted across the reservoir. Completion operations will commence later this week after surplus equipment has been demobilised. \n \n \n Following the setting of the well completion production tubing, well clean-up operations will be conducted in the middle of March once coiled tubing equipment becomes available. Flow testing will follow shortly afterward and, assuming coiled tubing services are available at the scheduled date, the additional flow from this well should be available for export from 1 April. The Company will announce results of the flow test once complete.\n \n \n The Company is confident from the electric logging, mud logging and gas shows in the reservoir section tha...