Business
Saltfleetby Field Finance and Operations Update
Saltfleetby Field Finance and Operations Update.
About this update from Angus Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6502A\n Angus Energy PLC\n 03 June 2021\n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.\n 3 June 2021\n Angus Energy Plc \n (\"Angus Energy\", \"Angus\" or the \"Company\")\n \n Saltfleetby Gas Field Finance and Operations Update\n \n \n \n \n Highlights:\n \n · \n £12 million facility for the re-development of Saltfleetby has been signed, the Conditions Precedents have been fulfilled and facility is now available and being drawn\n \n \n · \n Angus and Saltfleetby Energy Limited have now secured all funding required to commission the plant by Q4 2021 and achieve First Gas by December 2021\n \n \n · \n By making the full £12 million facility available immediately, Angus is able to bring forward plans for the side- track well, which would be fully funded from the facility, and increase production to the plateau rate sooner than expected.\n \n \n · \n With the financial, commercial and technical support of Mercuria, Aleph and its partner Albanwise Synergy, Angus continues its plan to re-develop the Saltfleetby Gas Field and develop Energy Transition projects, with a particular focus on Geothermal Energy.\n \n \n \n \n \n Saltfleetby Drawdown and Initial Application of Funds\n \n \n \n \n \n Angus Energy plc (AIM: ANGS) is pleased to announce that the Conditions Precedents to drawdown have been met, the full £12 million facility required for the re-development of the Saltfleetby Gas Field and the drilling of the side-track well is now fully available.\n \n \n \n \n \n £5.84 million has currently been drawn down with the balance to be drawn over the coming weeks against invoices in line with the Field Development Plan and the Plans for the acceleration of production through the fast-tracking of the side-track well. \n \n \n \n \n Simultaneous with drawdown, the Company has hedged (the \"Hedge\") approximately 70% of the Company's and its partners' share of future gas sales, estimated under a conservative projection, for three years beginning in July 2022, providing Angus with downside revenue protection, all the while allowing the Company to capture upside in the event of higher gas pric...