Business
Saltfleetby Field: Production and Pricing Update
Saltfleetby Field: Production and Pricing Update.
About this update from Angus Energy Plc
[{"type":"text","content":"\n\nTHIS 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 \n30 May 2023\nAngus Energy Plc \n(\"Angus Energy\", \"Angus\" or the \"Company\")\nSaltfleetby Field: Production and Pricing Update and future Drilling Plans\n \nFurther to the announcement of 15 May 2023, Angus Energy (AIM: ANGS) is pleased to announce that production at the Saltfleetby Field has reached a steady operating state from the 3 producing wells in the field, B2, A4 and the new B7T.\nAfter a short duration plant outage, we are now exporting gas to the National Grid at a combined average daily rate of 9.5 mmscfd, reaching peak flows of over 10 mmscf. The new B7T well continues to clean-up and the Company anticipates exceeding a combined average daily rate of 10 mmscfd, on a sustainable basis.\nWe have seen gas prices falling back to lower summer levels over recent weeks, but winter 2023-2024 pricing is strong, with forecasted prices at £1.24 per therm on Heren NBP pubished trading data. On the basis of continued production at this level, known hedge prices and published market forward prices we should be generating approximately £2.5 million of revenues on average each month for winter 2023 from Saltfleetby.\n \nPotential Future Drilling and Gas Storage\nAngus continues to evaluate storage opportunities at Saltfleetby variously for natural gas, hydrogen and CO2. To advance this, the Company has also engaged planning consultants to submit a further planning permission for an expanded site at Saltfleetby to encompass a number of new wells and process plant. \nThe drilling will initially address the Namurian reservoir, below the presently exploited Westphalian, as a commercial source of natural gas but wells will also be designed to be repurposed as potential injection wells for gas storage, whether in the Namurian or Westphalian, and for which further planning permissions at national level would be sought if deemed appropriate. \nFurthermore, following on from the pioneering use of hydrogen tight Soluforce pipe in the first commercial transmission grid connection at Theddlethor...