Angus Energy Plc · LSE:ANGS
Angus Energy — Investor Presentation (February 2021)
11 slides from Angus Energy's investor presentation, February 2021
Slide 1: Lidsey Back in the Frame
Lidsey Back in the Frame Renewed Hopes for 9.7m Oil in Place
Slide 2: The Lidsey Field – Appliance of Science
The Lidsey Field – Appliance of Science • Lidsey Field is located just north of Bognor Regis addresses the Great Oolite formation – the focus of much UK oil production in the 1980s and 1990s. Estimated OIP was 9.7m bbls. • Two wells: X1 drilled 1987 and X2 drilled 2017 – both disappointed, the latte
Slide 3: The Lidsey Field (OIP: 9.7 m barrels)
The Lidsey Field (OIP: 9.7 m barrels) • Lidsey Field is located just north of Bognor Regis. Two wells: X1 spudded in March 1987 by Carless and X2 spudded in September 2017 by Angus Energy. • The field has been subject to multiple reports and field evaluations by a number of third party contractors,
Slide 4: Lidsey mapping problems
Lidsey mapping problems • Lidsey X2 was spudded in September 2017 and aimed to address the crest of the structure, but this time with a long horizontal section. • In November 2017 the company announced flow rates of 40 bbl/day dry oil from X2 which were similar to initial rates from Lidsey 1 and sig
Slide 5: Re-discovering the Field
Re-discovering the Field • A number of different maps have been produced over the years (four examples are shown), each showing the field as a tilted fault block with the crest of the structure in the South indicating a very clear and traditional structure to target – i.e. where X2 was drilled. • As
Slide 6: Why depth conversion makes a difference
Why depth conversion makes a difference South A North • We have superposed well data on one B North-South Seismic line that shows different formations coloured in red (Tertiary), yellow (chalk) and blue (mixed, mostly clay) above the reservoir. • At location B (North) the signal speed is considerabl
Slide 7: Careful use of the latest Technology
Careful use of the latest Technology South North • A third party contractor carried out a trial reprocessing of one seismic line that shows that it is possible to enhance the image quality and also to analyse depth against velocity relationships. • The lowest velocities are shown in green with incre
Slide 8: Remapping
Remapping Licence area Legacy Map annotated in red • Angus staff carried out a multi- layered depth conversion correcting the original depth conversion and remapped the field. • Substantially the results show that the top of the reservoir was deeper in the south than in the north and not rising up t
Slide 9: Independent Mapping
Independent Mapping • Angus contracted a consultant to remap the field using the same raw data. • Her map is very similar to the latest Angus map adding further confidence Licence area annotated in red
Slide 10: What is Angus doing now?
What is Angus doing now? • Angus have obtained provisional proposals for acquiring a critical new East-West Seismic Line which will improve the interpretation over the structure tying the main seismic lines together. • Angus is planning to commission a revised Competent Persons Report confirming the
Slide 11: Planning, Permitting, Licencing
Planning, Permitting, Licencing • Current Licence Partners are Brockham Capital (10% Carried Interest) and Terrain Energy (10%) with Angus having 80%. • Licence issued in 1983 comes up for renewal by OGA on 1 December 2024. • Existing West Sussex planning approval from 2018 to 2028 is for 2 wells an