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AIM-listed Angus Energy has announced 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. The Company expects to achieve First Gas by December 2021.
UK: Anglo African to acquire a 25 per cent interest in the Saltfleetby gas field, East Lincolnshire
04 May 2021
Saltfleetby Energy Limited ( SEL ) to acquire a 25% interest in in the
Saltfleetby gas field, East Lincolnshire.
SEL holds a 49% legal and beneficial interest in
Petroleum Exploration and Development Licence 005 and is a party to a joint operating agreement regulating the operations under the Licence (JOA). On exercise of the Option AAOG would also become a party to the JOA.
The consideration for the exercise of the Option shall be the issue and allotment to SEL of such number of ordinary shares in the capital of AAOG as is equal in value to £8m.