UK: Angus Energy announces Saltfleetby Loan Facility update
22 Feb 2021
AIM-listed
Angus Energy has announced, further to the RNS of 30 November 2020 that the Company has received a best efforts expression of commitment in the form of a conditional Mandate Letter, for between £8 and £9 million toward the proposed
£12 million Saltfleetby Equipment Finance and Field Development Loan Facility from a major multi-national institution. The Mandate commitment is conditional also on the participation of other institutions and investors for the balance of £3 to £4 million.
The Company has also been informed of indications and soft commitments for the same Loan Facility of approx. £11 million from an identified group of investors led by
Saltfleetby Loan Facility Update
Angus Energy plc (AIM: ANGS) is pleased to announce, further to the RNS of 19 January 2021 that the Company has received a best efforts expression of commitment in the form of a conditional Mandate Letter, for between £8 and £9 million toward the proposed £12 million Saltfleetby Equipment Finance and Field Development Loan Facility from a major multi-national institution (the Mandate Letter ). The Mandate commitment is conditional also on the participation of other institutions and investors for the balance of £3 to £4 million.
The Company has also been informed of indications and soft commitments for the same Loan Facility of approximately £11 million from an identified group of investors led by Aleph Energy ( Aleph ). In each instance the terms of the Loan Facility are substantially unchanged from those disclosed in the RNS of 19 January 2021.
UK: Angus Energy provides update on re-evaluation of the Lidsey field (PL 241)
22 Feb 2021
AIM-listed
Angus Energy has provided an update and presentation on recent work done by the Company on reprocessing and reinterpreting the
Lidsey seismic data. One of the conclusions of the work is that previous seismic mapping both underestimated the aerial extent of the reservoir and most importantly its shape. As a consequence of which, the presentation addresses the likelihood that both wells X1 and X2 have been addressing the flank or edge of the structure rather than its crest.
The Company therefore intends to acquire a new line of seismic data and reprocess the existing seismic lines. Angus will reinterpret and remap the field using the new data with the aim of identifying a new drilling target. Assuming the further seismic line does not result in a wholly unexpected remapping, the Company will then explore farmout or other financing for a short sidetrack back to the crest of
22 February 2021 | 13:30pm
StockMarketWire.com - Angus Energy has said confirmed its intention to acquire a new line of seismic data and reprocess the existing seismic lines as recent work underestimated the aerial extent of the [lLidsey] reservoir and most importantly its shape .
As a consequence of the work, it is likely that both wells X1 and X2 have been addressing the flank or edge of the structure rather than its crest.
The Company therefore intends to acquire a new line of seismic data and reprocess the existing seismic lines. Angus will reinterpret and remap the field using the new data with the aim of identifying a new drilling target.