Angus Energy Announces Fourth Quarter 2024 Production and Operations Update

Source: www.gulfoilandgas.com 1/16/2025, Location: Europe

- Production from the Saltfleetby Field in the Fourth Quarter of 2024 was 517 million standard cubic feet of natural gas and 9,387 barrels of gas condensate. In addition, the Brockham Field produced 2,130 barrels of crude oil during the Quarter.
- Gas sales of 5.73 million therms were achieved in the Quarter from the Saltfleetby Field.
- Estimated revenues of £6.12m for the Quarter.
- Booster compressor shipped from the USA and expected to arrive on site during January 2025.

Gas sales from the Saltfleetby Field equalled 5.73 million therms in aggregate for the months of October, November and December 2024, compared to 5.85 million therms sold in the third quarter of 2024. Fourth quarter production equates to an average of 1.91mm therms per month (1.95 mm therms per month in the third quarter of 2024). Gas condensate (liquid) production averaged 102 bbl/day, against an average of 109 bbl/day in the third quarter 2024. Quarterly production reflects an improvement in plant uptime at Saltfleetby, with operational efficiency of 94% for the Quarter compared to 92% for the year, offsetting natural well decline.

Estimated revenues of £6.12m are up c.19% compared to third quarter revenues of £5.14m, primarily due to increased gas prices over the winter months. As previously announced, legacy hedging volumes, which are priced materially lower than current spot pricing, will remain at 1.25m therms per month until they roll off at the end of June 2025.

Oil volumes produced from the Brockham Field equalled 2,130 barrels in aggregate for the months of October, November and December 2024, an average of 23 bbl/day, compared to 1,995 for the third quarter of 2024 averaging 22 bbl/day. The field is capable of producing at a daily rate of 20-30 barrels from the single well on production, with the average quarterly volume reflecting stoppages for facilities maintenance and operational improvement work.

Booster Compressor Update
The new booster compressor was shipped from the USA in December 2024 and is scheduled to arrive in the UK in the next two weeks. It will be transported to Saltfleetby for installation and commissioning, with start-up planned for late first Quarter 2025. This compressor is planned to increase production through the ability to operate within a greater pressure range and will increase the ultimate recovery of gas from the reservoir.

Royalty Interest
As announced on 22 February 2024 at the time of Angus's financial restructuring, there is an agreement with the royalty interest holders that until the end of the Second Quarter 2025, the royalty interest can either be settled in cash or through the issue of new ordinary shares in the Company at the Company's option. Under existing arrangements and calculation methods the Company is required to issue 183,595,230 shares (or cash equivalent) in aggregate in settlement of the Q2 and Q3 2024 royalty interest. Angus intends to negotiate the timing of the settlement with the royalty interest holders and will provide an update accordingly.


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