Angus Energy Announces Second Compressor and Side-Track Update

Source: 9/30/2022, Location: Europe

- Total sales of 1.2 million Therms achieved during September up to the end of the gas day of 29th exceeding obligaOons under the hedge for that month.
- Flow rate to be ramped up to 6mmscfd (million standard cubic feet per day) in October.
- 2nd compressor to be delivered in December, allowing an increase up to 12mmscfd by January 2023.
- Side Track spudding in October.

Flow Rates
Angus Energy (ANGS) is pleased to announce that gas volumes produced and sold equalled 1.2 million Therms comfortably covering any deliverables under the Company’s hedging program at the end of September.

From the 17th September onward, the Company achieved an average daily flow rate of 5.2 mmscfd and a peak flow rate of 5.7 mmscfd. These results compare favourably to an expected combined daily flow rate of gas sales from the existing wells of 5.0 mmscfd in our Competent Persons Reports of March 2020 and October 2021. Pressure on the existing two wells A4 and B2 remains high at about 54 bars.

Second Compressor, Side Track and Booster Compressor
The second compressor has already been black-built and is presently undergoing hydrotesting. Following mechanical completion, electrical and instrumentation work will conclude during November and we expect delivery to site in early December. This second compressor is largely identical to the first and is expected to double the capacity of the plant.
The side track is expected to be spudded around 20th October with drilling operations expected to have a duration of no more than 35 days excluding well clean up and completion work. Simultaneous operations are permitted but we have allowed for two twelve-hour shut-in periods during this period to undertake critical works and ena
ble certain equipment to be moved on site.

George Lucan, CEO, comments: “Congratulations to our commissioning and operating team at Sal?leetby for a safe and successful commissioning period. We now have built the foundation on which to expand our horizons in the energy space.

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