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Angus Energy to acquire new line of seismic data for Lidsey oil field
StockMarketWire.com
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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.
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 the structure, subject to Planning, EA and other regulatory permissions.
George Lucan, Angus CEO, said: 'Lidsey was one of the two oil fields which supported the launch of Angus onto the AIM at its initial public offering in 2016. Expectations were for over 250 barrels a day and the disappointment at low flow rates in late 2017 was one of two defining moments for the company in its early years on the market.
'The company believes that the field has more potential than previously considered and that our technical view concerning depth conversion and seismic interpretation will shortly be incontrovertibly confirmed by the addition on further short seismic line. This has already been budgeted for.'
A copy of the presentation is available in the Presentations section of the Company's website.
At 1:30pm: (LON:ANGS) Angus Energy Plc share price was 0p at 0.7p
Story provided by StockMarketWire.com
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