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Angus Energy PLC - oil and gas development company focused on UK assets - Says it has concluded all preparatory risk assessment and planning for the upcoming side-track at Saltfleetby. It says contractors are working toward a target date for first flow of well-head gas through the plant during the week commencing June 20. The company says all the necessary equipment to export gas sales are on site. Commissioning specialists will continue with hydrotesting, nitrogen leak testing, final verification and function testing of all pressure equipment and finally live gas testing with well-head gas.
It has advised suppliers of a spud date for drilling on July 21.
In May this year, Angus Energy signed a share purchase agreement to buy Saltfleetby Energy Ltd for up to £14.1 million. Following the acquisition, the company would own a 100% working interest in and would continue to be operator of the Saltfleetby Licence.
Current stock price: 1.27 pence, up 11% on Friday
12-month change: up 59%
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