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Angus Energy PLC - London-based oil & gas development company focused on UK assets - Confirms that a 5 mile export line to Theddlethorpe's National Grid Entry point is now free of nitrogen ‘and pressured up to 60 barg with grid specification gas.’
‘Nitrogen is used for its inert properties to prevent corrosion within a pipeline during periods of shut in. Removal of nitrogen is one necessary preliminary step to being able to flow our own natural gas forward into the national transmission system,’ Angus Energy explains. ‘With all hydrotesting and the bulk of nitrogen (leak and integrity) testing complete, we will now proceed to test skids individually for communication with the central computer system and function testing of all control elements,’ it adds.
On Monday, Angus Energy raised £3 million via a subscription of 182.0 million shares at 1.10 pence each, to support its acquisition of its back then joint venture partner Saltfleetby Energy Ltd for up to £14.1 million. On June 28, the firm announced that the gas field has been commissioned and that it expected its first gas sales between July 7 and July 12, at a hedged volume of 3.4 million therms between July and September inclusive.
Current stock price: 1.32 pence, down 0.3% on Tuesday
12-month change: up 39%
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