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Angus Energy PLC on Thursday said it has introduced and processed well head gas throughout the combined extraction and condensate processing facility at the Saltfleetby gas field in Lincolnshire, England.
Shares in the oil and gas development company were up 22% to 1.53 pence each in London on Thursday midday.
Angus said that well B2 is producing five million standard cubic feet per day. It noted that this rate surpasses internal expectations, although it expects this to normalise with time.
The company added that it will introduce the stream from the A4 well shortly.
Further, Angus said that it will make nominations for gas sales once it sees stable flow, uninterrupted by electronic trips, for an extended period of time - being not less than eight hours continuous flow.
It expects this will occur before the end of August.
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