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Angus Energy PLC - oil and gas development company operating in England - Says it has achieved flow rates from well A4 of 4 million standard cubic feet per day at around 55 bar and over 4.5 million from well B2 at around 45 bar. Well A4 is at the Saltfleetby gas field in Lincolnshire, England.
Taken together, says this ‘greatly exceeds’ the 2017 combined shut-in rate of 5 million from the wells.
Says that it has been running the process plant at an effective throughput of 3.3 million on average for the last three days which has risen from 500,000 at the beginning of operations. Adds that it aims is to raise this process capacity, and reduce the incidence of commissioning trips, so that the plant will reach a minimum steady state of 5.5 million or greater. This will ‘comfortably’ meet the company's hedge obligations for quarter four.
Current stock price: 2.65 pence, up 14% on Friday
12-month change: more than tripled from 0.83 pence
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