ANGUS ENERGY PLC

M&A Activity • May 21, 2018

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 7160O

Angus Energy PLC

21 May 2018

21 May 2018

Angus Energy Plc

("Angus Energy" or the "Company")

OGA Approves Angus Energy for Balcombe Operatorship

New Joint Venture Formed Between

Angus Energy, Cuadrilla Balcombe Limited and Lucas Bolney Limited

Final Regulatory Approval Completes Transaction

Angus Energy Plc, a conventional oil and gas production and development company, is pleased to announce the UK Oil & Gas Authority ("OGA") has approved the application from Cuadrilla Balcombe Limited ("Cuadrilla") and Lucas Bolney Limited ("Lucas") for the transfer of Operatorship under PEDL244, the Balcombe Field Discovery, to Angus Energy Weald Basin No.3 Limited, a wholly owned subsidiary of Angus Energy.

Subsequent to the Company's RNS's of 10 May and 22 January, Angus Energy has now completed the transaction to form the new Joint Venture with Cuadrilla and Lucas.   

With this final approval, Angus Energy now assumes Operatorship of the Balcombe Field Discovery on behalf of its newly formed partnership. Angus Energy will conduct an approved 7 day well test on the horizontal well at Balcombe before the end of the Q3/18. The market will be updated in due course.

All operations at Balcombe will be performed through conventional production. There will be no hydraulic fracturing or "fracking".

END.

About Angus Energy Plc

Angus Energy plc. is a UK AIM quoted independent onshore oil and gas production and development company focused on leveraging its expertise to advance its portfolio of UK assets as well as acquire, manage and monetise select projects. Angus Energy majority owns and operates conventional oil production fields at Brockham (PL 235) and Lidsey (PL 241) and has a 25% interest in the Balcombe Licence (PEDL244) plus a 12.5% interest in the Holmwood licence (PEDL143).

Further information is available on the company website:  www.angusenergy.co.uk 

About Cuadrilla

Cuadrilla Resources is a Lancashire based company which is leading the exploration for shale gas in the UK. It is acutely aware of the responsibilities this brings, particularly with regard to safety, environmental protection and working with local communities.

For further information and media enquiries please call the Cuadrilla press office on 0800 9012 494 or press@cuadrillaresources.com or visit www.cuadrillaresources.com

About Lucas Bolney Limited

Lucas Bolney Limited is a 100% subsidiary of AJ Lucas Group Limited ("Lucas"). Lucas is a specialist service provider to the energy, mining and infrastructure sectors. In each market, its multi-disciplined teams have earned a reputation for innovative solutions and reliable project delivery. For further details on Lucas, please see the following link: www.lucas.com.au

Enquiries:

Angus Energy Plc
Jonathan Tidswell-Pretorius / Paul Vonk	Tel: +44 (0) 208 899 6380
Beaumont Cornish (NOMAD)
James Biddle/ Roland Cornish	Tel: +44 (0) 207 628 3396
Optiva Securities Limited (BROKER)
Jeremy King/ Ed McDermott	Tel: +44 (0) 203 137 1902
Yellow Jersey
Tim Thompson	Tel: +44 (0) 203 735 8825

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

JVEABMLTMBBTMIP