Angus Energy PLC has announced a Memorandum of Understanding with a subsidiary of Trafigura Group Pte Ltd. regarding gas storage at the Saltfleetby Gas Field in Lincolnshire, the UK's largest onshore gas field and potential subsurface porous rock storage reservoir. Trafigura, a leading international commodity trader, will collaborate with Angus to review the technical and commercial feasibility of an underground gas storage facility in the UK for natural gas, CO2, or hydrogen. The memorandum outlines the terms and a model for cooperation, with Trafigura potentially acting as an initial customer or offtaker of a proportion of the stored product.
Within 12 months, Trafigura and Angus will agree on specific milestones to establish a gas storage facility at Saltfleetby, subject to technical and commercial feasibility. Richard Herbert, CEO of Angus Energy, expressed enthusiasm for the project, highlighting its potential to facilitate the UK's transition to lower environmental impact energy sources while generating attractive commercial returns for shareholders. This project builds on the strategic relationship between Angus and Trafigura, which includes a new loan facility and gas sales from the Saltfleetby Field.
For further information on the Company, please visit www.angusenergy.co.uk or contact George Lucan at +44 (0) 208 899 6380. Beaumont Cornish Limited and WH Ireland Limited are serving as the Nomad and Broker, respectively, for Angus Energy. Flagstaff PR/IR and Aleph Commodities are also available for inquiries.
The announcement includes forward-looking statements, emphasizing that actual performance, achievements, and financial condition may differ from those expressed or implied. The Company's forward-looking statements speak only as of the date of the announcement, and the Company is not obliged to update such statements unless required by legal or regulatory obligations. Comparisons of results for current and prior periods are not indicative of future performance and should be viewed as historical data.