Angus Energy PLC has released its Second Quarter 2024 Production and Operations Update. The company reported a production of 6.48 mm therms of natural gas and 10,478 bbls of condensate, resulting in estimated revenues of £4.90m for the Quarter. Gas volumes produced and sold from the Saltfleetby Field totaled 6.48 mm therms for the months of April, May, and June 2024 combined, with an average of 2.16 mm therms per month. Operational efficiency was reported at 91% for the second quarter, and gas condensate production averaged 115 bbl/day.
The Quarter saw no major planned maintenance activities of production critical equipment, with only minor servicing of the two compressor engines carried out. A well performance management strategy to address the impact of liquids on production rates is being developed. At the Brockham Oil Field, production resumed on the 4th of June, with two road tanker shipments successfully completed by the end of the Quarter, and cumulative oil production measured at 560 barrels.
Angus Energy PLC is a UK AIM quoted independent onshore Energy Transition company with a complementary portfolio of clean gas development assets, onshore geothermal projects, and legacy oil producing fields. The company is focused on becoming a leading onshore UK energy infrastructure company, with a 100% interest in the Saltfleetby Gas Field (PEDL005), majority ownership and operation of conventional oil production fields at Brockham (PL 235) and Lidsey (PL 241), and a 25% interest in the Balcombe Licence (PEDL244). Angus Energy operates all fields in which it has an interest.
The company's forward-looking statements include its intentions, beliefs, or current expectations concerning its prospects, growth, and strategy. However, forward-looking statements involve risks and uncertainties, and the company's actual performance, achievements, and financial condition may differ materially from those expressed or implied by the forward-looking statements in the announcement. Any forward-looking statements made in the announcement speak only as of the date of such statement.