After the successful commissioning of the booster compressor announced on 16 April 2025, Angus has been conducting well tests to determine the optimum configuration of the plant and wells to increase production. These tests are ongoing, and Angus will update on progress and plans in due course.
As announced on 22 February 2024, Angus Energy entered into a Financing Facility with a subsidiary of Trafigura Group. The terms of the Facility are unchanged from those of the term sheet summarised by the Company via RNS on 20 December 2023, being a 5-year loan, with a twelve-month grace period on principal repayment and then approximately even amortisation from March 2025. Production variability during the first quarter of 2025, before the booster compressor was commissioned, has resulted in the first principal repayment of £1.25 million, being deferred as part of ongoing discussions with Trafigura about resculpting the repayment schedule.
Angus remains confident in the gas reserves and potential of the Saltfleetby Field and is investigating options to increase production through workovers, new drilling as well as potential acquisitions to strengthen the financial position of the Company.
Source: Angus Energy
