- Production from the Saltfleetby Field in the Third Quarter of 2024 was 531 million standard cubic feet of natural gas and 9,977 barrels of condensate. In addition, the Brockham Field exported 1,995 barrels of oil during the Quarter.
- Gas sales of 5.85 million therms were achieved in the Quarter from the Saltfleetby Field
- Estimated revenues of £5.14m for the Quarter
Gas sales from the Saltfleetby field equalled 5.85 million therms in aggregate for the months of July, August and September 2024, an average of 1.95 mm therms per month. Gas condensate (liquid) production averaged 109 bbl/day. Saltfleetby operational efficiency was 88% for the quarter and 2024 YTD operational efficiency has been maintained at a high level of 90%. Quarterly production and operational efficiency reflects the impact of a planned full field shutdown for five days in early July.
Oil volumes produced and sold from the Brockham Field equalled 1,995 barrels in aggregate for the months of July, August and September 2024, an average of 22 barrels/day. The field is capable of producing 25-30 barrels/day from the single well on production, with the lower quarterly volume reflecting stoppages for facilities maintenance and operational improvement work.
Hedging Update
At the start of the third quarter 2024, the monthly volumes of gas hedged under the legacy risk management programme put in place for the redevelopment of the Saltfleetby Field in 2021-22 dropped to 1.25 million therms per month from 1.5 million therms per month in the first and second quarters. These hedges will stay at this level until they expire in June 2025. Thereafter, hedges for an additional 6.44 mm therms have been struck as detailed in the table below:
|
Period |
Amount (therms) |
Average price (pence/therm) |
|
Jul 2025 |
1,085,000 |
84.41 |
|
Aug 2025 |
1,085,000 |
84.41 |
|
Sep 2025 |
1,050,000 |
84.41 |
|
Oct 2025 |
1,085,000 |
91.63 |
|
Nov 2025 |
1,050,000 |
91.63 |
|
Dec 2025 |
1,085,000 |
91.63 |
|
TOTAL |
6,440,000 |
|
The Company is working closely with Trafigura Trading (Europe) Sarl ('Trafigura') on its existing hedging commitments, including the impact of previously crystalised hedges, and has the required flexibility under its financing facility with Trafigura to manage these commitments ahead of the installation of the booster compressor and the expiry of the legacy hedges.
Richard Herbert, CEO, commented: 'Angus is pleased with the production from Saltfleetby during the third quarter which extends our track record of safe, reliable production. Even with the planned maintenance shutdown in July, revenues were up on stronger gas prices. Engineering work is proceeding to plan for the installation of the third compressor (the booster compressor) in late 2024-early 2025 which is expected to raise production levels and increase ultimate recovery from the field. We are also very satisfied with the performance of the Brockham Field which has now delivered 13 tanker loads of crude oil to the market since production was restarted in late May this year.'
Source: Angus Energy
