- Substantial increase in Saltfleetby production through improved operational performance contributed to higher revenue levels.
- Hedging profit of £539,000
- Increased production at Brockham
- Production from the Saltfleetby Field in the Fourth Quarter of 2025 was 446 million standard cubic feet of natural gas and 7,739 barrels of gas condensate.
- Gas sales of 4.98 million therms were achieved in the Quarter from the Saltfleetby Field.
- Estimated revenues of £4.12m for the Quarter.
- Production uplift driven by improved well performance, enhanced well management, and optimisation of Booster Compressor operations at lower wellhead pressures.
- Initiation of Saltfleetby well workovers, supporting the Company's strategy to enhance production and operational performance.
Production and Operations Update
Saltfleetby
Gas sales from the Saltfleetby Field were 4.98 million therms in aggregate during October, November and December 2025, compared to 4.16 million therms sold in the third quarter of 2025, an increase of circa 19%. Fourth quarter 2025 production equates to an average of 1.66 million therms per month (up from 1.39 million therms per month in the third quarter of 2025). Gas condensate (liquid) production averaged 84bbl/day, up circa 20.9% against an average of 69.5 bbl/day in the third quarter 2025. Saltfleetby operational efficiency was 94% for the Quarter, up from 87% in the third quarter 2025.
Higher production at Saltfleetby during the Quarter reflects increased equipment uptime, improved well performance, enhanced well management, and optimisation of Booster Compressor operations at lower wellhead pressures.
Focus during the quarter was given to preparation for the well workovers on two of the three producing wells with detailed reviews of site readiness and workover procedures to minimise the production impact of the well interventions whilst ensuring the workovers deliver improvements in well performance.
Successful Phase 1 of Saltfleetby Well Workovers
Coil tubing operations have been successfully completed on Saltfleetby-B2 where the Company cleaned and stimulated the well with an acid and mutual solvent treatment. We are now in a flowback phase of the operation with gas, condensate and water flowing back to the production facility. Initial results are positive; however, as referenced in the initial RNS, the well requires time for production to stabilise post-workover before the full quantum of production uplift can be assessed. The workover spread has been mobilised to Saltfleetby-B7, with Phase 2 of the workover operations having commenced on 15 January 2026. As previously advised, the Company expects to be in a position to assess the results of the workovers in March following the post workover clean up phase.
Brockham
Oil volumes produced from the Brockham Field equalled 4,577 barrels in aggregate for the months of October, November and December 2025, with an average of 50 bbl/day. This is an increase of circa 26.0% compared to 3,632 barrels for the third quarter of 2025 averaging 39 bbl/day. Brockham operational efficiency was 99% for the Quarter, down from 100% in the third quarter. Improvements in production rates have been made through operational optimisation and a reducing water cut.
Finance Update
Estimated revenues during the quarter were £4.12m (Quarter 3: £3.21m), a circa 28% increase on the third quarter due principally to higher production volumes.
As previously advised, low priced legacy hedging volumes rolled off in June 2025. Hedged volume for the quarter was 3.22 million therms at an average price of £0.91 per therm, resulting in a hedging profit of £0.539m during the quarter.
Further to previous announcements (most recently 20 November 2025), Angus Energy confirms that positive discussions with its creditors regarding restructuring of its debt remain ongoing. While the Board is encouraged in respect of the continued progress in these discussions, the Company cautions that if a suitable agreement is not reached, it would create a material uncertainty around the Company's ability to continue to operate as a going concern. The Company will inform the market once an agreement has been reached and the terms of such agreement, and in the meantime continues to carefully manage its working capital position in conjunction with its lenders.
The Company's shares are expected to remain suspended from trading on AIM pending the conclusion of its financial restructuring.
Source: Angus Energy
