- c.30% increase in production rates at Saltfleetby following completion of the workovers.
- Production from the Saltfleetby Field in the First Quarter of 2026 was 471 million standard cubic feet of natural gas and 10,180 barrels of gas condensate.
- Gas sales of 5.24 million therms were achieved in the Quarter from the Saltfleetby Field.
- Estimated revenues of £5.65m for the Quarter.
- Production uplift driven by successful completion of Saltfleetby workovers.
Production and Operations Update
Saltfleetby
Gas sales from the Saltfleetby Field totalled 5.24 million therms during January, February and March 2026, compared to 4.98 million therms in the fourth quarter of 2025, representing an increase of approximately 5%. This modest increase was driven by the successful completion of the Saltfleetby well workover programme but moderated by the impact of planned well shut-ins during January and February to facilitate the workover operations and therefore does not fully capture the circa 30% uplift in underlying production rates achieved post-completion.
Average monthly gas sales for the quarter were 1.75 million therms, up from 1.66 million therms in Q4 2025. Gas condensate production averaged 111 barrels per day, an increase of approximately 32% compared to 84 barrels per day in the previous quarter. Operational efficiency remained robust at 87% notwithstanding the impact of workover interventions on two of the three producing wells over the period (Q4 2025: 94%).
Successful Saltfleetby Well Workovers
Coiled tubing operations were successfully completed on wells Saltfleetby-B2 and Saltfleetby-B7, including cleaning and stimulation using acid and mutual solvent treatments. The site returned to full production with all 3 well producing on 10 February 2026, with full site, post-workover rates indicating an increase of approximately 30% compared to pre-workover levels.
Brockham
Total oil production from the Brockham Field for the quarter was 4,114 barrels, equating to an average production rate of 46 barrels per day, broadly in line with the previous quarter (Q4 2025: 4,577 barrels; 50 barrels per day). Operational efficiency was 100% (Q4 2025: 100%).
Ongoing optimisation initiatives have supported stable production, alongside a continued reduction in water cut. The Company is now progressing preparations to restart production from the BRX4z well targeting the Portland reservoir.
Finance Update
Estimated revenues for the quarter were £5.24 million (Q4 2025: £4.12 million), representing an increase of approximately 28%, driven primarily by higher realised gas prices, increased production volumes and improved hedging position.
Further to previous announcements (most recently on 19 March 2026), the Company continues to make good progress on the legally binding documentation associated with its proposed financial restructuring. The Company is targeting completion and execution of the definitive agreements in the coming weeks.
Upon execution, the proposed restructuring is expected to materially strengthen the Group's balance sheet, enhance liquidity, and establish a more sustainable long-term capital structure.
In the meantime, the Board continues to prudently manage working capital in close coordination with its lenders.
Suspension of Trading on AIM
Trading in the Company's shares on AIM will remain suspended pending the conclusion of its financial restructuring.
The Board remains focused on strengthening the Company's long-term position and will provide further updates as the restructuring progresses.
Source: Angus Energy
