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Angus Energy to list on AIM

UK Oil & Gas, Doriemus, Solo Oil, Angus Energy

Angus Energy to list on AIM

Post Sun Nov 29, 2015 9:04 am

Looks like it's kicking off for reals now, folks! Just imo, but I would suggest you don't decide to join the party if you think there's little to be gained and/or other partners can carry a burden. ... ussex.html

Angus Energy planning to join stock market to raise millions to expand drilling operations in Surrey and Sussex

By Simon Watkins, Financial Mail on Sunday
Published: 22:01, 28 November 2015 | Updated: 22:01, 28 November 2015

Angus Energy, one of the companies exploring for oil in the Home Counties, is planning to join the UK stock market in the next few weeks, hoping to raise millions of pounds to expand its drilling operations in Surrey and Sussex.

The group, which plans a flotation before Christmas that will see it join the junior AIM market, was behind the exploration at Horse Hill that made headlines earlier this year, with claims of a huge oil find near Gatwick airport.

Angus retains a small stake in Horse Hill, but its flotation is intended to raise cash to expand existing wells at Brockham, near Dorking, in Surrey, and in the Lidsey oil field near Bognor Regis, in West Sussex.

Paul Vonk, managing director at Angus, said the two sites were already pumping about 50 barrels a day but extending the wells could raise output to 400 barrels a day.

The oil price remains low at just over $45 (£30) a barrel. However, Vonk said that once complete, the expansion would allow oil to be extracted at a cost of £15 a barrel or less, which would mean a healthy margin on the project.

‘We think the existing assets are worth about £6 million,’ he said.

That excludes reserves at the Horse Hill site, in which Angus holds a 6 per cent stake. The potential of that site will be subject to fresh tests early next year.

The Horse Hill site generated dramatic headlines in April, when UK Oil & Gas, the largest investor in the site, said up to 100 billion barrels could lie under the area. However, the amount that could be extracted would be much lower than that.

Shares in UK Oil & Gas tripled in value after the announcement.
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