Industry

Six expressions of interest in Angus Energy sale

Angus Energy said this morning it had received at least six “bona fide” approaches from parties interested in making an offer for the company or its interest in the Saltfleetby gas field.

Proposed layout for Brockham oil site in Surrey. Image: Aecom for Angus Energy

In a statement to investors, the company said it was not naming the parties but it would “engage with and evaluate each expression of interest” until a firm proposal could be agreed and announced.

Angus said it did not expect the parties would need “an extended period of time” to complete due diligence.

The company announced the potential sale on 6 January 2022.

As well as Saltfleetby in Lincolnshire, Angus operates oil sites at Balcombe and Lidsey in West Sussex and Brockham in Surrey. None is currently producing.

Chief executive, George Lucan, said:

“We are pleased with the expressed level of interest in the Company or in its principal asset, and will proceed with our formal sales process with due professionalism, expediency and confidentiality to achieve the best possible result for all of Angus’ shareholders.”

At the time of writing (9.30am), Angus shares had risen 17% to 1.19p.

  • Angus has applied for planning permission to reconfigure the layout and use a larger flare at the Saltfleetby-B gas site. It is also seeking consent to produce oil from one of the Brockham wells for 15 years.

Add a comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s