Angus Energy raises £1.4m and delays deadline for prospective buyer

Angus Energy has raised £1.4m through a placing of 175m shares.

It also confirmed that one of five potential bidders for the company has been given more time to confirm whether it intends to make an offer.

Angus said Sound Energy had been granted an extension to 11 March 2022 as a term of agreeing to the shares placing.

Sound Energy is the operator of onshore gas interests in Morocco and is listed on the AIM share index.

Angus Energy said funds from the placing would be used for an increased contingency budget at the Saltfleetby gas field in Lincolnshire, as well as for geothermal projects, potential site acquisition and working capital.

Its chief executive, George Lucan, said:

“Expressed interest in the Company and its principal gas asset remains strong with five bona fide participants engaged in due diligence in the Company’s data room.

We expect a definitive result from our Formal Sales Process within a sensible period of time.

“It is critical that that the Company is able to negotiate from a position of strong liquidity, remaining fully compliant with the terms of its development loan facility, and able to face all contingencies during the run-up to First Gas.”

Angus shares closed the day down nearly 20% at 0.8p. Sound Energy shares were down slightly (0.10%) at 1.95p.

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