Angus Energy announced today it had bought out its partner in the Saltfleetby gas field in Lincolnshire for more than £14m.

The deal, which gives Angus a 100% interest in the field, saw the company’s shares fall for the second day.

Yesterday, the market dropped 6% following news that oil production had resumed as the company’s Brockham field in Surrey.

Today, shares were down 15.69% at the time of writing on the £14.052m deal.

Angus said it had agreed to acquire the remaining 49% shareholder in Saltfleetby from Forum Energy Service Limited.

Details of the deal include:

• £250,000 to be paid in cash on competition
• Issue of 91 million ordinary shares at £1.098 on completion
• Issue of 546,000,000 ordinary shares at 1.2p
• Up to £6,250,000 deferred consideration to be paid in instalments up to 31 March 2025

Angus Energy’s chief executive, George Lucan, said:

“An opportunity has arisen to consolidate our partners’ 49% holding in the Saltfleetby asset for up to £14.052 million which represents a significant discount to the October 2021 P90 valuation of our own 51% interest at £25.4 million.”