Shares in Angus Energy rose 28% today on news that the company had begun processing wellhead gas from its B2 well at Saltfleetby in Lincolnshire.
In a statement to investors, Angus said the well had delivered the equivalent of 5 million standard cubic feet of gas per day, higher than the company’s expectations.
It said the gas had passed through the process plant and gas analysis. Gas from the A4 well would be introduced shortly, Angus added.
It said it would make nominations for gas sales when it was satisfied of stable, uninterrupted flow for an extended period of time. Angus said “We strongly believe [this] will occur before the end of August”.
This would meet the current deadline under revised hedge arrangements, the company said.
Shares closed at 1.60p, up 0.35p.