The operator of the Saltfleetby gas field, Angus Energy, has agreed a £20m debt facility.
The company said the deal with Trafigura PTE Ltd would refinance Angus Energy’s existing debts and fund extra capital projects at Saltfleetby, including revised subsurface mapping and accelerated feasibility work on gas storage.
The company said in a statement the debt facility had a five-year amortising term with a one-year repayment grace period.
It has an interest margin over the sterling overnight index average of 8%. This compares with 12% on the company’s existing senior debt and 15% on its bridge facility.
Trafigura expects to close the deal in January 2024, the statement said.
The Saltfleetby field, in Lincolnshire, is the UK’s biggest onshore gas producer. In the most recent monthly data, it extracted 75% of UK onshore gas. All onshore fields contribute just over 1% to UK gas production.
New appointment from Star Energy
Angus also announced it had appointed Ross Pearson, former technical director of Star Energy plc. He will be the company’s lead on all wells and subsurface activity. Mr Pearson has been offered a package of 25,000,000 share options at 0.67p, subject to contract milestones.
DRILL OR DROP? 
Not quite as attractive a reward package as Mr. Musk managed, but then some have to manage according to their means. Wonder which will be the first to pay a dividend??
All this interest in gas storage, when so much gas is already stored beneath the UK.
(Also interesting that the reaction to this news item upon the share price was somehow excluded. For sake of balance-it rose.)