The operator of the UK’s largest onshore gasfield is working with its lender on the potential takeover of production assets off the southern USA.

Angus Energy had been due to make the first payment today on its loan with Trafigura .

But in a stock market statement this afternoon, Angus said the payment deadline had been extended to the end of the week.

The statement said Angus was working with Trafigura on the potential takeover and on a resculpting solution, a form of debt scheduling.

“Angus Energy confirms that while the Company continues to work with Trafigura on a resculpting solution and the potential transaction, Trafigura has granted the Company an extension of the first principal repayment until 31 May 2025.”

Angus, which runs the Saltfleetby gasfield in Lincolnshire, suspended its shares a week ago on news of the possible takeover.

The company said it had entered into a non-binding agreement to buy a group of producing assets.

The deal, if it went ahead, would represent a reverse takeover and must be approved by Angus Energy shareholders at a general meeting.

Angus described the deal as “a major strategic development” with a “significant increase in resources, production and positive cash flow”.

As well as Saltfleetby, Angus Energy operates the Brockham oilfield in Surrey and mothballed oil exploration sites at Balcombe and Lidsey in West Sussex.

The company said the proposed deal would “diversify” it away from what it said was “the challenging UK energy sector” into assets in a “highly supportive oil and gas jurisdiction, with stable and reliable production and low decline”.

Angus said details of a general meeting would be announced when binding contracts had been signed and details sent to shareholders.