Angus Energy says its talks with its lender, Trafigura, are continuing over a proposed reverse takeover of US production assets and the revision of the loan repayment schedule.

Angus said in a statement (21 July 2025):

“The company will inform the market once an agreement has been reached”.

Shares in the company have been suspended since an announcement in mid May 2025.

The company said a loan payment to Trafigura, due at the end of June, was still unpaid.

Saltfleetby gas down

Angus also reported a fall in gas production from its Saltfleetby site in Lincolnshire during the second quarter (April-June 2025), compared with previous three months.

This was because of the commissioning of a booster compressor and well testing, the company said.

Saltfleetby, the UK’s largest onshore gas producer, recorded sales of 3.90 million therms in Q2 2025, down from 4.55m therms in Q1.

Q2 production was an average of 1.3mm therms per month, Angus said, down 14% from 1.52mm therms in Q1.

Average gas condensate production was 67 barrels per day in Q2, down 18% against the average of 82 barrels a day in Q1.

Operational efficiency in Q2 was 87%, compared with 90% in Q1.

Angus reported that Saltfleetby’s annual maintenance shutdown began on 21 July 2025 for six days.

Brockham oil up

Total Q2 oil production at the Brockham site in Surrey was 3,890 barrels, or 43 barrels per day, Angus said.

This was up 80% compared with the 2,150 barrels and average of 24 barrels per day in Q1.

Brockham’s operational efficiency was 100% in Q2, compared with 98% in Q1.

Finance

Angus reported estimated revenues of £3.44m in Q2, down on Q1 because of lower gas volumes.

Legacy hedging volumes of 1.25m therms per month ended in June 2025. Hedged volumes for the rest of 2025 are 1.062m therms per month, with a price increase of 180%-213% on Q2 pricing.

Comment from DrillOrDrop reader

I know nothing about gas prices, but I calculate that the price per therm in Q2 is 8.8p (revenue of £3.44m in Q2 /3.90 million therms). How does this relate to Angus Energy’s internal pricing requirement? To world commodity gas price? I am trying to understand whether Angus are anywhere near making a profit on the (minute) amount of gas produced?