Revenue and gas production at Angus Energy fell in 2025 compared with the year before.

In annual accounts, the company reported its Saltfleetby field in Lincolnshire produced 18.3m therms of gas in the year ending September 2025. This was down from £26.5m in the same period in 2024.

The field’s condensate oil production was down to 30 mbbl (thousand barrels) of condensate, from 44 mbbl in 2024.

Angus Energy’s revenue fell to £18m in 2025, down from £21.8m the year before.

Other headlines:

• New well planned for Saltfleetby gas field
• Work underway on new planning application for Balcombe oil site
• Additional oil well to be returned to production at Brockham

Saltfleetby (100% holding)

The Saltfleetby field, described as the company’s cornerstone, saw production fall by around 30% between September 2024 and May 2025.

But about 10% of the decline was recovered with the installation of a booster compressor at the field, the accounts report.

After the accounting period, workovers in December 2025 on two wells aimed to improve production and reliability. Initial results were described as “encouraging”.

The company said it was assessing a fourth producing well at Saltfleetby. The target drilling date is Q4 2026 or Q1 2027. This could increase production by 2-6 mmcf/d (million cubic feet per day) from early 2027, the accounts said.

Reservoir modelling at Saltfleetby, expected to be completed in Q2 of 2026, is intended to help decide where infill wells should be drilled and predict production from the wells.

Balcombe (25% holding)

Angus failed to test its Balcombe oil well in West Sussex by the planning deadline in February 2026.

The company said it was “unable to complete the detailed engineering, procurement and contracting work” because of the prolonged uncertainty created by a legal challenge by local residents.

Angus said it was “currently preparing a revised planning application, following completion of a technical and commercial review of the site”.

Brockham (80% holding)

The Brockham oil field near Dorking in Surrey produced 10.8mbbl of crude oil in 2025, the first full year of production after a break since late 2022.

Angus reported that average production in 2025 was 30 bopd [barrels of oil per day], up from 20 bopd in 2024. Well optimisation and surface facility upgrades increased production to an average of 40 bopd in the third quarter of 2025.

The company said it aimed to return the BRX4Z well at Brockham to production to increase recovery from the Portland reservoir. The accounts said work was underway and should be finished in Q2 2026.

Lidsey (80% holding)

The Lidsey oil site, near Bognor Regis in West Sussex, remained shut-in because of the high cost of disposal of produced water, the accounts said.

Angus said it was seeking planning permission to truck the water from Lidsey to Brockham. If this were approved, the company said it planned to test and assess the production potential of the Lidsey X2 well.

Refinancing and takeovers

Angus also reported it was continuing work with its creditors to refinance and restructure its finances.

The company said it was “currently working with the relevant parties and its advisers to finalise the definitive documentation required to implement the restructuring”.

The accounts said the board decided not to proceed with a potential reverse takeover of a field off the coast of the USA. A potential minority non-operated interest was also abandoned.

Share trading in the company was suspended following the announcement of the takeover. It is to remain in place while financial restructuring continued, the accounts said.

Going concern

The auditors reported that the group depended on generating working capital from producing assets to meet its obligations.

This assumed successful workovers and drilling a fourth well at Saltfleetby, as well as the successful completion of refinancing and restructuring debt, the auditors said.

Key figures

Revenue: £18m (2024: £21.8m)

Profit: £0.14m (2024: loss of £4.3m)

EBITDA (revenue less expenses, excluding tax, interest, depletion, Impairment and derivative movements): £8.3m (2024: £10.8m)

Admin costs: £2.9m (2024: £3.2m)

Gross production: 30 mbbl of condensate oil (2024: 44 mbbl), 10.8 mbbl of crude oil (2024: 2.6 mbbl) and 18.3 million therms of gas (2024: 26.5 million therms)

Oil sales: £1.446m (2024: £1.721m)

Gas sales: £16.564m (2024: £20.081m)

Operational efficiency: 89% reflecting planned shutdowns for the Saltfleetby compressor.  This was down 3% on 2024.

Cash balance at 30 September 2025: £1.1m, down from £2.1m in September 2024

Cash raised by share issue: £1m

Total assets: £77.234m (2024: £81.961m)

Total liabilities: £36.409m) (2024: £43.273m)