Angus Energy announced today it had signed conditional restructuring agreements with its creditors.

The company described this as a “transformational milestone” in its development.

The deal must be approved by shareholders at a general meeting on 13 July 2026.

Angus said its share suspension, in place since May 2026, would continue until the company’s financial position had been clarified.

Details

Today’s announcement said the debt with Trafigura had been consolidated into a single facility and extended until 31 March 2031 at reduced capital costs.

It also said amounts due to another creditor, Royalty Holders, had been settled and the deferred consideration due to Forum Energy Services Limited had been converted into equity.

Angus Energy’s finance director, Carlos Fernandes, said today:

“We are delighted to have completed this restructuring, which enhances the Company’s financial position and reflects the strong support of our key stakeholders.

“The conversion of liabilities into equity, the crystallisation of the royalty, and the improved terms with Trafigura together create a simpler, stronger and more flexible balance sheet.

“This marks a clear turning point for the Company and enables us to focus on delivering our operational programme and to establish long-term value for shareholders.”

The restructuring is conditional on completion of fundraisings for capital projects.

Angus said it had conditionally raised £3m from the placing of 1,500,000,000 new ordinary shares. It had also conditionally raised £1.760m from a placing by the company’s agent, OAK Securities, with institutions and other investors of 880,000,000 shares.

Proceeds of the placings would be spent on the drilling of a fourth gas well at Saltfleetby in Lincolnshire, the announcement said. This is expected in the first quarter of 2027, at a cost of about £6m. Funds would also be spent on increasing oil production at Brockham in Surrey, including restarting the BRX4z well.

Subscribers have also entered share subscription agreements with Angus. They include Kemexon, Carlos Fernandes (Angus Energy’s finance director), Ross Pearson (chief operating officer) and Aleph Commodities Limited.

The announcement confirmed that Forum Energy Services Limited, Aleph Saltfleetby Limited, Aleph Commodities, Royalty Holder and Kemexon were being treated as a related party under stock market rules.

Updates

In interim accounts, published yesterday (23 June 2026), Angus gave details of its plans at two production sites

Saltfleetby: Workovers had been carried on two producing wells. Field production rates increased after the work by about 30% and were maintained after the end of the accounting period (31 March 2026). Work is continuing on reservoir modelling and assessment of future development opportunities to extend the life of the field.

Brockham: Production performance had improved after a programme of operational optimisation, the accounts said. Average production rates almost doubled the levels of early 2025. The water cut (proportion of water in total liquid production) has continued to fall. Preparations continue for the return of the BRX4z well from the Portland reservoir.

Balcombe: The accounts had no reference to the Balcombe oil site in West Sussex. Planning permission at the site lapsed in February 2026. Despite Angus Energy’s statement that it would reapply for planning permission, no application has yet been submitted.

Key financial figures

Six months to 31 March 2026

Revenue: £9.5m (six months to 31 March 2025: £11.3m)

EBITDA: £5.3m (six months to 31 March 2025:

Operating profit: £1.5m (six months to 31 March 2025: £3.36m)

Gross profit: £2.881m (six months to 31 March 2025: £4.87m)

Loss/profit: loss of £69,000 (six months to 31 March 2025: profit of 0.76m)

Net cash generated from operating activities: £4.4m

Admin expenses: £1.34m (six months to 31 March 2025: £1.5m)

Oil and gas production assets: £68.7m (six months to 31 March 2025: £69m

Total assets: £80.5m (six months to 31 March 2025: £77.8m)

Total liabilities: £39.8m (six months to 31 March 2025: £37m)

Sale of gas condensate: £0.57m (six months to 31 March 2025: £0.61m

Sale of crude oil: £0.44m (six months to 31 March 2025: £0.2m)

Sale of gas: £8.5m (six months to 31 March 2025: £10.5m)

Derivative trading: £0.89m gain (six months to 31 March 2025: cost of £5.43m)