Angus Energy has raised a £1.5m loan facility to pay for the costs of decommissioning oil and gas wells.
Horizontal drilling on the second oil exploration well at Horse Hill in Surrey is now underway, the main investor announced today.
“I love it because it is not oil”, the head of Angus Energy said of his new gas asset in Lincolnshire.
An exploration company has told investors about plans to drill next year at a second site at West Newton in East Yorkshire.
Cuadrilla has confirmed no more fracking will take place at its shale gas site in Lancashire before a planning deadline at the end of November.
UK Oil & Gas plc has announced the start of drilling at its Horse Hill site near Gatwick Airport.
Angus Energy has confirmed that it will be applying next month for consent to carry out an extended well test at the Balcombe oil site in West Sussex.