Doriemus is to sell its interest in the Brockham oil licence in Surrey to the operator, Angus Energy.
Angus Energy reported this morning it has withdrawn a planning application to test its oil well at Balcombe in West Sussex.
2019 saw a Conservative government withdraw its support from fracking and introduce a moratorium on the process.
Angus Energy has raised a £1.5m loan facility to pay for the costs of decommissioning oil and gas wells.
“I love it because it is not oil”, the head of Angus Energy said of his new gas asset in Lincolnshire.
Angus Energy could have avoided another planning application for its extended well test at Balcombe in West Sussex, the company admitted this evening.
The Kimmeridge formation at Brockham in Surrey is unlikely to generate significant volumes of oil because it isn’t mature, investors were told this evening.
Angus Energy announced this morning it had completed a farm-in agreement for the Saltfleetby gasfield in East Lincolnshire.
Angus Energy announced this morning that part of the target Kimmeridge oil interval at its well at Brockham in Surrey is producing water.