Angus Energy plc said it had now completed the 100% acquisition Saltfleetby gas licence in east Lincolnshire.
OUTSTANDING STAKE
The company acquired the entire issued share capital of Saltfleetby Energy Ltd (SEL), which owned 49% working interest in the project, from the seller Forum Energy Services Ltd.
Chief executive George Lucan said that the acquisition would be “highly accretive for Angus shareholders this year and in the years following”.
“The acquisition of Saltfleetby Energy Ltd approximately doubles the value of Angus’ interest in the Saltfleetby licence to approximately £50 million on the basis that the competent persons report of October 2021 ascribed a conservative £25.4 million P90 valuation to Angus’ 51% interest in October.”