Angus Energy plc said it had aligned its interests following the acquisition of a further interest in Brockham oil field.
The company completed its purchase of a 5% interest from Alba Mineral Resources plc.
Alba paid £32,000 plus VAT to Angus in settlement of certain back costs and a contribution towards eventual abandonment costs.
This was settled as £6,400 in cash and £32,000 by the issue of 12,407,910 shares in Alba at the 10-day volume weighted average price of 0.2579p per share.
ALIGNMENT
Angus managing director George Lucan said that seismic acquisition at Lidsey was complete and reprocessing of newly acquired and existing lines underway.
“In line with our husbandry of legacy oil assets, this transfer aligns our interest in Lidsey and Brockham fields at 80% with identical partners in each licence.
“It is the company’s expectation that moderate oil production and the facility of water
injection at Brockham, together with 9.7 million barrels of oil in place at Lidsey, will represent a good value proposition for shareholders, and for possible farminees, once seismic re-interpretation is complete and permissions are in place for a side-track at Lidsey.”