Angus Energy plc announced an offer of further funding for drilling and acquisitions as it completed drilling the SF7v sidetrack at Saltfleetby field in east Lincolnshire.
FLOW TESTING
The sidetrack well reached a total measured depth of 2,746 metres in the Westphalian 1D reservoir.
Angus will conduct well clean-up operations in mid-March once coiled tubing equipment becomes available.
Flow testing will follow shortly afterwards and, assuming coiled tubing services are available at the scheduled date, the additional flow from this well should be available for export from 1 April.
The company will announce results of the flow test once complete.
SECOND COMPRESSOR
“The company is confident from the electric logging, mud logging and gas shows in the reservoir section that the well will be a successful producer,” said Angus in a statement.
“Furthermore, the well is drilled alongside and replicates what was previously the best producing well in the field.
“Wet commissioning of the second compressor began last week and we expect successful full running in the coming days and are confident that the unit will be available for duty well before 1 April.
FUNDING
Angus has signed a non-binding, conditional term sheet with Aleph Commodities for a £3 million junior debt facility to cover extra drilling costs and due diligence for potential acquisitions, including gas storage.
Aleph Commodities and its associates are substantial shareholders in the company.
The offer would be an alternative to a dilutive placing, added Angus.