Angus Energy plc might might look overseas for projects as it reported a fall in revenue and production.
DECREASES
Accounts for the year ended 30 September 2020, show revenue fell to £68,000 (2019: £200,000) on production of a gross 1,594 barrels (2019: 5,346).
Angus attributed this to the Lidsey oil field being shut in due to problems with the downhole pump during the year as well as low oil prices stemming from the pandemic.
The group recorded a loss of approximately £2.5m (£5m) while cutting costs at corporate and operational levels, resulting in administrative costs reduced to £2m (£4m).
Group cash balance decreased to £1.9m (£3.4m).
The five directors received a joint salary of £415,000 (2019: £340,000 with the departure of former managing director Paul Vonk taking the total to £690,000).
Managing director George Lucan said that the company still aimed to be a profitable energy production company with “a reputation for technical excellence and great cost discipline.”
“The directors will continue to focus on the UK onshore but do not rule out acquisitions overseas in jurisdictions where the rule of law is strong.
“As such we are constantly reviewing potential projects that will complement our existing core skills and portfolio of assets.”
The company said it would prefer to acquire gas assets but would also consider sustainable energy projects such as geothermal energy.
Angus’ portfolio comprises Saltfleetby gas field PEDL005, E Lincolnshire (51%); Balcombe oil discovery PEDL244, Sussex (25%); Lidsey oil field PL241, Bognor Regis W Sussex (80%); Brockham oil field PL25, Dorking, Surrey (65% with an additional 10% pending); and the A24 Portland and Kimmeridge prospect PEDL143, Sussex (12.5%).