Angus Energy plc swung to a profit following an increase in gas production at the Saltfleetby field in east Lincolnshire.
FINANCES
During the six months ended 31 July 2023, the company had three producing wells flowing gas to the National Grid with average daily production of up to 9.5 mmscfd.
Revenue soared to £16.46 million (2021: £27,000) with operating profit of £6.48m (six months to March 2022: loss of £1.23m).
Angus recorded a derivative financial instrument gain at £121.2m (March 2022: loss of £30.5m).
As at 31 March 2023, the group increased its available cash to £3.171m (March 2022: £1.4m).
TAXES
Executive chairman George Lucan said that the increase in the energy profits levy to 35%, further restrictions on reliefs and without any graduated rate increased the total marginal rate of tax to a “punitive 75%”.
He also warned of “little let-up” in sight for the offshore and onshore domestic industry with further restrictions planned by the shadow Labour cabinet ahead of elections expected in 2025.
“We would seek to join our voice with those of many others in the energy industry in calling for a cross-party committee to formulate or, at least, advise on and review a national medium and long-term energy strategy.”