Angus Energy plc has issued 427,893,123 ordinary shares to convert £1 million of the February 2022 deferred consideration to Forum Energy Services Ltd.
COMPRESSOR
The conversion notice from Forum covers principal payments due up to and including 31 December 2024.
Angus said it would a further 137,145,481 ordinary shares in relation to accrued interest until 31 December 2024.
Following admission, the company’s total issued share capital will consist of 4,986,893,414 ordinary shares, each with equal voting rights.
Angus bought Saltfleetby Energy Ltd, which owned 49% working interest in the Saltfleetby gas project in East Lincolnshire, from Forum in 2022.
Operations at the field are advancing with installation “progressing well” of the new booster compressor, received last month.
Angus added that commissioning and start-up was on schedule to occur before the end of March.
The compressor will allow the company to operate Saltfleetby at lower well head pressure, “increasing production levels and field recovery”.