Extractive Industries

Angus attracts interests in buyout and Saltfleetby licence

Angus Energy plc said it had attracted at least six genuine approaches from parties interested in acquiring the company or its licence interest in the Saltfleetby gas field in Lincolnshire.

Expediency: Angus Energy is proceeding with its formal sales process to achieve the best possible result (Angus Energy)

DUE DILIGENCE

In a statement the company said it would evaluate each expression of interest until a firm proposal was agreed.

Angus does not expect an extended period of time for the parties to complete due diligence.

Chief executive officer George Lucan added: “We are pleased with the expressed level of interest in the company or in its principal asset, and will proceed with our formal sales process with due professionalism, expediency and confidentiality to achieve the best possible result for all of Angus’ shareholders.”

ASSETS

Angus Energy’s portfolio includes gas development assets, onshore geothermal projects and legacy oil producing fields.

The company has a 51% interest in the Saltfleetby gas field (PEDL005), majority owns and operates conventional oil production fields at Brockham (PL235) and Lidsey (PL241) and has a 25% interest in the Balcombe licence (PEDL244).

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