Angus Energy plc recorded a steep rise in revenues from increased gas production at its 100% owned Saltfleetby field in east Lincolnshire.
LIDSEY
For the year ending September 2023, revenue from the field’s revenue rose to approximately £28 million (2022: £3m) on production of gross 31,750 bbls of oil and 25,228,853 therms of natural gas (1,378 bbls; 1,273,994 therms).
The company also holds an 80% interest in Brockham PL235 in Surrey, 80% in Lidsey PL241 and 25% in Balcombe PEDL244 both is Sussex.
Group profit reached £118m, which included a derivative profit of £137m in relation to the derivative instrument and an impairment of £3.7m.
EBITDA* amounted to £17m compared with £869,000 loss in 2022 while the cash balance totalled £2m.
Group operating profit was just under £5m and, adjusted for the derivative financial instrument profit, realised derivative costs and finance costs, resulted in an adjusted higher operating loss of £19m (2022: loss of £1.6m).
The company’s annual report included that 10 people had to date received the Bruce Watt Memorial Scholarship since its establishment in 2018.
Angus said it would not continue further exploration at Lidsey following analysis of the structure’s re-mapping.
It will instead focus on re-starting production from the Lidsey X2 well, which previously produced from the Jurassic Great Oolite Limestones.
The company still aims to create a profitable energy production group and continues to consider overseas‘ acquisitions.
*earnings before interest, taxes, depreciation, and amortisation