Angus Energy Q2 revenues seen at roughly £4.9m

8th Jul 2024 10:31

(Sharecast News) - Onshore energy transition business Angus Energy said on Monday that second-quarter revenues were expected to come to roughly £4.90m after only minor servicing to two compressor engines was required during the period.

Angus Energy said gas volumes produced and sold from its Saltfleetby Field equalled 6.48mm therms in aggregate for the months of April, May and June combined, with second quarter production equating to an average of 2.16mm therms per month.

Operational efficiency was 91% for the second quarter, while gas condensate (liquid) production averaged 115 bbl per day.

The AIM-listed group noted that the quarter had no major planned maintenance activities of production critical equipment, with only minor servicing of the two compressor engines being carried out. Angus also revealed that a well performance management strategy to address the impact of liquids on production rates was also being developed.

"At the Brockham Oil Field, production resumed on the 4th of June. At the end of the Quarter, two road tanker shipments had successfully completed with cumulative oil production measured at 560 barrels," added Angus.

As of 1030 BST, Angus shares were down 0.92% at 0.32p.

Reporting by Iain Gilbert at Sharecast.com