Angus Energy finds high quality crude at Lidsey field

Oil and gas production and development firm Angus Energy on Tuesday confirmed successful results from a geochemical analysis of oil produced at the Lidsey oil field, in the Weald Basin.

The AIM-traded company said its supplementary assessment programme saw the Kimmeridge formation, which lies below the oil field, produce light oil at the previously drilled Lidsey-X1 well.

Samples of the oil obtained have been sent to a third party for analysis.

Andrew Hollis, chief geologist of Angus Energy, said: "This supports our conclusion that the Weald Basin Kimmeridge play is robust and the highest maturity will be found in the centre of the Weald at Brockham, Balcombe, Holmwood and Horse Hill. Based on the data, it is possible that fields centred in the Weald could produce even lighter, sweeter crude at 40 API. Comparatively, Brent Oil is 36 API."

The lowest quality crude in the range of samples collected possessed light, 38.5 API oil in the natural fracture system.

Angus owns a 60% direct interest in the Lidsey field and a 50% economic interest in the Lidsey-X2 well, with planning permission having been granted for the whole field for the next decade in March.

Paul Vonk, managing director of Angus Energy, said: "We will continue to gather more data as we assess the commercial viability of the Kimmeridge across the Weald basin. This includes the highly anticipated basin wide study due in the next month."

As of 1127 BST, Angus Energy’s shares were up 2.62% at 6.67p.