Angus Energy buys Alba's interest in Brockham Field

Angus Energy announced the acquisition of Alba Mineral Resources’ 5% interest in the Brockham Field on Tuesday.

The AIM-traded firm said net consideration, after settlement of outstanding amounts and a contribution toward eventual abandonment costs, involved a payment to Angus from Alba of £38,400, settled by £6,400 in cash and £32,000 with 12,407,910 shares in Alba.

Those shares were issued at the 10-day volume-weighted average price of 0.2579p per share, representing around 0.20% of Alba’s share capital.

“Seismic acquisition at Lidsey is complete and reprocessing of newly acquired and existing lines is underway,” said managing director George Lucan.

“In line with our husbandry of legacy oil assets, this transfer aligns our interest in Lidsey and Brockham fields at 80% with identical partners in each Licence.

“It is the company's expectation that moderate oil production and the facility of water injection at Brockham, together with 9.7 million barrels of oil In place at Lidsey, will represent a good value proposition for shareholders, and for possible farminees, once seismic re-interpretation is complete and permissions are in place for a sidetrack at Lidsey.”

At 1309 BST, shares in Angus Energy were up 1.47% at 0.76p.