Angus Energy provides update on Lidsey oil field project

Angus Energy announced on Friday that the drilling rig purchased from British Drilling and Freezing had arrived on location at its Lidsey oil field asset in West Sussex and were in the process of being rigged up.

Ancillary equipment and casing were already on site, and with inspection of the delivery underway, Angus said the drilling process at Lidsey-X2 was set to commence "early next week," with the horizontal production well targeting the existing Great Oolite reservoir and then set to pass through the Kimmeridge formation.

The existing production well, Lidsey-X1, was temporarily suspended in order to prepare the site for the works on X2, with Angus having considered turning the older site into a water injector or a Kimmeridge producer depending on performances at X2.

Angus said it was expecting an operating window of approximately six weeks from the commencement date to actual production from Lidsey-X2.

As of 1545 BST, shares had gone up 6.74% to 34.83p.