Angus Energy upbeat on fourth-quarter production

Angus Energy said in an update on Monday that gas production from the Saltfleetby Field during the fourth quarter totalled 7.35 million therms - a slight decrease from the third quarter's 7.9 million therms.

The AIM-traded firm said that translated to an average monthly production of 2.45 million therms, compared to the third quarter's 2.6 million therms.

Despite a planned six-day shutdown for compressor engine maintenance in October, operational efficiency stood at 87%, down from 90% in the prior quarter.

Additionally, gas condensate production maintained an average of 130 barrels per day.

Angus said that during the quarter, the construction of the B07T permanent flowline was completed, with commissioning successfully ending on 3 November.

That led to minimal production losses, limited to one day for tie-in work and flowline commissioning activities.

In November, a planned intervention on one of the two compressor engines was carried out, allowing dual compressor operations to resume on 22 November.

December saw hardware upgrades on one of the compressor engines to enhance reliability performance.

The upgrades were part of a series of planned interventions before the festive period.

Furthermore, well performance and optimisation trials were conducted during the quarter, focusing on the sub-surface and operations team's ongoing efforts following the commissioning of the B07T permanent flowline.

At 1122 GMT, shares in Angus Energy were up 0.95% at 0.53p.

Reporting by Josh White for Sharecast.com.