Q3 2024 Production and Operations Update

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

7 October 2024

Angus Energy PLC

 ("Angus Energy", the "Company" or together with its subsidiaries, the "Group")

(AIM:ANGS)

Third Quarter 2024 Production and Operations Update

·    Production from the Saltfleetby Field in the Third Quarter of 2024 was 531 million standard cubic feet of natural gas and 9,977 barrels of condensate. In addition, the Brockham Field exported 1,995 barrels of oil during the Quarter.

·    Gas sales of 5.85 million therms were achieved in the Quarter from the Saltfleetby Field

·    Estimated revenues of £5.14m for the Quarter

Gas sales from the Saltfleetby Field equalled 5.85 million therms in aggregate for the months of July, August and September 2024, an average of 1.95 mm therms per month. Gas condensate (liquid) production averaged 109 bbl/day. Saltfleetby operational efficiency was 88% for the quarter and 2024 YTD operational efficiency has been maintained at a high level of 90%. Quarterly production and operational efficiency reflects the impact of a planned full field shutdown for five days in early July.

Oil volumes produced and sold from the Brockham Field equalled 1,995 barrels in aggregate for the months of July, August and September 2024, an average of 22 barrels/day. The field is capable of producing 25-30 barrels/day from the single well on production, with the lower quarterly volume reflecting stoppages for facilities maintenance and operational improvement work.

Hedging Update

At the start of the third quarter 2024, the monthly volumes of gas hedged under the legacy risk management programme put in place for the redevelopment of the Saltfleetby Field in 2021-22 dropped to 1.25 million therms per month from 1.5 million therms per month in the first and second quarters. These hedges will stay at this level until they expire in June 2025. Thereafter, hedges for an additional 6.44 mm therms have been struck as detailed in the table below:

The Company is working closely with Trafigura Trading (Europe) Sarl ("Trafigura") on its existing hedging commitments, including the impact of previously crystalised hedges, and has the required flexibility under its financing facility with Trafigura to manage these commitments ahead of the installation of the booster compressor and the expiry of the legacy hedges.

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Richard Herbert, CEO, commented: "Angus is pleased with the production from Saltfleetby during the third quarter which extends our track record of safe, reliable production. Even with the planned maintenance shutdown in July, revenues were up on stronger gas prices. Engineering work is proceeding to plan for the installation of the third compressor (the booster compressor) in late 2024-early 2025 which is expected to raise production levels and increase ultimate recovery from the field. We are also very satisfied with the performance of the Brockham Field which has now delivered 13 tanker loads of crude oil to the market since production was restarted in late May this year."

END

For further information please visit www.angusenergy.co.uk.

 Angus Energy Plc                                                                

Richard Herbert               

Chief Executive Director                                                         Via Flagstaff

SP Angel Corporate Finance LLP (Nomad and Broker)  www.spangel.co.uk

Stuart Gledhill / Caroline Rowe / Richard Hail Tel: +44 (0)20 3470 0470

Flagstaff  PR/IR                                                                    [email protected]

Tim Thompson / Fergus Mellon / Alison Alfrey   Tel: +44 (0) 207 129 1474

About Angus Energy plc

Angus Energy plc is a UK AIM quoted independent oil and gas company. Angus is the leading onshore gas producer in the UK and has ambitious plans to grow onshore production and diversify internationally. Angus Energy has a 100% interest in the Saltfleetby Gas Field (PEDL005), majority owns and operates conventional oil production fields at Brockham (PL 235) and Lidsey (PL 241) and has a 25% interest in the Balcombe Licence (PEDL244). Angus Energy operates all fields in which it has an interest.