Angus Energy reports good progress at Saltfleetby

The AIM-traded firm added that, while the last of the electrical and mechanical tie-ins were being completed early next week, they would continue with hydrotesting - already largely complete - nitrogen leak testing, final verification and function testing of all pressure equipment, and finally live gas testing with well-head gas.

“This exercise is not wholly sequential as there is considerable overlap of function testing and leak testing,” the board said in its statement.

The company said contractors were working towards a target date for first flow of well-head gas through the plant during the week of 20 June, with first export nominations the week following.

“The company is also pleased to announce that it has concluded all preparatory risk assessment and planning for the forthcoming side-track at Saltfleetby, and has advised suppliers of a spud date for drilling of 21 July.”

At 1157 BST, shares in Angus Energy were up 7.83% at 1.24p.

Reporting by Josh White at Sharecast.com.