Angus Energy

Angus yesterday announced Second Quarter 2025 Production, Operations and Finance Update

• Legacy Hedges roll off at end of June providing a significant increase in operating cashflows.
• Production from the Saltfleetby Field in the Second Quarter of 2025 was 351 million standard cubic feet of natural gas and 6,129 barrels of gas condensate.
• Gas sales of 3.90 million therms were achieved in the Quarter from the Saltfleetby Field.
• Booster compressor successfully commissioned on 11 April 2025 with the installation impacting production through outages during connection but subsequently positively impacting on production.
• The Brockham Field produced 3,890 barrels of crude oil during the Quarter.
• Estimated revenues of £3.44m for the Quarter.
• Angus analysing opportunities for production uplift 

Production and Operations Update

Saltfleetby
Gas sales from the Saltfleetby Field equalled 3.90 million therms in aggregate for the months of April, May and June 2025, compared to 4.55 million therms sold in the first quarter of 2025.  Second quarter 2025 production equates to an average of 1.3mm therms per month (down circa 14% from 1.52 mm therms per month in the first quarter of 2025). Gas condensate (liquid) production averaged 67 bbl/day, down circa 18% against an average of 82 bbl/day in the first quarter 2025. Saltfleetby operational efficiency was 87% for the Quarter compared to 90% for the previous Quarter.  

Lower production at Saltfleetby this second quarter reflects the impact of commissioning activities, comprising short duration site outages for connecting the Booster compressor to existing site systems and infrastructure. Well testing under new operating conditions also contributed to production losses in the quarter with a three-day planned outage on all infield wells during the last week of April.

Well performance under the new operating regime of lower well head pressures is being evaluated by the sub-surface team to enable optimisation of the infield wells and the team are examining ways to increase production.

The annual maintenance shutdown commenced today with a scheduled duration of six days.

Brockham
Oil volumes produced from the Brockham Field equalled 3,890 barrels in aggregate for the months of April, May and June 2025, with an average of 43 bbl/day. This is an increase of circa 80% compared to 2,150 barrels for the first quarter of 2025 averaging 24 bbl/day. Brockham operational efficiency was 100% for the Quarter compared to 98% for the previous Quarter. The increase in production is due to production optimisation and the increase in operating efficiencies.

Finance Update

Estimated revenues during the quarter were £3.44m, a reduction on the first quarter due principally to lower gas volumes, however the company is encouraged by comparatively strong summer gas prices.

As previously announced, legacy hedging volumes of 1.25m therms per month rolled off in June 2025. Hedged volumes for the rest of 2025 is 6.370m therms or 1.062m therms per month at an average price of £0.84 per therm in quarter three rising to £0.91 in quarter four 2025. This represents a price increase of circa 180% and 213% respectively when compared to quarter two pricing of £0.29 per therm and will provide the Company with a significant increase in operating cashflows.     

Further to the announcement of 6 June 2025, Angus Energy confirms that positive discussions with Trafigura regarding the resculpting of the original payment schedule and the potential transaction are ongoing which includes the Company’s second repayment which became due as of 30 June 2025 and has also not been paid as yet. The Company will inform the market once an agreement has been reached.

The Company continues to carefully manage its working capital position in conjunction with its lenders.

Angus shed the legacy hedges at end of June providing a significant increase in operating cashflows, investors have been waiting for this news. Production from Saltfleetby was good and despite a little down time, due to fitting the booster compressor the overall result benefited revenue. 

As above the working capital is being ‘carefully managed’ as they rewrite the Trafigura payments, more to come.

Predator Oil & Gas                    

Predator yesterday announced that it has conditionally placed 20 million new ordinary shares of no par value in the Company at a placing price of 5 pence each to raise £1.0 million.

The Placing utilises some of the Company’s existing headroom to issue shares under the  Prospectus Regulation Rules. 

Completion of the Placing

Completion of the Placing is conditional on, inter alia:-

• the Placing Shares being admitted to listing on the Equity Shares (transition) category of the Official List and to trading on the London Stock Exchange’s main market for listed securities (“Admission”).

Admission, Settlement and Dealings in the new Placing Shares

• Applications will be made to the FCA and to the London Stock Exchange for Admission in respect of all the Placing Shares proposed to be issued on completion of the Placing.  It is expected that Admission will become effective, and that dealings in the Placing Shares are expected to commence at 8.00 a.m. 28 July 2025.
• The rights attaching to the new Placing Shares will be uniform in all respects and all of the new Placing Shares will rank pari passu, and form a single class for all purposes with, the existing issued shares of no par value in the Company.

Warrants

1,600,000 million warrants are being issued exercisable at 5p. The Warrants have an expiry date of five years from the date of Admission.

Total Voting RightsFollowing Admission, the Company has  ordinary shares of no par value in issue, each with one vote per share (and none of which are held in treasury). The total number of voting rights in the Company is therefore 686,286,395. This figure of 686,286,395 may be used by shareholders in the Company as the denominator for calculations to determine if they have a notifiable interest in the share capital of the Company under the Disclosure Guidance and Transparency Rules, or if such interest has changed.

Paul Griffiths, Chief Executive Officer of Predator Oil & Gas Holdings Plc commented:
“Completion of the transaction to acquire Challenger Energy Group’s business interests and operations in Trinidad is expected to occur shortly. The Company is electing to settle the balance of the Consideration due at Completion in cash rather than through the issue of shares at a time when we are focussed on our strategically important operations in Morocco.

Additional funds will help drive the next stage of our operations in Morocco focussed on the optimum gas development option under the terms of our collaboration agreement for gas marketing with our local partner.

Additional funds are also being assigned to accelerating the maintenance overhaul of an in-country rig suitable for drilling the Snowcap-3 Appraisal well in Trinidad. This option will significantly reduce well costs.”

Nothing much to add, CEO Paul Griffiths wanting to use cash and avoid issuing shares at the time of the operational activity in Morocco. 

Original article   l   KeyFacts Energy Industry Directory: Malcy's Blog