24th Dec 2019 06:58
(Alliance News) - Angus Energy PLC on Friday said it has submitted a revised Balcombe oil field hydrogeological risk assessment report to West Sussex County Council.
The AIM-listed onshore oil & gas development company explained that the report updates the risk assessment of sub-surface and downhole operations, and provides detailed description of fluid containment and management at the surface. It also identifies soil and water protection measures to be put in place for phase 2 of the extended well test.
Angus said it is regularly questioned and is constantly reviewing its expectations for flow rates at the Balcombe 2Z well. However, it cannot accurately predict flow rates based on the limited information available.
"As regards estimates, in the past the company has raised a high bar in expectations which have not subsequently been met. The board is anxious not to repeat that error, nonetheless the technical team here remains upbeat," said Managing Director George Lucan.
Also on Friday, Angus said it expects to complete the competent persons report at Saltfleetby gas field, located in east Lincolnshire, in January next year.
"Progress continues to be made on this reconnection of what was formerly the UKs largest onshore gas field," said Lucan.
He added: "There are some considerable technical challenges which our team here are in the process of meeting and overcoming. We remain certain that, as advised, the prize for this very attractively priced opportunity will result in considerable value for shareholders."
By Evelina Grecenko; [email protected]
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