29th Jun 2018 14:19
LONDON (Alliance News) - Angus Energy PLC on Friday said its loss widened in its most recently ended financial year due to the higher costs associated with the Lidsey-X2 well drilling operations in Bognor Regis, southern England.
The oil & gas company said its pretax loss widened slightly to GBP1.1 million in the year to the end of March from GBP985,000 reported a year earlier, due to a rise in expenses.
Administrative costs came in at GBP1.0 million compared to GBP939,000 reported the prior year.
Angus Energy reported a maiden revenue of GBP19,000 after the Lidsey-X2 production well was put on stream in November last year. In March, the company replaced the pump at the oil field.
At the end of the period, the company resumed production from the Portland Reservoir via the BR-X2Y well at the Brockham oil field, England. It now has three conventional wells in production from its Lidsey and Brockham oil fields.
Looking ahead, the company said it intends to form a new partnership with oil firm Cuadrilla Balcombe Ltd and engineering company Lucas Bolney Ltd to secure a 25% interest in Balcombe field discovery in West Sussex, also in England.
"Angus Energy is fully focused on maximising production from all assets in our portfolio," said Executive Chairman Jonathan Tidswell-Pretorius. "We remain committed to managing our cash resources and exposure to risk carefully whilst reviewing opportunities that add long term shareholder value. "
Shares in Angus Energy were trading 21% higher at 5.60 pence each on Friday.
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