Angus Energy Swings To Annual Loss As Administrative Expenses Rise

7th Mar 2018 18:03

LONDON (Alliance News) - Angus Energy PLC on Wednesday swung to a annual loss as a result of stock listing expenses and a modernisation programme.

For the year ended September 30, 2017, the UK-focused oil and gas company recorded a pretax loss of GBP2.6 million, compared with pretax profit of GBP109,000 in the prior year period.

Angus Energy said its administrative expenses increased to GBP1.9 million from GBP1.4 million the prior year as the group moved from a private company to a publicly listed company with the associated running costs of being listed. The company also recorded GBP740,000 in share based payment charges in the period.

In the first half of 2017, the company acquired additional 10%, worth GBP100,000 interest in the Brockham and another 10% in Lidsey Oil Fields and the Holmwood exploration license, respectively. Angus Energy held 65% working interest in the Brockham licence and 60% stake in Lidsey field, as at September 30.

Angus Energy made no revenue in the year as it closed both the Lidsey and Brockham Oil Fields on January 31, 2016, in order to complete a full modernisation programme. In 2016, the company recorded revenue of GBP73,000.

The group said it strengthened its cash position after GBP3.0 million and GBP2.0 million placings in November and February, respectively.

Angus said its focus for the next period will be to maximise production from all assets in its portfolio. The company also expects to bring production from the Brockham Oil Field's Portland Reservoir and Lidsey Oil Field's Great Oolite Reservoir in 2018.

Angus Energy Chairman Jonathan Tidswell-Pretorius said: "We remain committed to managing our cash resources and exposure to risk carefully whilst reviewing opportunities that add long term shareholder value."

The stock closed at 6.62 pence, up 8.2%.

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