Welcome to the new morningstar.co.uk! Learn more about the changes and how our new features help your investing success.

Angus Seeks Extended Well Test Approval For Balcome Field

(Alliance News) - Angus Energy PLC on Wednesday said it has posted notice of an application for ...

Alliance News 25 September, 2019 | 3:08PM
Email Form

(Alliance News) - Angus Energy PLC on Wednesday said it has posted notice of an application for an extended well test at the Balcome oil field and will lodge its submission with West Sussex County Council in Chichester on Wednesday next week.

Angus holds a 25% stake and is the operator of Balcome field, which is located eight kilometres south east of Crawley, and its submission will be lodged after a statutory seven-day waiting period.

The company also said that it will not be using hydraulic fracturing or fracking at any of the fields it operates.

"Hydraulic fracturing is an expensive and complex technique used to improve the performance of wells producing directly from shale reservoirs. As regards Balcombe in particular Angus do not need to use this technique because we will be producing from a limestone reservoir within the shale," said Angus.

There were anti-fracking protests in Balcome six years ago when Cuadrilla Balcombe Ltd was drilling for oil. Caudrilla owns 56% of Balcome, while Lucas Bolney Ltd holds a 19% stake.

Angus Energy shares were up 5.6% at 1.32 pence each in London on Wednesday afternoon.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Angus Energy PLC 0.95 GBX -5.00 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation


By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites