IN BRIEF: Angus Energy raises GBP750,000 via placing to develop assets

Angus Energy PLC - oil & gas development company - Raises GBP750,000 through placing of 115.4 ...

Alliance News 3 December, 2021 | 6:10PM
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Angus Energy PLC - oil & gas development company - Raises GBP750,000 through placing of 115.4 million shares at a price of 0.65 pence each. Proceeds will go towards increasing the contingency for the company's Saltfleetby budget, funding work on potential site acquisitions and resuming output at Lidsey during the first quarter of 2022.

"With design and build of all major equipment in place, we have reassessed the budget for construction and installation and in particular the supporting infrastructure for electrical, control and instrumentation and safety and emergency shutdown systems. In view of regulatory requirements for safety and protection of the environment there is a risk that these will exceed budget and as a prudential measure we will be increasing the contingency reserve in order to remain at all times within debt covenants and avoid any delays to our timetable," says Chief Executive Officer George Lucan.

Angus Energy will have 1.09 billion shares issued overall.

Current stock price: 0.70 pence, down 3.5% on Friday

Year-to-date change: down 22%

By Dayo Laniyan; dayolaniyan@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Angus Energy PLC 1.10 GBX -4.35 -

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