Angus Energy shares rose on Wednesday after the company announced that is has successfully restarted production at its Brockham Oil Field in Surrey, aligning with the company’s strategy to revive operations at the site.
In late May, Angus Energy completed the workover of the Brockham 2Y well, a crucial step in reinstating production from the field. The workover involved installing a new pump in the well and conducting repairs and upgrades to the surface equipment.
After a period of flow to clean up the well, it is now back online, producing approximately 120 barrels per day (bbls/day) of total fluid, with 40% currently consisting of oil.
Investors should note Angus Energy said they will closely monitor the well’s performance over the coming days to assess its future production potential.
Angus Energy has a 80% interest in the Brockham Oil Field.
“As we stated in our last strategic update, Angus intends to expand production through organic and inorganic growth. This is the first step of that journey. We are very pleased with our progress at the Brockham Field to resume production,” said Richard Herbert, Angus Energy CEO.
“The workover was completed safely and on schedule and budget, with the new pump starting up on the 28th May. The well is now producing oil in excess of management’s predicted flowrates and with the present surface configuration is expected to sustain 30-40 bbls/day of oil, with potential to increase further with operational improvements.”
Angus Energy shares were 6% higher at the time of writing.
