Angus Energy shares have began to build a base around 2p as the market awaits production figures from the Saltfleetby facility.
Angus Energy is an energy transition company with a focus on natural gas and has recently made first gas nominations to Shell via National Grid. The Saltfleetby field was previously the largest on shore gas field in the UK and Angus Energy acquired a 100% interest in 2020 with a view to restart production after it was shutdown in 2017.
Recent developments have seen Angus Energy shares soar and the next catalyst for shares will be production figures expected to be released at the end of the September.
In a recent evaluation, Angus Energy achieved flow rates from well A4 of 4 mmscf/d at approximately 55 bar and well over 4.5 mmscf/d from well B2 at approximately 45 bar which exceeded prior tests in 2017 and 2019.
Having recorded just £27,000 revenue in the six months to 31st March, Angus Energy’s next set of results will be highly anticipated and questions will continue to be asked of the current £53m market cap.
The strength of production from Saltfleetby will be key to the future of Angus Energy which will finds it self in an attractive position given the need for UK sources of gas.