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LONDON - Angus Energy PLC (AIM:ANGS) produced 351 million standard cubic feet of natural gas and 6,129 barrels of gas condensate from its Saltfleetby Field during the second quarter of 2025, according to a press release issued Monday.
The company reported gas sales of 3.90 million therms from Saltfleetby during the quarter, down from 4.55 million therms in the first quarter. The reduction was attributed to commissioning activities for a new booster compressor, which was successfully installed on April 11.
Saltfleetby’s operational efficiency was 87% for the quarter, compared to 90% in the previous quarter. Gas condensate production averaged 67 barrels per day, a decrease of approximately 18% from the first quarter.
The company’s Brockham Field produced 3,890 barrels of crude oil during the quarter, averaging 43 barrels per day. This represents an 80% increase from the first quarter’s 2,150 barrels, which the company attributed to production optimization and improved operating efficiencies.
Estimated revenues for the quarter totaled £3.44 million, lower than the previous quarter primarily due to reduced gas volumes.
Angus Energy noted that legacy hedging volumes of 1.25 million therms per month expired at the end of June. The company’s remaining hedged volumes for 2025 are at significantly higher prices than the second quarter’s £0.29 per therm, with third quarter hedges at £0.84 per therm and fourth quarter at £0.91 per therm.
The company also disclosed that it has not yet made its second repayment to Trafigura, which was due on June 30, and stated that discussions regarding payment rescheduling are ongoing.
An annual maintenance shutdown at Saltfleetby commenced Monday with a scheduled duration of six days.
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