StockMarketWire.com - Angus Energy said that Saltfleetby Energy had begun the process of submitting its application to the Oil & Gas Authority to transfer its interest in the Saltfleetby Licence and operatorship to the company.
The Oil & Gas Authority approval was one of the final conditions of the farm-in agreement, as announced on 19 June 2019, the company said.
Angus also said it had prepared an internal abandonment report which had been reviewed by an Independent Well Examiner. The report supported the company's third party quote for decommissioning all of the wells at a cost of £1.75m. 'This amount, taken together with a site remediation estimate of £0.75m, brings the total potential gross liability to £2.5m as was originally expected, Angus added. 'Should the Company be successful in its application to the OGA, as referred to above, it would also need to agree an abandonment programme and associated cash reserving with the OGA at that time.'
At 10:05am: [LON:ANGS] Angus Energy Plc share price was -0.02p at 1.13p
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