StockMarketWire.com - Oil and gas company Angus Energy posted a first-half loss as it continued to develop prospects in the UK.

Pre-tax losses for the six months through March amounted to £1.60m, compared to losses of £1.65m on-year.

Angus Energy said it was aiming to generate first gas from the Saltfleetby project near the end of the year, having made 'steady progress' in planning for re-connection.

A planning application for process facilities at the main site and a further application for a short pipeline extension to National Grid had been submitted to Lincolnshire County Council.

'Our aim is to complete tendering before mid-June with a view to pipeline connection in the third quarter and installation in the fourth quarter with an eye to first gas near the end of the year,' Angus Energy said.

'There are many moving parts to the programme and our timeline will be at the mercy of the slowest of them.'

'Notwithstanding that and the present Covid-19 situation progress made to date gives us some confidence that the timetable will not be greatly altered.'

At Balcombe, meanwhile, the company said it would resubmit a planning application for a shorter well test duration. 'We would still aim to be looking at operations and cashflow from this asset in this calendar year,' it said.

At Lidsey, production was stopped in February due to a down hole pump issue, though the lower oil price meant the loss of production had only a marginal effect on cashflow.

'In the future, we look forward to addressing further seismic work on the field which we consider to be highly prospective,' Angus Energy said.




At 1:21pm: [LON:ANGS] Angus Energy Plc share price was 0p at 0.8p



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