Angus Energy Agrees to Acquire a 25% Interest in the Balcombe Licence PEDL244 subject to consent by the OGA (Oil and Gas Authority)

Published by FFBRA on

It was announced on 22nd January 2018, that Angus Energy will be the new operator of the well site at Balcombe.

The WSCC Planning Committee voted to grant temporary permission for exploration and appraisal for oil and gas at the existing Balcombe site in January 2018, subject to a number of amended conditions. A unanimous vote.

Angus Energy has acquired a 25% Interest in the Balcombe Licence PEDL 244 consent has been granted by the OGA (Oil and Gas Authority) and so they will be the operator at the Lower Stumble drilling site.

Angus are already operating across the Weald at Brockham, Holmwood and Lidsey and have stated that they will flow test Balcombe as soon as possible. They have infrastructure in place for transporting oil because of their existing wells and are keen to get started on the Sussex shale bed.

Angus are notorious for being in a battle with Surrey County Council after apparently drilling an additional side well without a valid planning permission at their existing well site Brockham.

Angus are a small oil company listed on the London Alternative Investment Market (AIM trading around 9.6p at the time of writing) with a market capitalisation of about £28 million

The Company will commence a fully approved well test program of the Balcombe-2Z horizontal well at the earliest opportunity. Angus Energy will also establish a local Community Liaison Group and contact local residents, at the appropriate time, before work commences.