The Angus Energy PLC (LON: ANGS) share price rallied 12.1% after its Q3 production and operations update was released. The company produced 7.9 mm therms during the third quarter and is estimated to generate revenues worth £6.3 million.
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The energy company noted that gas production from its Saltfleetby Field was equal to 7.9 mm therms for July, August and September 2023 combined. The production was much higher than the 6.8 mm therms produced and sold in Q2 of this year.
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The Q3 production is equivalent to 2.6 mm therms per month compared to 2.3 mm therms per month in Q2 2023. The company also hedged its production by 1.5 mm therms per month in Q3 2023 versus the 1.75 mm therms per month for Q2 2023.
Angus Energy revealed that its operational efficiency during Q3 2023 was 90% versus the 88% operational efficiency achieved in Q2 2023. The company’s average gas condensate liquid production was 160 bbl/day.
There was a planned complete plant shutdown for four days in Q3 at the end of August for remedial work and safety-critical maintenance work on one of the two compressors engined operating on the Saltfleetby site.
One of the compressor engines had a mechanical issue in September and returned to service on 2 October 2023. The company was then able to resume dual compressor operations.
Angus Energy noted that the ongoing cleanup of the B07T well through a temporary flowline connecting it to field facilities was now returning only minor quantities of solids linked to the drilling fluids used when drilling the well.
The company noted that constructing a permanent flowline from the well was ongoing, civil works were already complete, and pipework fabrication was mostly done. The company expects to install the flowline in the upcoming weeks, with commissioning scheduled for October.
Angus Energy also revealed that the global refinance of its debt was in advanced stages and was finalising production forecasts and a new reservoir model for its lenders.
Angus Energy (ANGS) share price.
The Angus Energy share price rose 12.08% to trade at 0.7005p, from Monday’s closing price of 0.6250.
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