Angus Energy (LON:ANGS) has seen its share price drive higher after the company announced an agreement with Royal Dutch Shell (LON:RDSA).
The agreement has seen Angus Energy's wholly-owned subsidiary, Angus Energy Weald Basin No.3, enter into an off-take agreement for the entire production of the Saltfleetby Gas Field. It means that Angus will supply all of the output from the gas field to Shell Energy Europe.
The news adds to the positivity at Angus who last week got planning permission to extend and divert an existing gas pipeline, the Theddlethorpe Gas Terminal to a nearby National Grid entry point.
After the Royal Dutch Shell agreement was announced, shares in Angus Energy shot as high as 1.325p per share, and are still trading up 40.88% on the day at 1.198p.
George Lucan, Managing Director of Angus, said: ‘We are pleased to have signed this agreement with Shell Energy which will cover all of the gas produced from Saltfleetby'.