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Completes Acquisition of a 25% Interest in the Balcombe Licence (PEDL244)

Angus Energy Plc, a conventional oil and gas production and development company, is pleased to announce that, having received Oil and Gas Authority (the "OGA") approval for the transfer and paid £2million to the Sellers, it has now completed the acquisition of a 25.0% interest in licence PEDL244 (which includes the entire Balcombe Field discovery) as announced on 22 January.

 

The Partnership of licence PEDL244 is now as follows:

Cuadrilla Balcombe Limited   

   56.25%

Angus Energy Plc*

   25.00%

Lucas Bolney Limited

   18.75%         

*Angus Energy's interest is held through its wholly owned subsidiary Angus Energy Weald Basin No.3 Limited

 

On behalf of the partnership, Angus Energy will, subject to OGA approval, assume Operatorship of the Balcombe licence. The Company will then commence a fully approved well test program of the Balcombe-2Z horizontal well at the earliest opportunity. As Operator, Angus Energy will also establish a local Community Liaison Group and contact local residents, at the appropriate time, before work commences.

 

All operations at Balcombe will be performed through conventional production. There will be no hydraulic fracturing or "fracking".

 

Balcombe Licence - PEDL244 Highlights:

  • Balcombe licence positioned in the centre of the thickest section of the Weald Basin's Kimmeridge Clay
  • 568 meters of Kimmeridge Clay penetrated by the Balcombe-1 well
  • The Balcombe-2Z horizontal well has a ~1600 ft. section through the Kimmeridge Upper Limestone.

 

The Balcombe field is located within exploration licence PEDL 244, approximately 8km south east of Crawley near the village of Balcombe. The conventional oil accumulation lies on the downthrown side of the Borde Hill Fault, with dip closure present both to the east and west at Upper Jurassic level. The field is positioned in a prime central location of the Weald Basin, where buried rock intervals are at their thickest, and oil source rock intervals at their most mature.

 

The discovery well Balcombe - 1 was first drilled in 1986 by Conoco, targeting the Great Oolite, Portland Sandstone and Kimmeridge limestones. Approximately 568m of Kimmeridge Clay was encountered in the well, including thick micritic limestone layers. Balcombe - 2 and its associated side track Balcombe-2Z completed drilling in September 2013 to a vertical depth of 2,200 ft, and horizontally through the Kimmeridge Upper Limestone to a length of some 1,714 ft.

 

Further information is available on the company website:  www.angusenergy.co.uk/media/presentations  

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