Angus Energy plc, which owns the Saltfleetby onshore gas field, today said it expected to complete its proposed financial restructuring “in the coming weeks”.
TRADING
The company added that, although progress had been “slower than anticipated”, it continued to make “good progress” on documentation associated with the proposed financial restructuring.
“Upon execution, the proposed restructuring is expected to materially strengthen the group’s balance sheet, enhance liquidity, and establish a more sustainable long-term capital structure,” said Angus.
“In the meantime, the board continues to prudently manage working capital in close co-ordination with its lenders”.
These include Trafigura, counterparties to the overriding royalty interest attached to the
Saltfleetby field and Forum Energy Services Ltd regarding a deferred payment relating to Angus’ acquisition of Saltfleetby Energy Ltd.
Angus added it remained focused on strengthening the company’s long-term position.
The company’s shares remain suspended from trading until the restructuring completes
Saltfleetby in East Lincolnshire currently produces “80% of the UK’s onshore gas production”.