Angus Energy plc said that a United States-based third party would manage its potential acquisition of producing assets, offshore Gulf of America (Gulf of Mexico).
DEBT
The move will leave Angus with a minority, non-operated interest, allowing it to “focus financial and human capital efficiently, reduce operational risk and enhance potential returns on investment”.
Any signed deal would no longer represent a reverse takeover.
The company meanwhile continues to progress “constructive debt-restructuring discussions” with its creditors.
Overdue payments, totalling £29 million, comprise Trafigura’s senior debt, the overriding royalty interest from the Saltfleetby gas field in Lincolnshire and the deferred consideration due to Forum Energy Services Ltd.
“The company confirms that positive discussions with the above-mentioned creditors remain ongoing, with the preparation of long-form term sheets underway which will underpin definitive agreements with the aim of creating a solid foundation for future growth,” added Angus.
“The board is encouraged by the progress and momentum achieved.
“The board reiterates that failure to reach a suitable agreement could create material uncertainty in respect of the company’s ability to continue as a going concern.”
Angus’ shares remain suspended from trading until completion of its financial restructuring.