Angus Energy plc has conditionally raised £3 million, via a placing and subscription of 1.5 billion new ordinary shares, at 0.2p per share, to support a restructuring agreement with its lenders. CREDITORS Net proceeds will help pay for a fourth well at the Saltfleetby gas field in East Lincolnshire, and the well workover at Brockham […]
Tag: Forum Energy Services Ltd
Angus nears conclusion of financial restructuring
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 […]
Angus takes minority role in potential Gulf assets
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 […]
Angus agrees non-binding terms for Trafigura debt
Angus Energy pl has agreed non-binding terms with Trafigura to restructure its debt in order to provide a “stable financial platform to support future operations”. ACQUISITION The terms are subject to final agreements on new covenants, revised terms with the overriding royalty interest holders, and deferred payment owed to Forum Energy Services Ltd. The company’s […]
Angus revises £1.89m debt payment to Forum
Angus Energy plc has secured deferred payment of an outstanding £1.89 million owed to Forum Energy Services Ltd, the former 49% owner of the Saltfleetby gas project in East Lincolnshire. COMPANY MOVES The sum includes £300,000 for the quarter to 31 March 2025. Angus said that Forum had also agreed to suspend its rights to […]
Angus issues 428m shares as deferred payment
Angus Energy plc has issued 427,893,123 ordinary shares to convert £1 million of the February 2022 deferred consideration to Forum Energy Services Ltd. COMPRESSOR The conversion notice from Forum covers principal payments due up to and including 31 December 2024. Angus said it would a further 137,145,481 ordinary shares in relation to accrued interest until […]