Angus farm-in agreement with Saltfleetby Energy goes ahead
Angus Energy announced on Tuesday that all conditions precedent to the farm-in agreement with Saltfleetby Energy, transferring a 51% share in the relevant blocks of licence PEDL005, had now been satisfied..
The AIM-traded firm said all parties had given assent to the transfer of licence, which was already approved by the Oil & Gas Authority.
It said it had now entered into a joint operating agreement with Saltfleetby Energy, to formalise ongoing operations.
“Now that the legal formalities are completed, we look forward to progressing with reconnection and resuming production from the Saltfleetby Field,” said managing director George Lucan.
At 1456 GMT, shares in Angus Energy were flat at 0.72p.