Angus Energy PLC - UK-focused oil and gas development company - Signs a share purchase agreement to buy its current joint venture partner Saltfleetby Energy Ltd for up to £14.1 million. Saltfleetby currently owns a 49% working interest in the Saltfleetby project. Following the acquisition, the company would own a 100% working interest in and would continue to be operator of the Saltfleetby Licence. To support the acquisition, Angus has secured a conditional issue of 546,000,000 new shares to raise £6.0 million, by way of a direct subscription, with Aleph International Holdings UK Ltd.
Chief Executive Officer George Lucan says: ‘Project progress at Saltfleetby is excellent with all major equipment on site, electrical and pipework tie-in underway, and select dry commissioning already begun. With a conservative estimate for wet commissioning we are confident of being able to make initial nominations, or First Gas, toward the middle of June.’
Current stock price: down 12%
12-month change: up 35%
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