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Angus Energy said it had completed the acquisition of a 51% interest in the Saltfleetby gas field from Wingas Storage.
The company would make an initial payment of £2.5m, which would fund either costs incurred to re-connect the field to the national gas grid, or abandonment costs if a connection at commercial rates was not possible.
'At this stage the directors are confident that re-connection at commercial rates is possible within the £2.5m budget and advised timescale of completing work between May and August 2020,' it added.
Wingas Storage, to be re-named Saltfleetby Energy, was expected to retain a 49% interest in the field.
At 1:44pm: (LON:ANGS) Angus Energy Plc share price was 0p at 4.1p