Our goal is to deliver superior shareholder returns from onshore producing oil and gas assets through a strategy of organic and inorganic growth.
Angus Energy at a glance
Angus Energy is an independent UK onshore oil and gas company with deep experience in exploration, production and development. It operates the largest onshore gas field in the UK at Saltfleetby in Lincolnshire. The company is intent on maximising the value of its existing production assets while growing inorganically in new markets.
In Q2 2024, production amounted to 6.48mm therms of natural gas and 10,691 bbls of condensate, while revenues for the quarter were £4.9m. Full year results for the company in the past two years are set out below:
2023 Revenue
£28m
2022 £3m
2023 Profit
£118m
2022 (£112m)
2023 EBITDA
£17m
2022 (£1m)
2023 Sales Gas (therms)
25m
2022 1.2m
2023 Condensate production
31,750 bbls
2022 1,378
2023 Operating profit
£5m
2022 (£1.4m)
Its internal focus is on developing its assets effectively by increasing production and gas recovery, whilst its external focus is on acquiring and managing projects which will leverage the management team’s significant experience in the international energy sector.
Safe operations and high levels of environmental compliance are paramount in ensuring responsible and risk aware operations. The company is also focused on prudent financial management to maintain a stringent cost base and provide strong foundations for growth. Having refinanced its existing debt in February 2024, the company has reduced its cost of capital and secured its liquidity.
The company has a number of oil and gas fields, the most important being Saltfleetby gas field, as well as three oil fields. The management team has, over the last year, concentrated on operational efficiency and establishing stable production.
Quarterly Gas and Condensate Production, Saltfleetby Field
August 2022 – June 2024
Going forward, Angus Energy will continue to play a role in the UK’s energy security, including the potential for gas storage. Its key focus is growth in order to build a larger, more sustainable production base, develop critical mass, and generate strong cashflow streams which will translate into returns for shareholders. The Company’s appetite to invest further in the UK will depend on the tax measures to be announced by the new government in October 2024. It is evident that there are opportunities for growth in the oil and gas sector outside the UK which offer significantly more attractive returns for shareholders.
Having strengthened its balance sheet and, given the global experience of the management team , the company is now in a position to consider compelling international acquisitions. It will seek to diversify its geographic exposure to reduce reliance on the UK and remain focused on onshore opportunities in the context of mature field management and optimising asset performance to improve efficiency.
