Angus Energy announces that further to previous announcements, the Company continues to make good progress on the legally binding documentation associated with its proposed financial restructuring. Although progress to final binding agreements has been slower than anticipated, the Company is confident that the restructuring process will conclude in the coming weeks.

Upon execution, the proposed restructuring is expected to materially strengthen the Group's balance sheet, enhance liquidity, and establish a more sustainable long-term capital structure.

In the meantime, the Board continues to prudently manage working capital in close coordination with its lenders.

Suspension of Trading on AIM

Trading in the Company's shares on AIM will resume on completion of the restructuring.

The Board remains focused on strengthening the Company's long-term position and will provide further updates as the restructuring progresses.

Angus Energy has a 100% interest in the Saltfleetby Gas Field (PEDL005), majority owns and operates conventional oil production fields at Brockham (PL 235) and Lidsey (PL 241) and has a 25% interest in the Balcombe Licence (PEDL244). Angus Energy operates all fields in which it has an interest.  

KeyFacts Energy: Angus Energy UK country profile