Angus Energy's (AIM:ANGS), the AIM-listed onshore oil and gas producer, on Tuesday updated on estimated revenues of £7.16 million in the second quarter, up around 37% from £5.24 million in the first quarter.
Gas sales from the Saltfleetby Field reached 5.85 million therms in the quarter, up from 5.24 million therms previously, following the successful completion of a well workover programme.
Average monthly gas sales rose to 1.95 million therms from 1.75 million therms, while gas condensate output edged up to 113 barrels per day from 111 barrels per day.
Operational efficiency at Saltfleetby improved slightly to 91% from 87%, despite workover interventions on two of the field's three producing wells.
The revenue gain also reflected higher realised gas prices and an improved hedging position, the company said.
Brockham Field oil production held broadly steady at 4,027 barrels for the quarter, against 4,114 barrels in the first quarter, with operational efficiency at 100%.
Angus Energy is preparing to restart production from the BRX4z well targeting the Portland reservoir at Brockham.
On the balance sheet, the group made its first principal repayment of £1.29 million under its senior debt facility with Trafigura, cutting outstanding borrowings to £24.7 million at 30 June from £26.0 million at the end of March.
Saltfleetby will undergo its planned annual maintenance shutdown in July, with production intermittently affected for around seven days followed by a full week-long site shutdown before normal output resumes.
