Angus Energy (AIM:ANGS), the AIM-listed UK onshore gas producer, reported revenue of £9.5 million for the six months ended 31 March, with EBITDA of £5.3 million and operating profit of £1.5 million.
The standout operational development was the completion of a well intervention programme at its Saltfleetby Gas Field in Lincolnshire, where workovers on two producing wells lifted field production rates by approximately 30% against pre-workover levels, a rate the company says has been maintained since the period ended.
Net cash from operating activities reached £4.4 million, though the group recorded a small loss after finance costs and movements on derivative instruments.
At the Brockham Oil Field, average production rates have almost doubled from levels seen in early 2025 following optimisation work, with a reduction in water cut supporting improved performance; the company is also preparing to return the BRX4z well to production from the Portland reservoir.
The group's hedge portfolio now covers approximately 12.3 million therms at a weighted average price of around 100p per therm, extending to June 2027, leaving around 56% of forecast production unhedged and exposed to spot prices.
Non-Executive Chairman Krzysztof Zielicki said the restructuring of the group's financial obligations had taken longer than anticipated but that "completion is now close", with creditor discussions described as constructive throughout the period.
