Angus Energy (AIM:ANGS) has reported third-quarter revenues of an estimated £6.60 million, down from £7.16 million in the second quarter, as planned maintenance shutdowns at both its Saltfleetby and Brockham fields curbed production despite supportive gas pricing.
The AIM-listed UK onshore oil and gas producer said gas sales from the Saltfleetby Gas Field totalled 5.09m therms in the three months to 30 September, down from 5.85m therms in the second quarter, after roughly ten days of lost production from the annual maintenance shutdown and subsurface data acquisition work on two of the field's three producing wells.
Saltfleetby operational efficiency fell to 78% from 91% in the prior quarter, while gas condensate output averaged 90 barrels per day against 113 barrels per day previously.
At Brockham, oil production slipped to 3,704 barrels for the quarter, equivalent to 40 barrels per day, down from 4,027 barrels and 44 barrels per day in the second quarter, with operational efficiency at 91% against 100% previously; the company attributed the decline to a planned maintenance intervention in July.
Angus said the Saltfleetby shutdown delivered plant modifications that have improved the performance of key gas processing equipment, and that the programme was completed without harm to people or the environment.
The company continued paying down debt during the quarter, completing its first cash sweep and a further scheduled principal repayment of £1.20m at the end of September, which together reduced outstanding borrowings under its senior debt facility with Trafigura to £21.5m at 30 September, down from £24.7m at 30 June.
The £1.95m ORRI Cash Amount was repaid in full during the period, eliminating that liability, and Angus said future cash sweep proceeds will now go entirely towards further reducing the Trafigura facility alongside scheduled principal repayments; the next cash sweep is scheduled for the end of December.
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Angus had already flagged the first cash sweep and ORRI repayment in an August update, when it said £5.241m of debt principal had been repaid since the restructuring was announced on 26 June.
"We are pleased with the progress made in executing our strategy to reduce the Group's debt position while continuing to grow our organic production portfolio", said Finance Director Carlos Fernandes, adding that the company is advancing the planned BRX4Z workover at Brockham and development of a fourth production well at Saltfleetby.
Angus said it has secured a rig and ordered all long-lead items for the BRX4Z workover, which is designed to bring the well onto production from the Portland reservoir, with mobilisation to Brockham expected in early November and the operation expected to take roughly three weeks once on site.