Oil production resumes at Lidsey and Brockham, says Angus Energy

in #fracking3 years ago

From drillordrop.com - https://drillordrop.com/2018/03/29/oil-production-resumes-at-lidsey-and-brockham-says-angus-energy/ 

Angus Energy announced this morning it was producing more than 200  barrels of oil a day, mainly from its site at Lidsey in West Sussex. In a statement to  investors, the company said two wells at Lidsey and one at Brockham, in  Surrey, had an total flow of 212 barrels of oil per day (bopd). This is the first production from Angus operated sites since January 2016. Flow rates from the Great Oolite reservoir at Lidsey totalled  191bopd, the company said. 

This is a three-fold increase over initial  flow rates reported in November 2017, it said. But the figure is lower  than the company’s previous predictions and Angus said “a natural  decline of the production rates is expected over time”. Despite this, the figure is significantly higher than previous  production from the site. In 2015, the last full year for which there  was production at Lidsey, the site averaged 13bopd. Since then, Angus  has drilled a sidetrack. Today’s announcement does not distinguish oil  production between this and the original well. 

Angus said the Brockham site, near Dorking, had resumed production  from the Portland reservoir at 21bopd. This is close to the average  production figure for Brockham in 2015, again the last full year for  which site data is available before the well was suspended. Angus said today the latest flow figure for Brockham was expected to improve to 35bopd within seven days. Managing director, Paul Vonk, said: “Resuming production is an important milestone for our Company. 

“These production levels contribute meaningful cash flow  to operations and increases our financial flexibility. This is only the  first step in our business plan to increase yield from our existing  assets. We remain focused on creating long run value for our  shareholders as we grow our company.”

The company had predicted in January 2018 that it would have four wells producing within three months. It later revised this down to three after buying into Cuadrilla’s Balcombe licence in West Sussex and becoming the site operator. Angus has applied  for retrospective permission to drill a sidetrack well at Brockham,  BRX4Z, and retain the parent borehole, BRX4, for which consent expired  in 2008. The company said today 

“Given the Surrey County Council’s now published  administrative schedule, the Board of Directors in keeping with its  earlier guidance, has determined it is in the best interests of all  stakeholders to wait for the SCC to complete its process.”

The first meeting at which the application could be considered is on 23 May 2018 because the April meeting has been cancelled. Angus has also applied to extend production at Lidsey for another 10 years. The application,  to West Sussex County Council, is still being considered by The  previous permission, granted in 2006 for 12 years for a three-wellhead  and pump beam oil production facility, expired on 17 February 2018. The next planning committee meetings at which the Lidsey application could be considered are 24 April 2018 and 22 May 2018 (link to meeting dates). Angus Energy owns 60% of the Lidsey field and 65% of Brockham. 

Coin Marketplace

STEEM 0.16
TRX 0.03
JST 0.037
BTC 10764.86
ETH 356.16
USDT 1.00
SBD 0.97