Angus Energy has increased its stake in the Lidsey Oil field in the south of England to 60%.
The increase of 10% extra stake on the already held 50% interest was being held as an option by Terrain Energy Ltd.
As part of the option deal Angus Energy will assume the carry of Terrain’s remaining 10% interest of the upcoming Lidsey-X2 horizontal well in addition to providing a one-time, cash payment of £20,000.
The transfer of this interest in the licence is subject to approval by the licence parties and the OGA.
Jonathan Tidswell-Pretorius, Angus Energy’s chairman, said: “After receiving West Surrey County Council and Environmental Agency approvals for Lidsey-X2, we are delighted to exercise the Lidsey Option. I am confident this increased stake is a prudent investment for Angus Energy. We will continue to deliver to our shareholders value in low-cost, low-geological risk production assets.”
The Lidsey Oil Field is located near Bognor Regis in the south of the United Kingdom.
Lidsey-X2 will target the upper crest of the producing Great Oolite reservoir and will pass through the Kimmeridge layers allowing for digital logging and assessment of the Kimmeridge at Lidsey.
The sampling of the Kimmeridge drill cuttings will be utilized for a detailed comparison to the encouraging results Angus encountered at Brockham-X4Z.
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