Announced on 22 January 2018, Angus Energy is farming in for 25% operator share of Balcolmbe Field licence PEDL244, by acquiring 18.75% and operatorship from Cuadrilla Resources and 6.25% from AJ Lucas Group for a combined consideration of GBPS 4 million (US$ 5.6 million) subject to OGA approval. Angus will also fund a well test program of the Balcombe-2Z (LR/30-5Z) horizontal well as soon as possible. PEDL244 covers 154 sq km on Weald Basin blocks TQ22a, 22c & 32b in West Sussex, and contains the Balcombe oil field discovered in Late Jurassic Kimmeridge micrite by Balcombe-1 (1986, Conoco, 1,731m). Cuadrilla and Angus were awarded PEDL244 under the 13th Landward Round in 2008, and successfully appraised by Balcombe 2 & 2Z in 2013. The partners believe it is a conventional oil accumulation most likely within a structural closure or combination trap in low porosity limestone that will not require fracking to produce. The appraisal drilling had extended delays to its planned flow testing, and experienced three months of local residents' protests. Permission to flow test was granted in May 2014 but lapsed in May 2017, however West Sussex County Council (WSCC) issued a new flow testing and monitoring permit on 9 January 2018, valid for three years. Pending approval of the Angus farm-in, PEDL244 partners are Cuadrilla Balcombe Ltd (75% + Op) and Lucas Bolney Ltd (25%).
Angus Energy is taking a 25% stake in PEDL 244 in the Weal basin, which hosts the Balcombe find, from Cuadrilla (->56,25% op, Lucas Bolney 18,75%).