Angus Energy announced on 19 June 2019 that it has completed a deal with Wingas Storage (UK) Limited in which Angus has acquired a 51% interest in the Saltfleetby onshore gas field in Lincolnshire (PEDL 005). Wingas is also to be renamed Saltfleetby Energy and will retain a 49% interest in the field. The deal, originally announced in April 2019, will see Saltfleetby Energy pay an initial contribution of GBP 2.5 million which will be applied by Angus to either â a) assume 100% of the costs to be incurred during the reconnection of the field to the National Grid, or b) satisfy all abandonment costs for the field is reconnection at commercial rates is not possible. If the reconnection is possible then it is likely that work will be completed in summer 2020. Completion of the deal is subject to regulatory approval.   Saltfleetby is a Carboniferous gas/condensate field which was brought onstream in mid-December 1999. On 14 December 1999 gas was introduced to the Theddlethorpe processing plant and within a couple of days production was increased to 40 MMcf/d and about 1,100 boe/d condensate from four wells. During June 2000 the Saltfleetby Gas Field continued to produce at, or close to, plateau rates with an average gas production of 47.3 MMcf/d for the month. The field came off plateau production during July 2000, significantly later than originally anticipated. Further development drilling took place on the field in 2003 and then again in 2007. In total 8 wells and a number of sidetracks have been drilled since first production commenced. It is understood that 67 Bcf of dry gas along with 1.1 MMboc has been produced to date. A recent field development plan which was to be submitted in 2016 to the OGA estimated that an additional 12.7 Bcf of recoverable gas from 2 remaining production wells. Angus believes that 10 â 18 Bcfg could be recoverable over a 10 â 12 year period along with 100,000 to 180,000 barrels of gas condensate. Angus also believes that there could be further upside in the area which could provide new drilling opportunities.   Following completion of the deal interest in blocks TF/38a, TF/39a, TF/48a and TF/49a (PEDL 005) will be held by Angus Energy Weald Basin No.3 Limited (51% + operator) and Saltfleetby Energy (49%).
Wingas Storage (Gazpromâs subsid.) has agreed to farm out 51% operator share from its 100% stake in the onshore Saltfleetby gas field (PEDL005) to Angus Energy.