Angus Energy plc, a UK AIM-listed independent oil and gas company, has reported significant operational progress in its interim results for the six months ended 31 March 2026, with its well intervention programme at the Saltfleetby Gas Field delivering a substantial increase in production
During the period, the company successfully completed workovers on two producing wells at Saltfleetby, its flagship gas asset. The intervention programme was carried out safely and efficiently, resulting in production rates increasing by approximately 30% compared with pre-workover levels. The improved output has been maintained beyond the reporting period.
Angus Energy said the production uplift is expected to support stronger revenues and cash flow generation, while the company continues to evaluate further opportunities to optimise field performance and maximise the value of its reserves.
The company is also progressing reservoir modelling activities and assessing future development opportunities aimed at extending the operational life of the Saltfleetby field.
Alongside its gas operations, Angus Energy reported continued improvements at the Brockham Oil Field. Following a series of operational optimisation measures, average production rates have nearly doubled compared with levels recorded in early 2025. The company also highlighted improved operational efficiency and a continued reduction in water cut, which has supported enhanced field performance.
Preparations are also underway for the planned return of the BRX4z well at Brockham to production from the Portland reservoir, which Angus Energy believes could further improve production and cash flow from the field.
The company has continued efforts to strengthen its financial position through the restructuring of its financial obligations. Discussions with creditors and stakeholders have progressed, with Angus Energy expecting the process to provide a stronger balance sheet, improved liquidity and a simplified capital structure.
The company has also expanded its gas hedging arrangements through to June 2027. The combined hedge portfolio now covers approximately 12.3 million therms at an average weighted price of around 100 pence per therm, providing greater revenue visibility while maintaining exposure to potential future gas price increases.
For the six-month period, Angus Energy generated revenue of £9.5 million (approx. US$12.8 million), EBITDA of £5.3 million (approx. US$7.1 million) and operating profit of £1.5 million (approx. US$2 million). The company also generated £4.4 million (approximately US$5.9 million) in net cash from operating activities.
Despite continued volatility in commodity markets, Angus Energy remains positioned as a significant UK onshore gas producer. The company noted that approximately 56% of forecast production remains unhedged, allowing it to benefit from favourable gas market conditions.
The company maintained safe operations throughout the period, reporting no health, safety or environmental incidents.
Looking ahead, Angus Energy’s priorities include completing the restructuring process, restoring trading in the company’s shares and building on operational improvements across its portfolio. The company plans to explore further organic and inorganic growth opportunities, including potential mergers and acquisitions.
