• Natural Gas News

    Angus opens data room for UK Saltfleetby field

Summary

The company has received takeover interest from six suitors.

by: Joseph Murphy

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Complimentary, Natural Gas & LNG News, Europe, Corporate, Exploration & Production, News By Country, United Kingdom

Angus opens data room for UK Saltfleetby field

London-listed Angus Energy has opened the data room for its flagship Saltfleetby gas asset as its owners consider a sale of the company, it said on January 27.

Sound Energy and five other potential buyers have been invited to review the data for Saltfleetby, a nearly depleted gas field in east England that Angus hopes to bring back online in the current quarter. Angus said its board reserved the right to terminate any sales discussions with suitors at any time.

Saltfleetby started production in 1999 but was idled in 2017. Angus, which acquired a 51% stake in Saltfleetby from Wingas in August 2019, believes there is still up to 18bn ft3 of gas that could be recovered, however.

Angus recently launched a formal sales process and in mid-January it revealed that it had received "at least six bona fide approaches" from suitors. Sound outlined its fourth takeover  proposal for the company on January 17, offering 0.680 of its shares for each share in Angus. Its three earlier bids made in December and January were rejected.