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Angus Energy Shares Tumble After Lidsey Production Misses Target -- Update

17 Nov 2017 9:04 am

(Adds share price in first paragraph and details throughout.)
By Maryam Cockar 

Shares in Angus Energy PLC (ANGS.LN) fell as much as 51% in early trade on Friday after the company said that production at the onshore Lidsey oil field in southern England fell short of expectations.

The oil-and-gas company said that initial production rates at Lidsey's Great Oolite reservoir was 40 barrels of oil per day, much less than the 250 barrels anticipated in a report last November.

However, the company said that data suggests the initial flow rates from Lidsey-X2 has the potential to improve.

Angus also said that it will submit an addendum to its proposal to the Oil & Gas Authority to begin production appraisal of the Kimmeridge and Oxford layers at Lidsey.

Shares in Angus were down 10.25 pence, or 39%, to 16.38 pence at 0847 GMT, after falling to a low of 13.12 pence earlier in the session.

Write to Maryam Cockar at maryam.cockar@dowjones.com

(END) Dow Jones Newswires

November 17, 2017 04:04 ET (09:04 GMT)

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