Finance, Potential Acquisition Update
Angus Energy PLC has agreed to non-binding terms with Trafigura to restructure its debt, pending agreement on new covenants and revised terms with Overriding Royalty Interest holders and Forum Energy Services Ltd. The company expects the restructuring to provide a stable financial platform, supporting organic growth, increased production, and potential M&A activity. Angus Energy continues due diligence on acquiring producing assets in the Gulf of America, with the board meeting soon to decide on proceeding with the transaction.
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Further to the announcement of 21 July 2025, Angus Energy is pleased to confirm that the Company and Trafigura have agreed non-binding terms to restructure its debt subject to final agreement on new covenants, and subject to agreeing revised terms with the Overriding Royalty Interest holders ("ORRI") and the Deferred Consideration owed to Forum Energy Services Ltd. Full details will be announced in the coming weeks.
The restructuring is expected to provide a stable financial platform to support future operations and deliver long-term shareholder value. By consolidating and refinancing existing debt facilities, the Company will be better positioned to raise new capital in support of organic growth, increased production, and potential M&A activity. The Company is benefitting from higher oil and gas prices and continues to carefully manage its working capital position in conjunction with its lenders.
Potential Acquisition by Reverse Takeover
Further to the announcement of 19 May 2025, the Company is continuing with its due diligence on the purchase of a group of producing assets located in the Gulf of America. The Board is meeting in the coming weeks to agree whether or not to proceed with the transaction. The Company will update the market accordingly.
For further information please visit www.angusenergy.co.uk.
Angus Energy Plc
Carlos Fernandes
Finance Director Via Flagstaff
SP Angel Corporate Finance LLP (Nomad and Broker) www.spangel.co.uk
Stuart Gledhill / Jen Clarke / Richard Hail Tel: +44 (0)20 3470 0470
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson / Fergus Mellon / Alison Alfrey Tel: +44 (0) 207 129 1474
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.