Angus Energy
ANGS · AIM · Energy · mcap £15m · 0.2p 4 open situations →
Open · 4
Forum Energy Services Limited towards control
Forum Energy Services Limited raised its stake in Angus Energy from 16.2117% to 25.6044% on 23 Jul 2026, crossing 25%.
- 23 Jul 2026 25.6044%
Debt restructuring and going concern
Restructuring talks with creditors began in late 2025, with going-concern uncertainty flagged until a deal was agreed. Key terms were agreed on 19 March 2026, but binding documents were slower than expected on 4 June. The 23 June interims say completion is close but uncertain until documents are executed; shares remain suspended.
- Status
- Key terms agreed 19 March 2026; definitive documentation not yet executed as of 23 June 2026 23 Jun 2026 ↗
- Next milestone
- Execution of definitive documents; no date given 23 Jun 2026 ↗
- Trading
- Shares suspended; restoration of trading follows completion 23 Jun 2026 ↗
- Stated benefit
- Materially strengthen balance sheet, improve liquidity, simplify capital structure 23 Jun 2026 ↗
- Working capital
- Board managing working capital prudently in close coordination with lenders
- Board view
- Completion 'now close'; process took longer than originally anticipated; no certainty until execution 23 Jun 2026 ↗
Next: Execution of binding restructuring documents and restoration of share trading
- 23 Jun 2026 Documentation unsigned; completion 'close'; shares suspended
- 4 Jun 2026 Binding documentation slower than expected; unsigned
- 20 Apr 2026 Binding documentation progressing; signing targeted in weeks
- 19 Mar 2026 Key terms agreed; documentation under way
Saltfleetby well workovers
Coiled tubing workovers on the Saltfleetby B2 and B7 wells began in January 2026. They are now reported complete, with all three wells producing from 10 February. Post-workover site rates are about 30% above pre-workover levels. Q1 gas sales rose only 5% because of planned shut-ins.
- Wells
- Saltfleetby-B2 and B7: cleaning and stimulation with acid and mutual solvent treatments
- Full production
- All three wells producing from 10 February 2026
- Uplift
- About 30% higher post-workover rates; Q1 gas sales 5.24m therms, up about 5%
- 20 Apr 2026 Completed; all three wells producing since 10 February
- 19 Feb 2026 Coil tubing done; flowback and clean-up under way
- 22 Jan 2026 B2 done and flowing back; B7 phase 2 under way
Gulf of America reverse takeover
Next: Agree terms for minority interest, subject to funding and vendor clarifications
- 20 Nov 2025 Due diligence done; negotiating minority non-operated stake
- 3 Nov 2025 Due diligence ongoing
Company filings. Not investment advice.