Our team: Paul Airley
Fladgate has advised Angus Energy Plc on its agreement to form a new partnership with Cuadrilla Balcombe Limited and Lucas Bolney Limited. Under the terms of the agreement, Angus will acquire a 25% interest in licence PEDL244 which includes the entire Balcombe field discovery. Angus will pay a total of £4 million, and has subsequently raised £2 million by way of a private placing to contribute to the costs of acquisition and operational costs.
On completion of the transaction following OGA approval, Angus will assume operatorship of the Balcombe licence. The intention is to commence a fully approved well test program of the Balcombe-2Z horizontal well at the earliest opportunity, and to prepare a Field Development Plan for the licence should the well test prove successful.
The Balcombe licence is located around 8km south east of Crawley and is positioned in a prime central location of the Weald Basin, near to Angus’ other interests, including the conventional oil production Brockham field which is majority owned and operated by Angus.
Paul Airley was the client partner, assisted by corporate associate Victoria Miller.