Fladgate has advised longstanding energy client Angus Energy plc (AIM:ANGS), the AIM listed onshore oil and gas development company, on a £1 million equity placing, which will form part of a working capital contingency fund to support a proposed debt facility of up to £12 million.
Together, the placing and the proposed debt funding will assist in the redevelopment and connection to the grid of the onshore Saltfleetby Gas Field, in which Angus Energy is owner-operator with a 51% share. The facility will be supported by gas sales.
Commenting on the transaction, corporate partner Paul Airley said “We are delighted to have advised Angus Energy on another placing, having worked with Angus to raise over £12.5 million by equity and convertible issues over the last 24 months. We look forward to assisting the company as it progresses the financing and development of its exciting gas project at Saltfleetby.”
The Fladgate team comprised Paul Airley and senior associate David Baverstock.