Angus Energy PLC on Thursday said it expects gas production and total revenue to be down quarter-on-quarter.

In a trading update for the first quarter of 2024, the UK-focused onshore oil and gas developer said volumes produced and sold from the Saltfleetby field in Lincolnshire equalled 6.92 million therms of natural gas, down 5.9% from 7.35mm therms in the fourth quarter of 2023.

First quarter production equates to an average of around 2.30 million therms per month, down 6.1% from 2.45 million therms per month in the fourth quarter 2023.

Operational efficiency was 92% for the first quarter from 87% in the fourth quarter, Angus Energy said, while gas condensate production average 128 barrels per day from 130 barrels.

Angus Energy also estimates revenue to be around £4.9 million for the first quarter of 2024, down 32% from a £7.2 million in the fourth quarter of 2023.

‘The quarter included a planned major service on the ’A’ compressor whilst a top-end major service was also carried out on the ’A’ engine as a parallel activity. A planned intervention was also made on the ’B’ engine with all cylinder heads on the engine changed out as part of an engine reliability improvement plan. Dual compressor operation was reinstated on the March 20,’ the company said.

Angus Energy also noted site work has begun at the Brockham oil field in Surrey in preparation for rig arrival early in the second quarter to reinstate production from the Brockham 2Y well.

Shares in Angus Energy were down 4.6% to 0.31 pence each in London on Thursday afternoon.

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