Annual Report
2021-2022
Contents
Contents | |
Officers and Advisors | 2 |
Chairman's Statement | 4 |
Strategic Report | 6 |
Corporate Governance Statement | 18 |
Audit Committee Report | 25 |
Directors' Remuneration Report | 27 |
Board of Directors | 29 |
Directors' Report | 30 |
Statements of Directors' Responsibilities | 32 |
Stakeholder Engagement | 33 |
Independent Auditor's Report | 37 |
Consolidated Statement of Comprehensive Income | 44 |
Consolidated Statement of Financial Position | 45 |
Consolidated Statement of Changes in Equity | 46 |
Consolidated Statement of Cash Flows | 47 |
Notes to the Consolidated Financial Statements | 48 |
Company Statement of Financial Position | 76 |
Company Statement of Changes in Equity | 77 |
Notes to the Company Financial Statements | 78 |
1
Officers and Advisers
Officers and Advisors
Directors
George Lucan (Managing Director)
Patrick Clanwilliam (Non-Executive Chairman)
Cameron Buchanan (Non-Executive Director)
Carlos Fernandes (Finance Director)
Andrew Hollis (Technical Director)
Secretary
Carlos Fernandes
Registered Office
Building 3, 566 Chiswick Park
Chiswick High Road
London
W4 5YA
Nominated Advisor
Beaumont Cornish Limited
Building 3, 566 Chiswick Park
Chiswick High Road
London
W4 5YA
Brokers
WH Ireland Group plc 24 Martin Lane London
EC4R 0DR
Auditor
Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Solicitor
Fladgate LLP
16 Great Queen Street
London
WC2B 5DG
2
Officers and Advisers
Principal Bankers
Metro Bank Plc
One Southampton Row
London
WC1B 5HA
HSBC Holdings Plc
PO Box 10
59 Old Christchurch Road
Bournemouth
Dorset
BH1 1EH
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
Registrars
Share Registrars Limited
27/28 Eastcastle Street
London
W1W 8DH
3
Chairman's Statement
Chairman's statement
Dear Fellow Shareholders,
It is my pleasure to present you with the Annual Report of Angus Energy plc (the "Company" or "Angus Energy") with its subsidiary undertakings (the "Group") for the year ended 30 September 2021.
It has been another difficult year for most, but we are now hopefully through the worst of the pandemic. Hydrocarbon prices have rebounded from their lows of 2020 with gas prices hitting unprecedented highs. The speed of transition has surprised the energy market in general and the resulting shortage of new gas supply, and deficit of renewable sources, is likely to lead to periodic crises such as we saw recently in the UK and a very high forward gas price in years to come. Angus continues to make good progress towards reaching its short term production targets whilst simultaneously addressing the urgent need for transition energy projects.
The closing of the £12m Saltfleetby Debt Facility providing us with the necessary capital to complete the development of the Saltfleetby processing facilities. Production from Saltfleetby will provide the Company with a solid platform enabling us to grow our asset base.
The Company continues to extract value from our legacy oil assets by continuing with our development program and obtaining the various consents necessary to put the fields into production.
As we move closer to first gas at Saltfleetby, Angus is well set to provide the UK with gas, being the transition energy of choice. Alongside this progress the Company has been actively building a portfolio of geothermal development projects in the south west of England. Over the coming months we will focus more closely on these assets.
Financial and Statutory Information
Revenue from oil and gas production during the year was down to £0.0m (2020: £0.068m) on
production of a gross NIL barrels (2020: 1,594 barrels). This was the result of the Lidsey Oil Field being shut in due to problems with the downhole pump during the year coupled with low oil prices at the beginning of the period.
The Group recorded a loss of £15.598m, which included an unrealized loss of £13.143m in relation to the derivative instrument, resulting in an adjusted loss of £2.455m (2020: £2.516m). During these difficult economic times, the company has continued to make a conscious effort to cut costs at both corporate and operational levels while still maintaining high level of professionalism and operatorship. This has paid off seeing administrative costs being reduced by £0.14 m to £1.918 m (2020: £2.060m).
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Angus Energy plc published this content on 14 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2022 12:03:00 UTC.