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Angus Energy pulling out of Brockham

Thank you to Brockham Oil Watch for this update

Angus Energy is involved in discussions about selling their 65% interest in the Brockham license to an unnamed third party, saying “it is extremely unlikely that commercial hydrocarbon flow can be established from the Kimmeridge layer at Brockham”.

The news slashed Angus’s share price by 60% in a single day. It came as a huge surprise to campaigners and to the investor community, who were expecting Angus to continue with well tests, as they had announced they would just two weeks previously.

Angus also clarified that the Kimmeridge would not flow “on any conventional approach” and that they ruled out the use of stimulation techniques including hydraulic fracturing, in effect confirming what campaigners have been saying all along – that it will not be possible to commercially produce from the Kimmeridge without hydraulic fracturing or acid stimulation.

There remains a strong possibility that Angus will sell their interest in Brockham to a company who is willing to frack (or use other unconventional methods).

Congratulations to Brockham Oil Watch and all those who have been keeping a watchful eye on the actions of Angus Energy at Brockham, and helping to maintain pressure on the regulators to make sure the site is monitored closely.

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