Alba Mineral Resources said it has been informed by Brockham oil field operator Angus Energy that it had received a letter from Surrey County Council suggesting that the operator submit a planning application for well BR-X4 and its inclusive side-track BR-X4Z.
Alba said the operator had further advised that:
- This is the first formal request or formal notice received by it either prior to or in the 7 months since 9 Mar 2017. The operator's guidance from its RNS announcements of 23 October 2017, 22 September 2017 and 11 May 2017 remains unchanged.
- After a careful and considered review, the management team and board of directors of the operator will submit a normalisation application for the continued surface activities of the production plant required for well BR-X4 and, notably, its inclusive side-track BR-X4Z. The board of Angus has determined that this application - submitted without prejudice - is a prudent and pragmatic step in the best interests of all stakeholders.
- It reiterates that it has all the required permissions from all of its regulators to continue production at the Brockham oil field including the Kimmeridge layers. In taking this intermediate step, Angus has not relinquished any rights or further options at its disposal to protect shareholders.
- Angus has worked with the SCC throughout this process and will continue to do so without exception. Both parties continue to maintain a professional relationship and on-going communications.
- Subsequent to the company's RNS of 23 October 2017, Angus Energy will perform conventional oil production at Brockham Oil Field from the Kimmeridge Layers in Q1 2018.
- The Operator has released a statement from its Board of Directors to the effect that they fully expect this intermediate step to have minimal impact on the current business plan and that they look forward to continued communication and cooperation between Angus and the SCC.