Angus Energy : Angus Energy PLC Annual Report Sept 21

Contents

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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

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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

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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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