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Angus Energy pursuing Gulf of Mexico assets in reverse takeover
(Sharecast News) - Shares in British onshore energy outfit Angus Energy were suspended from trade on Monday as the company pursues a reverse takeover of producing assets in the Gulf of Mexico. The company, which currently operates the Saltfleetby gas field in the Humber sub-basin that is producing gas directly to the National Grid, said that the deal would diversify the business away from the "challenging UK energy sector".
In addition to Saltfleetby, Angus also holds interests in conventional onshore oil assets in the south of England.
The Gulf of Mexico is a "highly supportive oil and gas jurisdiction, with stable and reliable production and low decline", Angus said.
The potential deal, which requires approval from shareholders, would result in a significant increase in reserves, production and positive cash flow for the company, Angus said.
Given the potential acquisition constitutes a reverse takeover, shares have been suspending from trading as per Rule 14 of the AIM code.
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