UK onshore shows further signs of life

Producers continue to be upbeat on a previously neglected sector, despite unconsummated M&A

UK independent Angus Energy is targeting the start of June for first gas from its onshore Saltfleetby gas field redevelopment. And it still has “two actively interested parties” at a licence level for all or part of its 51pc stake in the asset, despite the April collapse of a takeover bid from peer Sound Energy. Startup at Saltfleetby on this timetable will “allow for one full month of production at current high spot prices before the company’s obligations to deliver volumes at the hedge price commence at the end of June”, Angus says.  The firm initiated in January a review of its strategic options including, but not limited to, a sale of the company. But, since then, “confidence in our abil