LONDON (ShareCast) - (Sharecast News) - Oil and gas outfit Angus Energy has kicked off flow testing of well BR-X4Z at its Brockham oil field on the UK's Weald Basin.
Angus Energy will temporarily suspend operations at Brockham over the Christmas and New Year period, with long-term testing at PL 235 set to commence on 7 January.

The AIM-listed firm assured investors that it would provide an analytical update on the targeted pay zone within the Kimmeridge layers of BR-X4Z "in due course".

Angus raised £2m in November at a discounted price as part of an effort to shore up the firm's working capital and open it up to more business development opportunities.

The group placed 22.22m ordinary shares with institutional shareholders at a price of 9p per share, a 23% discount to its 30-day volume average, to ensure production at Brockham began before the end of the year.

As of 1030 GMT, Angus shares had crashed 15.89% to 10.85p.

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