Michael Anthony Owen & Ors v Angus Energy PLC & Ors

Facts

Thirteen private investors sued Angus Energy Plc, an oil exploration company, together with five of its individual directors and former directors, for misrepresentation. The claimants each purchased shares in Angus following its admission to trading on the Alternative Investment Market in November 2016, and thereafter made further purchases in the market extending to about November 2019. They say they relied on representations made in the IPO investor presentation, the AIM admission document, regulatory news service announcements and media interviews given by the directors: that the IPO proceeds would be used to drill a new sidetrack at the Brockham field, BR-X4Z, with the Portland reservoir as the primary production target; that the sidetrack would be drilled within six months and production from the Portland achieved within twelve; and that the Xodus competent persons report contained reasonable estimates of production profiles. The defendants deny the allegations, contending that the representations were true and that the losses claimed were not suffered. The second defendant died in June 2023 and no permission has been given to continue against his estate. The claim form was issued on 11 November 2022 and amended on 10 March 2023; Deputy Master Dovar gave directions to trial on 4 April 2025. With trial some 22 court working days away, the claimants applied to amend their Particulars of Claim and for specific disclosure.