Angel Seafood Holdings Ltd announced that it has today executed a lease contract to increase its water holdings by 50% in the key operational bay of Cowell. The lease, once fully operational, will bring Angel’s water holdings in Cowell to over 15-Hectres (Ha) and total water under the Company’s control to over 65Ha.
The Company estimates that its water holdings in Cowell alone; without allowing for the impact of any unforecast adverse events that may or may not affect the oyster industry, once fully developed and stocked, should provide 13-million oysters per annum to Angel’s finishing water in Coffin Bay.
Angel has been operating in Cowell since November 2017. During this time the bay has proven to be a real performer in terms of speed and quality of oyster production. The Board determined, given this previous operational experience, that further expansion in this bay is the most effective use of the Company’s resources to ensure that future anticipated production targets can be met.
Targeting growth, through a long-term lease, allows the Company to deploy assets and resources in the most simple, efficient and cost-effective manner.
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