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Egdon Resources PLC - North Kelsey Planning Update

RNS Number : 2582Y
Egdon Resources PLC
07 September 2020
 

 

            7 September 2020

EGDON RESOURCES PLC

 ("Egdon" or "the Company")

North Kelsey Planning Update

 

Egdon Resources plc (AIM:EDR) advises that its application to extend to 31 December 2021, the existing planning permission to drill conventional exploratory oil well at North Kelsey-1 site location was approved at today's meeting of the Lincolnshire County Council Planning Committee.

Commenting on the decision, Mark Abbott, Managing Director of Egdon Resources plc, said:

"We are pleased with today's decision to extend the planning permission as it enables us to progress our drilling plans at the North Kelsey conventional oil prospect which have been delayed by COVID-19 restrictions.  We will now progress our plans for drilling during 2021, providing a further potentially material near-term value catalyst for Egdon"

 

For further information please contact:

 

Egdon Resources plc

Mark Abbott / Martin Durham                                                     01256 702 292

 

Buchanan

Ben Romney, Chris Judd                                                           020 7466 5000

 

Nominated Adviser & Joint Broker - WH Ireland Limited                     

Chris Hardie                                                                              020 7220 1666

Lydia Zychowska

 

Joint Broker - VSA Capital Limited

Andrew Monk (Corporate Broking)                                            020 3005 5000

Andrew Raca (Corporate Finance)

Notes to Editors:

 

Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company focused on onshore exploration and production in the hydrocarbon-producing basins of the UK. 

 

Egdon holds interests in 44 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets.  Egdon is an approved operator in the UK.

 

Egdon was formed in 1997 and listed on AIM in December 2004.

 

In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Managing Director of Egdon Resources plc Mark Abbott, a Geoscientist with over 26 years' experience. 

Evaluation of hydrocarbon volumes has been assessed in accordance with 2018 Petroleum Resources Management System (PRMS) prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG),  the Society of Petroleum Evaluation Engineers (SPEE), the Society of Exploration Geophysicists (SEG), the Society of Petrophysicists and Well Log Analysts (SPWLA).

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 

North Kelsey

The PEDL241 Licence Interests are:

Egdon Resources U.K. Limited            80% (Operator)

Union Jack Oil plc                                 20%

Under the terms of a farm-in agreement with Union Jack Oil plc, Egdon will be carried by Union Jack for 10% of the North Kelsey-1 well costs reducing Egdon's paying costs to 70%.

The North Kelsey Prospect has been mapped from 3-Dimensional seismic data and has potential for oil  in up to four stacked conventional Carboniferous reservoir targets: the Chatsworth Grit, Beacon Hill Flags, Raventhorpe Sandstone and Santon Sandstone. Egdon has calculated the Prospective Resources to range from 4.66 million barrels up to 8.47 million barrels, with a Mean Resource volume of 6.47 million barrels.

For clarity the operations at the site will not involve the process of hydraulic "fracking" for shale gas or shale oil either now or in the future. This part of Lincolnshire does not have the specific rock-formation types that contain shale gas as confirmed by the British Geological Survey in 2013.

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Quick facts: Egdon Resources PLC

Price: 1.7

Market: AIM
Market Cap: £5.58 m
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