Egdon Resources PLC - North Kelsey Planning Update
("Egdon" or "the Company")
North Kelsey Planning Update
Commenting on the decision,
"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:
Ben Romney, Chris Judd 020 7466 5000
Nominated Adviser & Joint Broker - WH Ireland Limited
Chris Hardie 020 7220 1666
Joint Broker -
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
Notes to Editors:
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
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
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
The PEDL241 Licence Interests are:
Union Jack Oil plc 20%
Under the terms of a farm-in agreement with
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
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