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Egdon Resources PLC - Wressle Update

RNS Number : 6869M
Egdon Resources PLC
13 May 2020
 

 

             13 May 2020

EGDON RESOURCES PLC

 ("Egdon" or "the Company")

Wressle Update

Egdon Resources plc (AIM: EDR, "Egdon") is pleased to provide an update on the Wressle development in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.

The Wressle development was granted planning consent on appeal on 17 January 2020. The Planning Inspector also allowed Egdon's application for costs against North Lincolnshire Council ("NLC") and we can advise that the gross sum of c. £403,000* has now been received from North Lincolnshire Council as settlement in full of these costs.

As previously advised the plan for the Wressle development comprises the following key stages:

1.   Discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures

2.   Installation of groundwater monitoring boreholes and establishing baseline groundwater quality through monitoring and analysis

3.   Reconfiguration of the site

4.   Installation and commissioning of surface facilities

5.   Sub-surface operations

6.   Commencement of production

Following NLC approval of the installation plan and discharge of the associated planning condition we have now completed the installation of four groundwater monitoring boreholes on the Wressle site. These boreholes will be subject to monitoring and analysis throughout the life of the site, with an initial three months of sampling to determine baseline groundwater quality.

 

As previously advised, on current plans, the Company envisages first oil during H2 2020.

 

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

 

"We continue to make good progress with the Wressle development despite the current challenging operating environment. The successful installation of the groundwater monitoring boreholes represents an important step in the progress to first oil which will increase Egdon's production by 150 barrels of oil per day.. Wressle remains economically robust with an estimated project break-even oil price of $17.62 per barrel.  We are also pleased to have received the costs in full from North Lincolnshire Council which strengthens our finances."

*This will be divided between partners proportionate with their interests.

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 and Joint Broker - Cantor Fitzgerald Europe                    

David Porter/ Rick Thompson (Corporate Finance)                                   020 7894 7000

Caspar Shand Kydd (Sales)

 

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.

Qualified Person Review

In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, this release has been reviewed by Mark Abbott, Managing Director of Egdon, who is a geoscientist with over 30 years' experience and is a member of the Petroleum Exploration Society of Great Britain and a Fellow of the Geological SocietyMr Abbott has consented to the inclusion of the technical information in this release in the form and context in which it appears.

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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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UPDSFAFIEESSELI

Quick facts: Egdon Resources Plc

Price: 2.2

Market: AIM
Market Cap: £7.22 m
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