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Egdon Resources Regulatory News (EDR)



Regulatory News for Egdon Resources (EDR)


Share Price: 4.50Bid: 4.30Ask: 4.70Change: 0.00 (0.00%)No Movement on Egdon Resources
Spread: 0.40Spread as %: 9.30%Open: 4.50High: 4.50Low: 4.50Yesterday’s Close: 4.50





Completion of drilling operations Biscathorpe-2

Wed, 20th Feb 2019 15:45

RNS Number : 6533Q
Egdon Resources PLC
20 February 2019

20 February 2019

EGDON RESOURCES PLC

("Egdon" or "the Company")

Completion of drilling operations Biscathorpe-2

Egdon Resources plc (AIM:EDR) announces the completion of drilling and logging operations at the Biscathorpe-2 exploration well in Petroleum Exploration and Development Licence PEDL253 located in Lincolnshire, where Egdon holds a 35.80% interest.

The Biscathorpe-2 well has been drilled to a total depth (TD) of 2,133 metres within the Dinantian Limestone. Logging operations were delayed as the wireline tools were unable to get to TD due to hole conditions and a pipe-conveyed solution had to be mobilised and deployed.

Preliminary analysis indicates that the primary objective, the Basal Westphalian Sandstone which was encountered high to prognosis, was poorly developed at the Biscathorpe-2 location and was not thickened with respect to Biscathorpe-1 as expected in the pre-drill model. The Biscathorpe "play" has thus not been properly tested by the well with the results of the well indicating that the Basal Westphalian Sandstone has potential to be more thickly developed to the north and north-east of Biscathorpe-2 location away from what appears to be a more extensive than expected palaeo-high.

The well recorded elevated gas readings and oil shows supported by calculated oil saturations in the Dinantian Carbonate over an interval of 99 m indicating proximity to an effective petroleum system. The formation has very low porosity and would not make an effective reservoir. A number of porous sandstone reservoir intervals were encountered in the shallower Westphalian sequence but all were interpreted as water wet.

The forward plan is to seal the open-hole section with cement and to suspend the well in order retain the option for a potential future side-track. This will be considered once the new well data is integrated into an updated subsurface model. Any further drilling operation would require additional consents including planning permission.

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

"Although the Biscathorpe-2 well did not encounter the thickened Basal Westphalian Sandstone as predicted, we are encouraged by the presence of shows in the underlying Dinantian Limestone which demonstrates a functioning petroleum system and we will now take some time to incorporate the results of the well into our prospect model before deciding on the future strategy for further evaluating the Biscathorpe Prospect.

Elsewhere within our portfolio we are encouraged by the rapid progress being made in the drilling of Springs Road-1 where the operator, IGas, has recently advised that they were commencing coring operations in the Bowland Shale.

During the coming week we also expect to provide shareholders with a wider operational update ahead of our Interim Results for the six months ended 31 January 2019, which are to be released in April."

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 Broker - Cantor Fitzgerald Europe

David Porter/Nick Tulloch (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 Society. Mr 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 rns@lseg.com or visit www.rns.com.
END
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DateSourceHeadlineCategory
05-Jun-19 07:00RNSCorrectionCompany Announcement - General
04-Jun-19 07:00RNSOpen Offer ResultsCompany Announcement - General
03-Jun-19 12:30RNSResult of General MeetingResults and Trading Reports
15-May-19 14:00RNSOpen Offer, GM and Production UpdateCompany Announcement - General
29-Apr-19 07:00RNSWressle Planning Inquiry DateCompany Announcement - General
15-Apr-19 07:00RNSBoard ChangesExecutive Changes
09-Apr-19 07:00RNSInterim Results for the Six Months Ended 31 Jan 19Results and Trading Reports
09-Apr-19 07:00RNSCPR on the Resolution Gas DiscoveryCompany Announcement - General
28-Mar-19 07:00RNSSprings Road-1 Reaches Total DepthCompany Announcement - General
14-Mar-19 07:00RNSPEDL 143 Transfer of OperatorshipCompany Announcement - General
11-Mar-19 07:00RNSSprings Road-1 Operational UpdateCompany Announcement - General
04-Mar-19 07:00RNSOperations UpdateResults and Trading Reports
20-Feb-19 15:45RNSCompletion of drilling operations Biscathorpe-2Results and Trading Reports
15-Feb-19 08:59RNSSprings Road UpdateCompany Announcement - General
05-Feb-19 07:00RNSWressle Planning AppealCompany Announcement - General
25-Jan-19 07:00RNSGrant of OptionsDirectors' Dealings
25-Jan-19 07:00RNSOperations Update - Wressle PlanningCompany Announcement - General
22-Jan-19 08:34RNSCommencement of drilling at Springs RoadCompany Announcement - General
09-Jan-19 07:00RNSBoard ChangesExecutive Changes
07-Jan-19 13:30RNSCommencement of drilling operations at BiscathorpeCompany Announcement - General
06-Dec-18 13:50RNSCorrection: Results of Annual General MeetingResults and Trading Reports
06-Dec-18 13:33RNSResults of Annual General MeetingResults and Trading Reports
06-Dec-18 11:30RNSBiscathorpe UpdateCompany Announcement - General
03-Dec-18 07:00RNSCeres Production UpdateResults and Trading Reports
28-Nov-18 16:15RNSWressle Planning Consent RefusedCompany Announcement - General
22-Nov-18 07:00RNSWressle Recommended for Approval by PlannersCompany Announcement - General
30-Oct-18 07:00RNSFinal ResultsResults and Trading Reports
02-Oct-18 12:49RNSNotification of Major HoldingsHolding(s) in Company
04-Sep-18 07:00RNSHolmwood UpdateCompany Announcement - General
29-Aug-18 09:00RNSOperations UpdateCompany Announcement - General


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