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Edgon confirms licence extensions and conversions

Mon, 04th Jul 2016 10:37

(ShareCast News) - Egdon Resources announced on Monday that the Oil and Gas Authority approved various licence extensions and conversions of licences to new model terms, as well as the relinquishment of one Egdon-operated licence.The AIM-traded firm confirmed that the first term of licence P1929 in the Cleveland Basin has been extended by two years to 19 April 2019 to allow time for Egdon to secure the required permits to plan and drill a well from an onshore location, to appraise the 1966 gas discovery.In the East Midlands, licences PEDL241 and PEDL253 have been extended by one further year to 30 June 2017.Wholly-held licence PEDL202 and joint venture licences PEDL201 and PEDL209 have adopted the new 14th Round licence terms and will continue without further relinquishment, the board confirmed.Egdon said that 100%-held PEDL191 in North West England has also adopted the new 14th Round licence terms and will continue without further relinquishment, while PEDL237 in the Wessex basin has been relinquished as the partners concluded that the bulk of the prospectivity in the area lay in PL090."Following on from the recently announced extension of the Europa operated licence PEDL143 containing the Holmwood prospect, we are pleased to have also been allowed additional time to drill our exciting operated onshore oil prospects at North Kelsey and Biscathorpe, and the offshore A Prospect which Egdon estimates may contain recoverable reserves of approximately 160 billion cubic feet of gas," commented managing director Mark Abbott."In addition we are pleased to have been able to adopt the new 14th Round terms for several of our existing licences which will allow us to further evaluate the unconventional resource potential of the retained areas."The relinquishment of PEDL237 is in line with Egdon's strategy to focus on fewer, high potential areas," Abbott added.Union Jack Oil - which is a minority partner in several of Egdon's licences - also commented, with executive chairman David Bramhill saying the licence extensions and conversions of licences to new model terms will allow the partners to further evaluate the unconventional resource potential of the retained area."In addition to Wressle, which is anticipated to produce first oil during Q4 2016, Union Jack holds a portfolio of high calibre licence interests containing several drill-ready prospects including Biscathorpe, North Kelsey, Keddington, Holmwood, Louth, North Somercotes and Broughton North."The company holds cash in excess of £2.3m and remains debt free," Bramhill confirmed in the market update.

More News

1 Aug 2018 17:01

Council Refuse Egdon's Application For Wressle Oilfield Expansion

LONDON (Alliance News) - Oil and gas exploration company Egdon Resources PLC said Wednesday that its application to extend planning consent at the Wressle oilfield has been denied.Shares in

30 Jul 2018 14:25

3i Infrastructure Disposes Of Entire 15% Egdon Resources Interest (ALLISS)

LONDON (Alliance News) - Egdon Resources PLC on Monday said 3i Infrastructure PLC has sold off its entire 15% stake in the miner in a deal on Friday last week.Also on Monday, Egdon said it

24 Jul 2018 12:29

Europa Oil & Gas Submits Planning Application Regarding Oil Licence

LONDON (Alliance News) - Europa Oil & Gas PLC has submitted a planning application concerning one of its licences, both Union Jack Oil PLC and Egdon Resources PLC noted on Tuesday.The a

5 Jul 2018 14:53

Egdon Resources Submits New Planning Application For Wressle Oil Field

LONDON (Alliance News) - Egdon Resources PLC said Thursday that it submitted to the North Lincolnshire Council a new planning application for the development of the Wressle oil field.The of

4 Jun 2018 11:23

Egdon And Union Jack Acquire Further Stake In Wressle Oil Licences

LONDON (Alliance News) - Egdon Resources PLC and Union Jack Oil PLC said Monday they have acquired additional interest in two licences containing the Wressle oil discovery from Celtique Petroleum

14 May 2018 13:44

Egdon Resources Secures Planning Extension At Two UK Wells To 2020

LONDON (Alliance News) - Exploration company Egdon Resources PLC said Monday that its application to extend planning permission at two oil well sites to 2020 has been approved by the Lincolnshire

3 Apr 2018 14:47

Egdon Resources Agrees Farm-Out To Humber Oil & Gas On PEDL253 Licence

LONDON (Alliance News) - Egdon Resources PLC said on Tuesday that it has signed a farm-out agreement on the PEDL253 licence with Humber Oil & Gas Ltd.PEDL253 is in

20 Mar 2018 12:25

Egdon Resources Agrees Farm-Out To Union Jack Oil On PEDL253 Licence

LONDON (Alliance News) - Oil and gas exploration company Egdon Resources PLC announced on Tuesday it has signed a farm-out agreement on the PEDL253 licence with Union Jack Oil

5 Mar 2018 14:01

Union Jack Oil Partners With Humber And Raises GBP1.3 Million (ALLISS)

LONDON (Alliance News) - Union Jack Oil PLC said on Monday it has agreed terms on a proposed farm-in for an additional 10% licence interest in PEDL253 in the South Humber in a

11 Jan 2017 16:50

UPDATE: Egdon, Union Jack And Upland Hit By Wressle Consent Refusal

11 Jan 2017 16:22

North Lincolnshire council refuses planning consent for Wressle oil field

(ShareCast News) - Shares in Egdon Resources and Union Jack Oil tumbled after the North Lincolnshire County Council's refused planning consent for the development of the Wressle oil field in North Lincolnshire. The planning committee also approved the application for the installation of groundwater

25 Nov 2016 09:57

Egdon Resources Gets GBP5.1 Million In Oversubscribed Equity Raise (ALLISS)

16 Nov 2016 08:17

Egdon Resources buys additional stake in East Midlands licence

(ShareCast News) - AIM-listed oil and gas explorer Egdon Resources has bought the additional stake in an East Midlands licence from Corfe Energy for £50,000. The company bought an additional 12.5% interest in PEDL201 in the Widmerpool Gulf from Corfe Energy for £50,000 in shares, subject to approval

6 Oct 2016 14:34

Egdon Resources shares rise after Springs Road planning deferral

(ShareCast News) - Egdon Resources shares were up on Thursday afternoon, after an announcement made after market close on Wednesday by IGas Energy. The announcement was over the decision of Nottinghamshire County Council's Planning and Licensing Committee in respect of the Springs Road planning appl

22 Aug 2016 11:52

Egdon Resources hikes stake in PEDL068 to 68%

(ShareCast News) - Egdon Resources is acquiring an additional 20% interest in Petroleum Exploration and Production Licence PEDL068 from DESS Energy Ltd, taking its total stake to 68%. Egdon is operator of PEDL068, which is located in the Cleveland Basin, North Yorkshire. As consideration, Egdon wil

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