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Egdon Resources upbeat on work at Springs Road-1 well

Thu, 28th Mar 2019 10:39

(Sharecast News) - Egdon Resources updated the market on the Springs Road-1 (SR-01) well on license PEDL 140 on Thursday, in which it held 14.5% interest, reporting that the well had reached a total depth of 3,500 metres after encountering all three pre-drill targets - the Bowland Shale, the Millstone Grit and the Arundian Shales.The AIM-traded firm said that a hydrocarbon bearing shale sequence of more than 250 metres was encountered within the upper and lower Bowland Shale, with "significant" gas indications observed within the Millstone Grit sequence, deeper parts of the lower Bowland Shale and the Arundian shale.It said the cores and wireline logs would now undergo a suite of analysis, the first results of which should be available in the second quarter of 2019.Egdon said those logs would give the company further insight into the resource potential and shale characterisation that would be utilised for future appraisal and development of the wider East Midlands area.The Springs Road drilling performance had been "very encouraging", the board said, with improved rates of penetration leading to better-than-anticipated drilling performance and lower costs."These results from the Springs Road-1 well are highly encouraging, having encountered all three pre-drill objectives and demonstrating the presence of a significant sequence of hydrocarbon bearing shales," said Egdon Resources managing director Mark Abbott."We await with anticipation the results of the detailed core and wireline log analysis which will provide additional insight into the resource potential of the Gainsborough Trough where Egdon holds interests in 82,000 net acres."We look forward to updating shareholders in due course."
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IN BRIEF: Egdon Resources says court approves acquisition by Petrichor

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Egdon Resources inches closer to acquisition by Petrichor Partners

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7 Aug 2023 12:41

Egdon Resources exercises UK North Sea farm-in option with York Energy

(Alliance News) - Egdon Resources PLC on Monday said it has exercised its farm-in option for the onshore production licence PL081 in the UK North Sea under its agreement with York Energy (UK) Holdings Ltd in early February.

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7 Aug 2023 11:05

Egdon inks deals to farm in to Weaverthorpe Prospect

(Sharecast News) - UK energy company Egdon Resources announced its decision to farm into the onshore production licence PL081 on Monday, as part of the farmout option agreement it inked with York Energy UK in February.

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3 Aug 2023 11:50

Egdon, Europa and Union Jack say Wressle well producing water

(Alliance News) - Egdon Resources PLC, Europa Oil & Gas Holdings PLC and Union Jack Oil PLC on Thursday said the Wressle 1 well in Liconolnshire, England has begun to produce a small amount of water, accounting for 3.7% of the total production fluid for July.

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IN BRIEF: Egdon Resources withdraws planning appeal ahead of hearing

Egdon Resources PLC - Gloucestershire, England-based oil and gas explorer and producer - Withdraws planning appeals related to the refusal of planning consent for exploratory drilling at its North Kelsey oil sight in Lincolnshire. Says the decision comes about following advice from a planning inspector. Last year, Lincolnshire County Council refused Egdon's right to extend the timeframe of an existing planning and drilling permit at North Kelsey. A hearing was due to take place next week to determine whether the council was right to refuse planning permission. A new planning application for consideration by the council will be submitted by Egdon, as well as recently updated traffic, ecology and flood risk assessments. Union Jack Oil PLC, Bath-based, hydrocarbon production, development and exploration company which holds a 50% stake in the licence, notes Egdon's announcement. Together, they hold the PEDL241 joint venture, where North Kelsey is situated.

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