EDR.L Share News (EDR)

(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."