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Egdon Resources PLC - UK-focused oil & gas exploration and production - Advised by contractor, Schlumberger Oilfield UK PLC, that proppant squeeze operations at Wressle oil field development, North Lincolnshire, have been pushed back by two to four weeks. "The revised date is due to the contractor's equipment being held on a job over-run in continental Europe. This is compounded by tighter import legislation and visa requirements which are beyond Egdon, and the contractor's control," it says. The contractor has promised the amended timeline will be adhered to.
Egdon holds 30% operated interest in Wressle oil field development, while Union Jack Oil PLC holds 40% interest and Europa Oil & Gas (Holdings) PLC the remaining 30%.
"Whilst delays are a function of current business dislocations, we do not regard this as a material event in terms of ongoing progress at Wressle. We are confident that operations will soon be underway, and I look forward to updating the market in due course," says Egdon Managing Director Mark Abbott.
Current stock price: 1.5 pence
Year-to-date change: down 9.1%
By Lucy Heming;Â lucyheming@alliancenews.com
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