EDR.L Regulatory News (EDR)

31 Jan 2005 12:53

Egdon Resources PLC31 January 2005 For immediate release 31 January 2005 EGDON RESOURCES PLC Results of AGM and Trading Update Egdon Resources Plc ("Egdon" or "the Company"), the independent UK focused oiland gas exploration company, is pleased to announce that at its Annual GeneralMeeting held at the offices of Norton Rose, Camomile Street, London, EC3A 7AN at12.00 p.m. today, all resolutions put before the meeting were duly passed. At the meeting Egdon's Chairman, Philip Stephens made the following statement: "Following the successful Institutional Placing and flotation on AIM in December2004, the Company is looking forward to an active drilling campaign across itsextensive portfolio of UK and French licences. "In Dorset at the Waddock Cross oil accumulation, a 3D seismic survey is due tocommence in late February to define the detailed locations of further plannedwells. A planning application for two horizontal appraisal wells at the fieldare due to be submitted within the next few weeks with drilling anticipated inthe second half of 2005, conditional upon the granting of planning consent. "In the Cleveland Basin in Yorkshire, a seismic programme is planned duringApril on PEDL071 over the Fraisthorpe gas prospect in which the Company has a50% operated interest. This prospect target is the same producing reservoir asthe prolific Southern Gas Basin. "The recent farmout of interest in the planned Westerdale and Kirkleatham wellsby Sterling Resources to Hereward Ventures should result in these wells beingdrilled as planned during the second half of the year. Egdon has a 20%interest, with a 5% option, in these gas prospects located in North Yorkshire. "The Avington-3 appraisal well is scheduled to be drilled in April or May, onthe conclusion of the Pentex Management Limited sale. "Technical evaluations are progressing on all other licenses including the sevenlicences gained from the 12th UK Onshore Round." "During 2005 we look forward to building further shareholder value by adding toour booked reserves." For further information please contact: Egdon Resources Plc 01256 702292Mark Abbott, Joint Managing DirectorAndrew Hindle, Joint Managing Director Seymour Pierce Limited 020 7107 8000Jonathan WrightJeremy Porter Buchanan Communications 020 7466 5000Eric BurnsBen Willey Notes to the Editors: Egdon is an established, independent UK-based oil and gas exploration companyprimarily focused on the hydrocarbon-producing basins of the onshore UK. Egdonalso has exploration interests in the offshore UK and France. The Companyapplies advanced level exploration technology to the overlooked potential ofsuch areas. Egdon was formed in 1997 by Dr Andrew Hindle and Mark Abbott and itsOrdinary Shares began trading on the OFEX market in July 2000 before beinglisted on AIM in December 2004. The Company has acquired a diverse portfolio ofnineteen exploration licences containing a significant number of identified oiland gas prospects. The licences cover a broad risk spread, ranging fromdiscoveries under appraisal through to higher risk but higher potential rewardprospects. Company Background Egdon has focused geographically on the onshore UK as the Directors believe thatthe area is underexplored, having had relatively low levels of explorationactivity since the mid 1980s when a major phase of seismic prospecting and, to alesser extent, drilling was curtailed by a drop in oil prices and changes to theUK fiscal regime with the removal of Petroleum Revenue Tax ("PRT") relief. Bythe mid-1990s, the majority of the exploration areas had been relinquished,enabling Egdon to acquire its extensive portfolio of UK interests, largelythrough applications to the Department of Trade and Industry in the Eighth toTwelfth Landward Licensing Rounds. Egdon has successfully been awarded aninterest in all of its applications over the past six years. As a consequence ofits UK geographic focus, Egdon has been able to secure and maintain EnterpriseInvestment Scheme ("EIS") and Venture Capital Trust ("VCT") tax status thusaffording qualifying investors significant UK tax breaks. This information is provided by RNS The company news service from the London Stock Exchange